Nationalised banks and scheduled banks are offering loans to applicants selected by the Transport Department for the issue of 5,000 new LPG autorickshaw permits.
A press release, which was issued by the Joint Transport Commissioner on Tuesday, said the State-level Banking Committee had approved national and scheduled banks in the State to offer the loan. The applicants selected by the Transport Department would be eligible for the loan, provided they paid 10 per cent of the cost of the vehicle in advance. The advance, along with the Government subsidy of Rs. 25,000, would be subtracted from the cost of the vehicle and the balance would be sanctioned as a loan.
The interest would be 11.5 per cent per annum.
