Calculation of interest on Motorcar and Motorcycle Advance is really a great topic for the employees who don’t know the ABC of accounts. Most of the employees depend on auditors and accountants or other clerical staff to calculate the interest on the advances they have drawn. Sometimes they due to unawareness of the calculation of the amount of interest many employees may pay more interest than the actual interest amount, this is really a financial loss for the employee.
Govt Employees Loan Schemes
Revision of Motor Cycle, Motor Car and Bicycle Advances
The rates and the conditions of the Motor Cycle Advance, Motor Car Advance and Bicycle Advances have been revised/amended wef 01-07-2012 vide Government of Pakistan, Finance Division (Regulation Wing) Ltr No.No. F.8 (2)-Reg.7/87(Vol.11)-288 dated 20th July, 2012