Teachers to get loans up to **Rs 5 million** to buy vehicles, government to pay interest
The Ministry of Education and Sports has prepared the Education (Eleventh Amendment) Regulations, 2083, with provisions for interest subsidies on vehicle purchases for community school teachers. Under the proposal, first-class secondary level teachers can buy vehicles worth up to **Rs 5 million** and second-class teachers up to **Rs 4 million**. The government has proposed to bear up to **80 percent** of the installment interest on bank financing for the purchase.
Kathmandu. Community school teachers are set to receive subsidized loans of up to Rs 5 million to purchase vehicles.
The Ministry of Education and Sports has prepared the Education (Eleventh Amendment) Regulations, 2083, which includes provisions for interest subsidies on vehicle purchases for teachers. The amended regulations have been sent to the Ministry of Finance for approval.
According to the proposed arrangement, teachers will receive loans as follows:
- First-class secondary level teachers can purchase vehicles worth up to Rs 5 million.
- Second-class secondary level teachers can purchase vehicles worth up to Rs 4 million.
- Teachers of all classes in secondary third class, lower secondary, and primary levels can purchase two-wheelers worth up to Rs 400,000.
The amended regulations propose that the government bear up to 80 percent of the installment interest on bank financing for vehicle purchases. The remaining 20 percent will be managed by the teachers themselves to purchase the vehicle.
The government has proposed to bear the installment interest determined by the concerned bank for the entire duration of the teacher's service.