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Interest would be charged at a rate of 7 per cent for first advance and at 8 per cent for second advance for a cycle. In case of misutilisation of any loan, penal interest will be charged at the rate of 10 per cent per annum over and above the normal rate of interest, an official spokesman said here today. The government has also revised the rate of conveyance allowance for visually impaired and physically challenged government employees from 10 per cent of basic pay, subject to a maximum of Rs 600 per month, to 10 per cent of the basic pay subject to a maximum of Rs 1,000 per month with effect from January 1.
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