Easing the way for the Purvanchal Expressway, the Uttar Pradesh government has approved a proposal to get bank loan of Rs 12,000 crore from Punjab National Bank (PNB) for construction of the project. Additional chief secretary, information, Awanish Awasthi said in the first phase, Rs 7,800 crore would be given by the bank at the rate of 8.30% interest for 15 years. \u201cThe loan would be repaid in 48 installments with three years moratorium and installments would be paid through funds collected from toll on the expressway,\u201d he said, adding that the state government has also approved to give state guarantee for the project. While the state government has set a target of 36 months for construction of the project, the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) plans to complete it within 24-26 months, said Awasthi. Clearances from all the departments have been received for the construction and 93% of the land has also been acquired, the bureaucrat said. It may be mentioned that bids for the project were cancelled twice, the last time in June this year. According to sources in the UPEIDA, fresh bids have been invited and tenders will be opened on July 6. \u201cCompanies would submit both technical and financial bids, and by July 10, the process of awarding tenders to selected builders for the construction of the 353-km expressway between Lucknow and Ghazipur on the eastern fringes of the state will be completed. The revenue department has already installed 11,800 pillars at every 50 metre to mark the land acquired for the project,\u201d Awasthi said. With Prime Minister Narendra Modi expected to lay the foundation stone of the project on July 14 from Azamgarh, the state government has put the project on a fast track. This will be the second time that the foundation stone of the project would be laid. Earlier, during the Samajwadi Party rule, then chief minister Akhilesh Yadav had laid the foundation for the project, which was then named as Samajwadi Purvanchal Expressway. After the BJP government came to power, it was renamed as Purvanchal Expressway.