KARACHI: The Civil Aviation Authority (CAA) has introduced an advance loan policy for its employees and officers, willing to buy vehicles On Friday.
According to the CAA press release, the employees will be provided with a loan facility for buying motorbikes, cycles and cars. Employees of Service Group from 1 to 2 grade can avail of advance loan up to Rs25,000 for buying cycles, while the employees of higher grades up to 11 can avail of a loan facility of up to Rs150,000 to buy motorbikes.
Furthermore, employees of CAA Executive group falling in grade 1, can avail loan of Rs200,000, while the employees of the Pay group from 5-9 grades, can receive advance loan up to Rs1.3 million.
Special employees of the Pay group from grades 5 to 11 can also avail loan up to Rs1.3 mln. The CAA further said that employees of Executive Group from grade 2 to 10 can avail of advance loan up to Rs3.5 mln.
The Civil Aviation Authority said that yearly 10 per cent interest will be charged on the loan acquired by the employees for vehicles.