Banking News – The Ministry of Education has forwarded the Education (Eleventh Amendment) Regulations, 2083, which includes a provision to provide interest subsidy to teachers for purchasing vehicles, to the Ministry of Finance for approval. According to the proposed provision, secondary level first class teachers will be able to purchase vehicles worth up to Rs 50 lakh, and second class teachers up to Rs 40 lakh.

Similarly, it has been proposed that secondary third class, lower secondary, and primary level teachers of all classes will be able to purchase two-wheeled vehicles worth up to Rs 4 lakh. In the regulations, a provision has been made for the Government of Nepal to bear installment interest of up to 80 percent of the cost amount as a subsidy in the financial arrangement made through banks for purchasing vehicles.

Teachers will be able to purchase vehicles by managing the remaining 20 percent amount themselves. The government will bear the installment interest determined by the concerned bank during the period the teacher remains in service.