Rs 15 lakh for new vehicles, Rs 7.5 lakh for old vehicles
Chhatrapati Sambhajinagar: In a move aimed at providing greater assistance to government gazetted officers in acquiring vehicles, the government has announced an increase in the advance amount for the purchase of four-wheelers. The revised policy allows officers to receive up to Rs 15 lakhs as an advance for purchasing new cars, while an amount of Rs 7.5 lakhs will be granted for the purchase of used vehicles. The officers will be required to repay the advance in equal installments over a specified period.
Under the new scheme, the loan amount will be recovered within 12 years for new cars and six years for used cars, with an interest rate of 10 percent. To secure the loan, the vehicle purchased will be listed as a mortgage with the government until the loan is fully settled. It is mandatory for officers to purchase the car within one month after the advance is approved.
Will get new technology vehicles
Vijay Chavan, the additional Tehsildar and divisional coordinator of the gazetted officers association, welcomed the decision, emphasizing its benefits for officers aspiring to own technologically advanced vehicles. The increased advance limit will enable officers to realize their dream of owning a car and provide them with a valuable opportunity to enhance their mobility.
Vehicle will be auctioned
It is important to note that in the event of defaulting on installments, the government reserves the right to auction the vehicle. This measure ensures accountability and encourages timely repayment of the loan.