Rajasthan State Insurance :
Whenever you do any work. Then you need money. You will take money from someone to fulfill your needs. Will you take the money from the bank or are you going to borrow it from a moneylender. Rajasthan government has tried to save its employees from this problem. You get a deduction in state insurance every month. The amount you deposit monthly. You can also take a loan against your state insurance, about which we will know further.
State Insurance Loan :
You are offered interest on your same deposit. If you do not take interest, then you are given interest on your deposit by the State Insurance Department. It is believed that if the employee is in any kind of problem, then he will not be able to give his 100 percent. Therefore, the state government has made a provision for giving interest on deposits under the state service rules.
Visit to know what are the slabs available for your deposit at present.
Whenever you take money from someone, you have to pay some more money in exchange for that money. If the excess money repaid is interest. Since the state government gives your money to you. Still takes some amount as interest. About which you will learn further.
Rate :
The interest rates have been changed from time to time by the state government since the time the rules were made. From the beginning till now the interest rate is as follows –
| Since When | Rate |
|---|---|
| Up to 19.09.1985 | 6% |
| From 20.09.1985 | 10% |
| From 01.04.1998 | 12% |
| From 01.04.2002 | 9.5% |
| From 10.05.2004 | 8.5% |
| From 17.04.2020 | 7.5% |
Repaying State Insurance Loan :
Like banks, rules have also been made for repaying the loan. First of all your principal amount will be deducted from your salary. For principal deduction, you have to divide the total principal amount by 60.
Like you took a total loan of Rs 1,00,000. Then you have to divide 1,00,000 by 60. Due to which amount is obtained = 1666.67. Now to repay this amount, you will have to deduct Rs 1667 as SI LOAN from your salary every month.
This deduction will be made from your salary for a total of 5 years or 60 months. As soon as the principal amount is fully deposited, you have to deposit the interest. To deposit the interest, you have to divide the total interest by 8.
Like here the interest on your Rs 1,00,000 is Rs 19059. By dividing this by 8 you got Rs 2382. Now you will deposit Rs 2382 under SI LOAN INTEREST item for 8 months.
For this, an excel sheet has also been issued by the department. Which you can download by clicking on the link.
