FAISALABAD, Feb 26 (APP):Faisalabad Electric Supply Company has launched an interest-free loan scheme to facilitate its employees for performing Hajj and Umrah.
FESCO spokesman Muhammad Saeed Raza said here on Thursday that this scheme would provide financial assistance for the fulfillment of these important religious obligations.
He said that under the newly issued policy, regular and contract employees willing to avail the facility would submit applications to FESCO Administration Directorate, after which the applications would be included in a balloting process.
For Hajj loans, the applicants must have a minimum gross salary of Rs.75,000 or above while for Umrah loans, a minimum gross salary of Rs.40,000 is mandatory, he added.
He said that the employees facing pending cases, inquiries or departmental proceedings with the FIA or NAB would not be eligible to apply.
Likewise, the employees who have already availed an interest-free loan for Hajj or Umrah under the same category would not qualify to reapply in that category, he added.
He said that the applications for Hajj loans would be processed six months prior to Zil Hajj while Umrah loan applications would be invited during the first quarter of each year.
The quota for Hajj loans has been fixed at 50 percent for officers and 50 percent for staff whereas for Umrah loans, 40 percent quota has been allocated for officers and 60 percent for staff, he added.
He said that selected employees would repay the Hajj loan in 60 equal monthly installments while the Umrah loan would be recovered in 36 equal monthly installments.
In case of resignation, the employee would be bound to clear the entire outstanding amount whereas upon retirement, the remaining loan would be adjusted from gratuity or commutation.
If an employee passes away after performing Hajj or Umrah, the remaining loan amount would be waived in accordance with the policy approved by the board, he added.