The employees of Haryana Government will be able to avail housing, vehicle and personal loans in a hassle free manner, without any delay, at present rate of interest of 8.1 per cent through the Punjab National Bank (PNB).
Haryana has become the first State in the country to provide such facility to the employees. Also, the rate of interest charged by the State Government on loans to employees is less as compared to the prevailing rate of bank loan, said Finance Minister Capt Abhimanyu.
He said Chief Minister Manohar lal has approved a proposal of Finance Department for assigning the work of providing loans to the government employees to the Punjab National Bank, thus fulfilling another promise made to the employees.
Interest subvention of these loans would be borne by the Government, which will be the difference between the agreed rate with the bank and the rate charged by the Government on various loans that is 8.1 per cent, said the Minister.
He said this major makeshift would enable all the employees of the Government to avail loan from the banks on the existing terms and conditions of the Government without having to wait for years to obtain loan.
Capt Abhimanyu said the decision to shift the portfolio of the State Government to the banks would lead to a total saving of about Rs 1,000 crore, including the receipt of Rs 700 crore of outstanding loan portfolio for the Government which would be utilised for development works.
Minister added loans for housing and vehicles as well as personal loans would be provided at the same rate of interest as is applicable for taking loan from the Government. Now, the employees would not have to wait for days together to get their applications processed and this would also do away with the system of discretionary quotas, he said. The bank would open an exclusive branch either in Chandigarh or Panchkula for the purpose of releasing these loans to the employees at the earliest and also appoint a dedicated nodal officer for taking care of all loan processes, he added.