Rate of Interest for Advances for purchasing Motor cycle, Scooter and Car
Government of India
Ministry of Finance
Department of Economic Affairs
New Delhi, the 3rd February, 2016
Subject : Advances to Government servants – Rate of interest for purchase of conveyances during 2015-2016.
The undersigned is directed to state that the rates of interest for advances sanctioned to the Government servants for purchase of conveyances during 2015-2016 i.e. from 1st April, 2015 to 31st March, 2016 are as under:
Rate of interest per annum
(i) Advance for purchase of conveyance other than motor car (viz. motor cycle, scooter etc.) – 9%
(ii) Advance for purchase of motor car – 11.5%
The rates remain unchanged from those applicable for the financial year 2014-15.
Under Secretary (Budget)