The Khyber Pakhtunkhwa Government has issued Funds for Interest Free Loans for Govt Employees KPK 2024. The total allocated amount is 290 million. The general employees will get 21 Karor 7 lac while secretariat employees will get 7 Karor 93 lac.
Funds for Interest Free Loans for Govt Employees KPK 2024
As per the report, the KP Government issues loan amounts every year for the secretariat and general employees. The KP Government has already invited applications in November 2024. The KP Government invited applications for Interest Free HBA, Motorcycle, Motorcar and Cycle Advance for the financial year 2023-24. The employees will get the advance loan amount on the basis of balloting.
List of Advances for Govt Employees of KP
This amount is for the following loans:
1- House Building Advance
2- Motorcar Advance
4- Bicycle Advance
Loan Amount and Per Month Installment
The amount of funds for each employee for each advance is as below:
| Sr. No | Advance Head | BPS of Employee | Amount of Allocation | Monthly Installment | Total Number of Installments |
| 1. | Motor Car Advance (MCA) | BS-17 and above | Rs.200,000/- | Rs.3,334/- PM
|
60 Installments |
| 2. | House Building Advance (HBA) | BS-01 to BS-17 | Rs.250,000 | Rs.2,080/- PM | 120 Installments |
| 3. | Motorcycle Advance (MCA) | BS-01 to BS-17 | Rs.80,000 | Rs.1340/- PM | 60 Installments |
| 4. | Cycle Advance (CA) | BS-01 to BS-17 | Rs.8,000 | Rs.100/- PM | 40 Installments |
You can see that the amount of advance is meager but as this is interest-free employees will get the benefit from it. The employees will have to pay no interest. However, there are also some drawbacks to this loan. YOu can buy a motorcycle for 80,000/- but not a motorcar or a house construction. The government of Khyber Pakhtunkhwa should increase the amount of HBA to a minimum of 2 million and for the car a minimum of 1.5 million. Similarly, the cycle amount should be a minimum of 30000/-.
