In yet another bonanza, the Sarbananda Sonowal-led government has signed a MoU with the State Bank of India to provide housing and educational loan at subsidised interest rates to the Assam government employees.
This comes after the announcement of implementation of seventh pay commission recommendations recently.
The MoU, signed on March 22, says that the Assam government will provide interest subsidy at the rate of 3.50% for housing loan and at a suitable rate to make education loan at 4%. Accordingly, the state government employees will get substantial benefit in terms of interest rates and reduced EMI. There are provisions for collateral free loan, zero margin, zero processing fee with longer repayment tenure.
Chief general manager at State Bank of India, local head office Guwahati, PVSLN Murty, stated that the bank is serving around 7 lakh customers per day and the wide-spread network and infrastructure will help meet the demands of the state government employees. He added that the scheme is aimed at the lower income group but is available for all state government employees who attained the minimum age of 21 years and residual service of at least 5 years.
The maximum limit of housing loan (named Apon Ghar) is Rs 15 lakhs and Rs 10 lakhs for high education loan (named Bidya Laxmi).