LAHORE: The authorities in Punjab have launched a lucrative loan scheme for civil bureaucracy, offering loans from Rs5 million to Rs25 million.
According to the details, the Pakistan Administrative Service (PAS) and Provincial Management Service (PMS) officers can avail loans at a mere two per cent interest rate.
The loan scheme, named “Welfare Endowment Fund (WEF)” was created during the caretaker chief minister Mohsin Naqvi’s tenure with Rs5 billion seed money for the fund.
The pamphlet titled “Welfare Endowment Fund: A landmark initiative of Chief Secretary Punjab for PAS and PMS officers – serving in Punjab” was distributed on Friday among top civil officers.
According to the document, public servants can get concessional loans for car financing, house building, personal/ children education support, and medical treatment (for family).
As per the details, the PAS and PMS officers in BS-17 can apply for a loan of up to Rs5 million.
BS-18 officers of aforementioned services can apply for up to Rs15 million loan, while BS-19 and BS-20 officers can seek loans up to Rs20 million.
Additionally, the BS-21 and BS-22 officers can apply for a loan up to Rs25 million.
The announcement came days after the Punjab Assembly passed a bill raising the salaries of provincial assembly members, speaker, deputy speaker, ministers, parliamentary secretaries, and advisors.
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