Here are the details of Motor Cycle Advance for Govt Employees. You will read the details of the motorcycle advance for Federal Government employees and KP Govt employees. The employees can get the monocycle advance on interest and without interest.
Motor Cycle Advance for Govt Employees (With and Without Interest)
All Federal Government employees can get the motorcycle advance with interest and without interest. The KP Government employees can get the same without interest however they will get a minor amount of advance for the motorcycle.
Minimum Basic Pay to Get Motorcycle Advance (Federal)
The Federal Government has fixed the minimum basic pay to be eligible for the motorcycle advance. The employee must have a minimum of Rs. 15,001/- per month as Basic Pay. The employees having less Basic Pay than the said amount cannot apply for motorcycle advance.
All the employees BPS-01 and Above Gazetted or Non-Gazetted can apply for motorcycle advance if they have the basic pay as mentioned above.
Total Motorcycle Advance Amount
The Federal Government grants Rs. 100,000/- (One Lac) for motorcycle advances to the employees.
Number of Installment to refund the amount
The Federal Government employees will have to refund the amount in 60 monthly equal installments. The employee can also opt to reduce the number of installments thus increasing the amount of installment.
Per Month Installment
Per month installment amount is obtained by dividing the total amount of loan amount by a number of installments. If the employees refund the amount in five years (60 installments) then the per month amount of installments is as under:
Installment Amount = 100000 / 60 = 1667/-
Interest Amount on Motorcycle Advance and Calculation of Interest Formula
Amount of advance x (No. of Inst. +1) x Rate of Interest/2400
Example of calculation interest: 100000 x (60+1) x 12/2400 = 30500
Total motorcycle advance refundable amount = Rs. 130500/-
Note: Interest Rate on motorcycle advance is the GP Fund Interest Rate of the financial year during which the motorcycle advance is withdrawn/taken.
The employees of the Federal Government can also get interest-free motorcycle advances. In this regard, the GP Fund of the employee should be interest-free. If the employee has interest interest-free GP Fund, then the employee can apply for an interest-free motorcycle and motorcar advance.
Second Motorcycle Advance
Employees can get motorcycle advances for 2nd time too if he has already paid the amount of the previous advance for motor cycle. The employee must have a clearance certificate to apply for the 2nd advance.
Motor Cycle Advance for KPK Government Employees
The employees of KP can also get interest-free motorcycle advances. The Khyber Pakhtunkhwa Government invites applications every year for the interest-free motorcycle advance.
Sr. No
Items for Advance
Basic Pay Scale (BPS)
Maximum Amount of Debt
Monthly Deduction Amount
Number of Monthly Instalments
1.
Motor Cycle Advance
BPS-01 to BPS-17 Employees
Rs.80,000
Rs.1340/-
60
Below is the ad for the invitation of applications for various advances for Government employees through the KP Government.
