| Stated Role |
The Government Employees Motor Vehicle and Residential Property Advances Section is under the Banking unit of the Division of Financial Affairs. <P>The section exists to assess and authorise residential property and motor vehicle loans for government employees. <P>The Government is a guarantor of the loans obtained by its employees from commercial banks. <P>The current participating banks are Standard chartered bank, Barclays Bank, Wesbank and Botswana Savings Bank. <P>Currently the government guarantees 80% of the loan balances from commercial banks. <P>Application forms are available at the various Departments and Ministries as well as the Ministry of Finance and Development Planning . <P>It is a requirement of the scheme that all the loans are insured. The insurance will be arranged with a company that has been nominated by the government as its fund managers. However, employees may terminate the insurance after clearance of the loan if they wish to do so and insure their properties elsewhere.<P> <P> <P> <P> |