Eligibility |
• All regular and service confirmed
government employees/Employees of government corporations,
joint corporations, autonomous bodies and other financial
institutions including bank employees with one year
of service.
• Employees on contract service will also be
eligible for the loan, subject to the limit not exceeding
to the equivalent amount of gratuity payable (a copy
of the contract agreement to be submitted with the
loan application form)
|
Purpose |
General purpose loan to individuals. The loan can
be granted for meeting any genuine personal expenses.
The purpose may typically include holiday travel,
medical expenses of self or dependents, repayment
of personal debts, expenses connected with marriage
of self or dependent, defraying educational expenses
of wards, funeral expenses etc. for which loan may
be granted.
|
| Quantum of Loan |
Maximum of Nu 500,000.00, subject
to earmarking 30 % of existing net pay towards monthly
loan repayment. The eligible loan limit and repayment
term for applicants retiring during or before the
tenure of scheme will be based on the permissible
gratuity amount whichever is less and remaining period
of service.
|
| Security |
|
| Repayment |
• The entire loan with interest should be repaid
in a maximum of 84 equal monthly installments. For
this purpose 30 % of the net take home pay shall be
earmarked for monthly loan repayment. In case the
same is inadequate, the quantum of loan to be sanctioned
will be reduced to the extent permissible.
• In case of the loan to be sanctioned to an
employee on contract service the repayment period
should be limited to the term of the contract period.
|
Interest |
12% p.a. with quarterly
rests subject to change from time to time. Late fee
of 5% p.a. will be applicable if the installments
are not paid on due date.
|
| One-time Application Fee |
Nu.100/-
|
| General |
-
An
employee already enjoying a loan under the existing
scheme will not be eligible for a fresh loan unless
the existing loan is fully repaid.
-
The revised loan amount is applicable
to fresh applications only.
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The bank will be at liberty not
to entertain recommendations for sanction of loans
by such departments, whose employees’ existing
loans have not been conducted satisfactorily and
have been rendered irregular.
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Applications for loans under
the scheme on the standard forms duly filled in
and completed in all respects should be sent by
the concerned departments/organizations to the Bank’s
branch at the centre where the applicant employee
is posted.
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An irrevocable letter of authority
from the applicant to his employer for deduction
of installments at source and a letter from the
employer agreeing for the same should be submitted
along - with the loan application as per Annexure
II & III respectively.
-
Proof of income : Latest salary
slip with authorized signatory should be submitted
along with the loan application.
-
Photo copies of ID cards of the
applicant/surety should be attached with the loan
application form with 2 copies of recent photographs.
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Sanctioning Power : All branch
managers (Loan to Bank staff shall be sanctioned
at Head Office).
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