Kathmandu — The Ministry of Education has proposed a new provision to provide interest subsidies on vehicle loans for school teachers, as part of the proposed Education (Eleventh Amendment) Regulations, 2083.
Under the proposal, first-class secondary-level teachers would be eligible to purchase vehicles worth up to Rs. 50 lakh, while second-class secondary-level teachers could purchase vehicles worth up to Rs. 40 lakh. The proposal also allows third-class secondary teachers and teachers at the lower-secondary and primary levels to purchase two-wheelers worth up to Rs. 4 lakh.
The government would cover up to 80 percent of the installment interest on bank financing used to purchase the eligible vehicles. Teachers would be responsible for the remaining 20 percent, while the proposed interest support would continue for the period they remain in government teaching service.
However, the scheme is not yet an implemented government benefit. The Education Ministry has sent the proposed regulations to the Ministry of Finance for approval. Further implementation details, including the application process and participating banks, will depend on the final approval and regulations.
If approved, the proposal would provide eligible teachers with access to more affordable vehicle financing while reducing part of the interest burden on their bank loans.
