Motorcar, Motorcycle, House Building Advance Interest Calculator

I am sharing the Motorcar, Motorcycle, House Building Advance Interest Calculator for the Government employees, especially the Federal setup. This is a simple calculation sheet for Motorcar Advance Interest amount, Motorcycle advance interest amount calculation, and House Building Advance Interest Calculation. The details are as follows:

The Latest Motorcar, Motorcycle, House Building Advance Interest Calculator

The employees get conveyance advances as well as HBA with interest and without interest. These advances are as follows:

House Building Advance
Motorcar Advance
Motorcycle Advance
Bicycle Advance

With Interest Advances

If the employee is getting interest on the General Provident Fund (GP Fund) the he will get these advances with interest:

Motorcar Advance
Motorcycle Advance
House Building Advance (Only for BPS-16 and Above Gazetted Employees)

Without Interest Advances

If the employee is not getting interest on the GP Fund, then all advances will be interest-free for him, like MCA, Motorcycle Advance, and HBA.

Always Interest-Free Advances

These advances are always interest-free for the employees:

House Building Advance (BPS-01 to BPS-15)
Bicycle Advance

The Government generally issues the interest rates for advances; generally, these are the GP Fund Interest Rates that are announced every year.

Calculation Formula for Interest on Advances

Interest Amount = Amount of Advance x (Number of Instalments + 1) x Interest Rate / 2400

You will just have to enter the following entries, and you will get the results of the interest amount and the total payable amount.

Amount of Advance
No of Instalments (Generally 60 for Motorcar Advance and Motorcycle Advance). The number of instalments can be reduced
Interest Rate of the year during which the advance was taken

Where to Download the Calculator?

The visitors can download the calculator for advances from below: