Hyderabad: The state govt has allowed the Society for Elimination of Rural Poverty (SERP) to finance the purchase of 600 buses by the TGSRTC through Mandal Mahila Samakhyas (MMS).
RTC, in turn, will pay the monthly rentals on EMI for seven years for the amount invested by MMS.
Initially, 150 buses will be financed by the 150 MMS identified by SERP in 17 districts of erstwhile Khammam, Karimnagar, Mahabubnagar and Warangal for purchase by TGSRTC in the first phase. The remaining 450 buses will be purchased in the next phase.
The TGSRTC has proposed to pay an EMI of Rs 58,857 per bus on a monthly basis at 9.51% interest on the vehicle cost of Rs 36 lakh to the Mahila Samakhyas against the monthly rent of Rs 77,220 as requested by the chief executive officer, SERP.