Applications are made to the Loans Unit at the Ministry of Finance. Once approved, instructions are sent to the Accountant General and disbursements are made subject to funds availability and the following guidelines.
The Guidelines for a motor vehicle loan are:
Additionally, motor vehicles being acquired must not be more than five years old. The surety forms must be accompanied by surety’s appointment letter and a certified picture identification of each surety. The surety forms must be completed in triplicate.
Repayment period for motor vehicle loans.
Loans granted to acquire new vehicles are repayable over 108 months while those for used vehicles are repayable over 84 months.
Interest payable on Motor vehicle loans.
All motor vehicle loans are interest free; however the loan attracts 8% per annum interest under the following condition:
When the officer leaves Central Government (resignation/dismissal) the loan starts attracting interest at the date of separation.
Maximum lent for motor vehicle loans.
A maximum of J$1,100,000 will be lent for the acquisition of new vehicles while a maximum of $800,000.00 will be lent for the acquisition of used vehicles.
See downloadable forms below:
Download Duty Concession Application Form here...