GOVT EMPLOYEES LOANS
Many of teachers and employees who wish to purchase a Car or a Motor Cycle visit a finance company or the dealer who himself arranges the loan. They charge an interest of 12% which is calculated in flat and you really pay more than 36% before you clear all the installments. There is a provision for the employees of Government of Andhra Pradesh to have Motor Cycle Advance from the treasury. When compared to the rate of interest by finance companies it is very low as 5% or 5.5%. You can avail this facility by filling some formats and submitting it at the sub-treasury.
This table explains the nature of loans available, no. of installments you have to repay the advance.
Nature of Loan | Pay ranges in the reivsed pay scales 2010 | Enhanced celing rate | Principle amount to be reovered in months | Interest amount to be recovered in months | Principle amount instalment amount | Interest amount instalment |
1. Motor Car Advance | Employees drawing basic pay of Rs.27000 and above. | 450000 | 135 | 65 | 3333 | 2025 |
2. Motor Cycle Advance | Employees drawing basic pay of Rs.11530 and above. | 60000 | 80 | 16 | 750 | 270 |
3. Moped Advance | Employees drawing basic pay of Rs.11530 and above. | 25000 | 60 | 16 | 417 | 113 |
4. Marriage Advance | - | 50000 | 70 | 10 | 714 | 225 |
5. Personal computer advance | Employees drawing basic pay of Rs.26300 and above. | 50000 | 135 | 65 | 370 | 225 |
6.Education /advance | Non-gazetted officers including class IV employees | 5000 | No interest | 500 | No interest | |
The procedure to get advance from treasury is not difficult, but it takes 2 or 3 months to process. Download this set of application forms and submit them through your drawing and disbursing officers to the treasury. Your application will be sent to Accountant General, Hyderabad and get processed there only. After sanction of such advance, you will get intimation through your DDO, in turn the DDO will claim from the respective sub-treasury.
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