LAHORE, March 1: The Punjab Small Industries Corporation (PSIC) has started a new loan scheme for bus owners who intend to convert their diesel vehicles to CNG.

Punjab Industries Minister Ajmal Cheema presiding over a meeting here on Thursday said that under this project the corporation would provide soft loans ranging from Rs500,000 to Rs600,000 per vehicle to bus owners at a 5.5 per cent flat mark-up charge, according to a handout.

He told that the loan of three years duration would be recovered in 36 equal monthly instalments.

The corporation had created a revolving fund of Rs20 million and loans would be sanctioned by the concerned regional directorate of the corporation within 15 days of the receipt of application, he added.—APP