Govt grants ‘7,000 loan to employees, but with conditions. It seems that this time on Diwali Punjab government is not in a mood to grant any bonus to its Class IV employees. However, the government has decided to grant loan of Rs 7,000 under the name of ‘Festival Loan’ to Class IV employees, so that they can do some shopping during the festival season. The government will start recovering installments of this loan from November onwards. Disbursing officers will approve the loan, but before senctioning the loan, employees would have to deposit a surety and the employee who is taking the loan will also have to give a full guarantee to repay the amount. Finance Department has decided to grant the loan. The right to sanction the loan has been given to the concerned officer who will see that the employee who is being lent the amount is able to repay the loan. This loan is to be recovered in five equal installments and the recovery of the loan will start from next month, November. A formal letter issued by the loan branch of finance department of Punjab government states that this loan will be without interest. The daily wagers and other employees will not able to get this opportunity of festival loan. The loan sanctioning officer will keep a record of this loan and also ensure recovery. Installments of the loan will be deducted every month from the salary of the employee.
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