Issuance of Funds for Interest-Free Loans for Government Employees KPK 2024
Funds for Interest-Free Loans for Govt Employees KPK 2024
The Khyber Pakhtunkhwa (KP) Government has allocated 290 million rupees for interest-free loans to government employees in 2024. Of this, general employees will receive 210.7 million rupees, while secretariat employees will receive 79.3 million rupees.
Khushal Kisan Program
Funds for Interest-Free Loans for Govt Employees KPK 2024
Every year, the KP Government provides loans for both secretariat and general employees. In November 2024, the government invited applications for interest-free loans including House Building Advance (HBA), Motorcar Advance, Motorcycle Advance, and Bicycle Advance for the financial year 2023-24. These loans will be distributed based on a balloting system.
List of Advances for Govt Employees of KP
The allocated amount covers the following loans:
- House Building Advance
- Motorcar Advance
- Motorcycle Advance
- Bicycle Advance
BISP 8171 New Payment Release Date Update 2024
Loan Amount and Monthly Installments
The specific amounts and repayment plans for each type of advance are as follows:
| Advance Type | BPS of Employee | Amount Allocated | Monthly Installment | Total Installments |
|---|---|---|---|---|
| Motorcar Advance (MCA) | BS-17 and above | Rs. 200,000 | Rs. 3,334 | 60 |
| House Building Advance (HBA) | BS-01 to BS-17 | Rs. 250,000 | Rs. 2,080 | 120 |
| Motorcycle Advance (MCA) | BS-01 to BS-17 | Rs. 80,000 | Rs. 1,340 | 60 |
| Cycle Advance (CA) | BS-01 to BS-17 | Rs. 8,000 | Rs. 100 | 40 |
Though the amounts for these advances are modest, the interest-free nature of the loans provides significant benefits to employees. However, some limitations exist, such as the inadequacy of the amount for purchasing a car or constructing a house. It is suggested that the government should increase the HBA to at least 2 million rupees and the motorcar loan to at least 1.5 million rupees. Additionally, the cycle advance should be raised to a minimum of 30,000 rupees.
