Interest subsidy for teachers to buy vehicles; up to Rs 5 million proposed for first-class secondary teachers

The government has proposed providing an interest subsidy on installment loans taken by teachers from banks to purchase vehicles. The Ministry of Education and Sports has sent the Education (Eleventh Amendment) Regulations, 2083, which includes this provision, to the Ministry of Finance for approval.

Under the proposed provision, first-class secondary-level teachers would be able to purchase vehicles worth up to Rs 5 million, while second-class teachers could purchase vehicles worth up to Rs 4 million. The subsidy is proposed such that the government would pay the interest on loans taken to purchase the vehicles.

The proposed amendment to the regulations will proceed only after the Ministry of Finance gives its consent. Once the Ministry of Finance approves it, the process to implement the provision will move forward.