CAA launches employee advance loan scheme
The Civil Aviation Authority (CAA) has launched a new policy offering advance loans to its employees and officers interested in purchasing vehicles.
As per the CAA's official statement, employees will have access to loan options for acquiring motorbikes, bicycles, and cars.
Staff members falling within Service Group grades 1 to 2 are eligible for loans up to Rs25,000 for purchasing cycles. Higher grade employees, up to grade 11, can apply for loans up to Rs150,000 to buy motorbikes.
Moreover, those in the CAA Executive group, specifically grade 1, can receive a loan of Rs200,000. Employees within the Pay group, ranging from grades 5 to 9, have the opportunity to obtain advance loans up to Rs1.3 million.
Exceptional employees within the Pay group, graded between 5 and 11, also qualify for loans up to Rs1.3 million.
Additionally, employees in the Executive Group, spanning from grade 2 to 10, have the option to avail themselves of advance loans up to Rs3.5 million.
The CAA has specified that a yearly interest rate of 10 percent will be applicable on the loans acquired by employees for vehicle purchases.