Latest Notification about Markup Rate Chargeable on Loans and Advances Punjab 2023:-
Markup Rate Chargeable on Loans and Advances Punjab 2023
On February 11, 2023, the Punjab government’s Finance Department released a notification regarding the markup rates that apply to loans and advances in the province. The information is as follows:-
Markup Rate Chargeable on Loans and Advances Punjab 2023:-
It has been determined that, for the financial year 2022–2023, the final rate of markup chargeable on house building advances and other advances to government employees would be 15.58% annually, in accordance with this department’s memorandum of even number dated November 29, 2022.
For advances such as house building advances, motorcycle advances, motorcar advances (if any), or any other advance that the government employee accepts, the new interest rates or markup are 15.58% annually.
These interest rates apply to the 2022–2023 fiscal year. The employee who received an advance between July 1, 2022, and June 30, 2023, will be required to pay interest at the rate of 15.58%.
