Government of the Punjab, Finance Department issued a Notification on 02-11-2023 in connection with Mark-up Rates Chargeable on Loans and Advances in Punjab. The details are as under:
Mark-up Rates Chargeable on Loans and Advances Punjab (2022-23)
In continuation of this department’s memorandum of even number dated November 29, 2022, it has been decided that the final rate of markup chargeable on house building advances & other advances to Government Servants shall be 15.58% per annum for the financial year 2022-23.
The new rates of interest or markup are 15.58% per annum for advances like House Building Advance, Motorcycle Advances motorcar advances (If any), or any other advance that the Government employee takes. These interest rates are for the financial year 2022-23. The employee who has taken advance with effect from 1st July 2022 to 30th June 2023 will have to pay an amount of interest @ 15.58%.
The Finance Department of Punjab issues rates of interest every year. Nearly every year the FD changes the rates. The accounts offices calculate the interest amount on the advances on these mark-up rates.