The Finance Department of Tamil Nadu is declared rate of interest on loans and advances availed from State Government during the year 2012-13.
Tamil Nadu State Government Employees are availing the Loans and Advances from the State Government such as, House Building Advance, Car Loan, Scooter Loan, Cycle Loan and Computer Loan etc., The penal interest on all overdue instalments of principal and interest will be at 2.50 per cent more than the normal rates of interest per annum.
Except in the case of loans to Government Servants, interest in all cases unless specifically indicated otherwise should be paid every Calendar quarter on the outstanding balance.
Even at the stage of sanction of loan, in the sanction order, the period of repayment, rate of interest and schedule of repayment with dates shall be indicated. In case, it is a permanent loan, a specific mention of this fact should be made in the sanction order itself.
The revised rates of interest as follows…
|Loans to Government Servant||Rate of Interest|
House Building Advance
|(a) For loans uotp Rs.50,000||5.50|
|(b) For loans uotp Rs.50,001 to 1,50,000||7.00|
|(c) For loans uotp Rs.1,50,001 to 5,00,000||9.00|
|(a) For purchase of Motor Car||11.50|
|(b) For purchase of Motor Cycle / Scooter||9.00|
|(c) For purchase of Bi-cycle||5.50|
Other Personal Loans to Government Servants
|(a) For purchase of Computer||10.00|