The Civil Aviation Authority (CAA) of Karachi has recently launched a new loan program aimed at assisting its employees and officers in purchasing vehicles. This initiative is part of a broader effort to support the transportation needs of CAA staff.
Under this scheme, CAA employees are eligible for loans to purchase various types of vehicles, including motorbikes, bicycles, and cars.
The loan amounts vary based on the employee’s grade within the organization. For instance, employees in the Service Group from grades 1 to 2 are eligible for loans up to Rs. 25,000 for bicycle purchases. Those in higher grades, up to grade 11, can access loans up to Rs. 150,000 for motorbikes.
Additionally, employees in the CAA Executive group at grade 1 can obtain loans of Rs. 200,000, while those in the Pay group from grades 5-9 are eligible for advance loans up to Rs. 1.3 million.
Special employees in the Pay group from grades 5 to 11 also have access to loans up to Rs. 1.3 million. For employees in the Executive Group from grades 2 to 10, the loan limit is set at Rs. 3.5 million.
The CAA has stipulated that a 10% annual interest rate will be applied to these loans, which are specifically intended for vehicle purchases.