KP Govt. Launches Interest-Free Loans for Provincial Govt. Employees - Android - Pakistani apps and news

KP Govt. Launches Interest-Free Loans for Provincial Govt. Employees - Android

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The government of Khyber Pakhtunkhwa (KP) has introduced an interest-free loan scheme for provincial government employees. The scheme was originally… Read More

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The government of Khyber Pakhtunkhwa (KP) has introduced an interest-free loan scheme for provincial government employees.

The scheme was originally applicable for employees serving in BS-01 to BS-15 grades, however, it has now been extended up till BS-17. A notification issued by the Benevolent Fund Cell of the Administration Department mentions that the loans are available for buying cars, house building, motorcycles, and bicycles.

According to the notification, the scheme will not be limited by a quota or any special consideration. Moreover, it excludes employees already availing the loan facility from the Benevolent Fund, a bank, or any other source.

Here are the details of the admissible loans for the prescribed categories.

Category	Loan Admissible	Mode of Installments	Eligibility
Motorcar Advance	Rs. 200,000	s.3334/- P.M. In 60 equal installments. (No permission for extension in the period of return else profit on the loan will be imposed at the profit rate of GP Fund of that year.)	BS-17 & Above with 5 Years Minimum Service and 5 Years Remaining Service (i.e. Max Age 58).
House Building Advance	Rs. 250,000	Rs.2080/- P.M. In 120 equal installments. (No permission for extension in the period of return else profit on the loan will be imposed at the profit rate of GP Fund of that year.)	BS-01 to BS-17 with 10 Years Minimum Service and 10 Years Remaining Service (i.e. Max Age 53).
Motorcycle Advance	Rs. 80,000	Rs.1,340/- P.M. In 60 equal installments. (No permission for extension in the period of return else profit on the loan will be imposed at the profit rate of GP Fund of that year.)	BS-01 to BS-17 with 5 Years Minimum Service and 5 Years Remaining Service (i.e. Max Age 58).
Bicycle Advance	Rs. 8,000	Rs. 200/- P.M.	BS-01 to BS-17