. The government is preparing to provide concessional loan and hundred percent interest subsidy to the government employees for the purchase of private vehicles. But questions are being raised about whether all employees will get such benefits in practice.
According to the draft of the ‘Vehicle Management Directive for Government Employees, 2083’ prepared by the Office of the Prime Minister and Council of Ministers, it has been proposed to provide loans ranging from Rs 200,
000 to Rs 6 million for the purchase of two-wheelers and four-wheelers by classifying the employees from the Chief Secretary to the Assistant level.
However, since the right to approve loans rests with banks and financial institutions, not all employees are automatically eligible. Banks approve loans only on the basis of monthly income, ability to repay loans, age, service period and existing loan liabilities, which can be difficult for low-income or already borrowed employees.
Banks generally follow the criteria that more than 40-
50 percent of their monthly income should not go in installments while evaluating loans. On the same basis, a detailed financial evaluation will be required in the case of employees who want to take a large amount of vehicle loan.
Although it seems that small amount of motorcycle loan is easy for lower-level employees, four-wheeler loan from Rs 40 lakh to Rs 60 lakh may not be viable for everyone.
Although the government has proposed to provide a hundred percent subsidy on interest, its financial burden is likely to be high. It is estimated that the state will have to spend billions of rupees on interest subsidies if thousands of employees use the facilities. According to sources, the Ministry of Finance is conducting a detailed study on the matter.
Overall, although the guidelines open the opportunity to all, banking standards will be decisive in the actual implementation. Therefore, even if the maximum limit is fixed, it is unlikely that all employees will be equally creditworthy.
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