Chandigarh: Haryana government has fixed the rate of interest for various loans and advances given to its employees for the financial year 2011-12.

A spokesman of the Finance Department said here on Saturday that it had been decided to charge interest at a rate of eight percent for first advance and at nine percent for the second advance for house building, motor car, scooter, motor cycle, moped, cycle, computer and marriages loans for the financial year 2011-12.

He said the interest would be charged at eight percent for first advance for the period from April 1, 2011, to November 30, 2011, and at 8.6 percent for first advance from December 1, 2011 to March 31, 2012.

Similarly, rate of interest for second advance for the period from April 1, 2011, to November 30, 2011, would be nine percent and the same from December 1, 2011 to March 31, 2012 would be 9.6 percent.

He said that in case of mis-utilisation of any loan, penal interest would be charged at the rate of 10 percent per annum over and above the normal rate of interest.

(Agencies)

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