LOAN FACILITIES
SALARY ADVANCE FOR FESTIVALS/JAYANTHIES – WITH EFFECT FROM 12.08.2009 -
All permanent and part-time employees (excluding part time safai karmacharis drawing consolidated wages) – One month basic pay, nearest to the thousand, subject to a MINIMUM of Rs.8000 for clerical staff and Rs.6000 for subordinate staff, repayable in 10 monthly equal installments commencing from one month after the month of festival/jayanthies. REF: Br. Circular No.81/62 Dt.11-03-87, No.99/68 dt.13.02.2006 & No.103/88 dated 18.08.2009.
All permanent and part-time employees (excluding part time safai karmacharis drawing consolidated wages) – One month basic pay, nearest to the thousand, subject to a MINIMUM of Rs.8000 for clerical staff and Rs.6000 for subordinate staff, repayable in 10 monthly equal installments commencing from one month after the month of festival/jayanthies. REF: Br. Circular No.81/62 Dt.11-03-87, No.99/68 dt.13.02.2006 & No.103/88 dated 18.08.2009.
VEHICLE LOAN::
INTEREST FREE LOAN UNDER BANK’S SCHEME for permanent FULL TIME employees who have put in service of 5 years and above and those who have joined prior to 18.09.1989 and opted for vehicle loan scheme prevailing prior to 18.09.2009. Maximum quantum of loan Rs.25,000/- with a repayment of 60 months for 2 wheelers and 84 months for motor car for purchase of new or second hand two wheeler or motor car with a margin of 10% for new vehicles and 15% for second hand vehicles.
PERMANENT PART TIME EMPLOYEES ARE ALLOWED LOAN FOR PURCHASE OF PEDAL CYCLE ONLY.
REF: BR.CIRULAR NO.81/65 DT.11.03.1987, 94/168 DT.15.01.2001 & 96/150 DT.18.02.2003.
CONVEYANCE LOAN UNDER GOVERNMENT GUIDELINES –
ELIGIBILITY: Clerical staff joining the Bank on or after 18.09.1989 and up to 31.03.1994 and the clerical/sub-staff who draw the prescribed ‘pay’ stipulated from time to time (presently Rs.3, 910 per month) are eligible. Those who have joined prior to 18.09.1989 may avail under any scheme at his option.
Quantum: 90% of the cost of two wheeler, subject to a maximum of Rs.60, 000/-
Margin : 10%
Rate of Interest: up to Rs.15, 000 – 7.50% p.a. simple, above Rs.15, 000 at 12% simple or at Bank Rate (presently 6.25%) whichever is higher
Repayment: 84 EMI – 70 towards principal, 14 towards interest
Purpose: For purchase of new or second hand two wheeler
Ref: Branch circular No.83/281 dated 08.11.1989, 96/1459 dt.18.02.2003.
CONVEYANCE LOAN TO SUB-STAFF UNDER GOVT.GUIDELINES:
I. Sub-staff joining the Bank or becoming eligible for conveyance loan on or after 1-04-94 and having 5 years of continuous service are eligible for 90% of cost of moped only subject to a maximum of Rs.14,000/- with repayment period of 60 months (50 towards principal and 10 towards interest), rate of interest being 7.5%p.a.simple.
II. Sub-staff joining the Bank or eligible for conveyance loan on or after 01-04-1994 and who draw prescribed ‘pay’ stipulated from time to time (presently Rs.3910/-p.m.) are eligible for 90% of cast of Motor Cycle / scooter, subject to a maximum of Rs.14, 000/- with repayment period of 84 months (70 towards principal and towards interest), rate of interest being 7.5%p.a.simple.
Ref: Br. Circular no. 88/39 dt.10-06-94, 93/140 dt.06-11-99 and P: IR: SAH: 64 dt.10-08-2000, 96/159 dt.12-02-2003.
PLEASE REFER BRANCH CIRCULAR NO.107/99 DATED 05.09.2013:-->
AWARD STAFF - FOR FOUR WHEELERS - Confirmed employees with FIVE years of satisfactory service and for TWO WHEELERS confirmed employees with TWO years of service AND
THE QUANTUM OF LOAN for FOUR WHEELERS is 80% cost of vehicle of Rs.5.00 lacs, whichever is less AND FOR TWO WHEELRS - 90% of the cost of vehicle or Rs.80,000, whichever is less. AND
RATE OF INTEREST - FOR FOUR WHEELRS 8.5% (simple) for limit upto Rs.80,000 and @ Base Rate (simple) for limit above Rs.80,000 - FOR TWO WHEELERS - 8.5% (simple) for limit upto Rs.80000
REPAYMENT PERIOD: FOR FOUR WHEELERS - 200 monthly instalments in the ratio of 3 : 2 - principal in 120 instalments and interest in 80 instalments - FOR TWO WHEELERS - 84 mnonthly instalments in the ratio of 5 : 1 i.e. principal in 70 instalments and interest in 14 instalments.
LOAN FOR PURCHASE OF SECOND HAND VEHICLES is available provided the vehicle is not more than 5 years old and the Government authorised valuer has assessed the vehicle about its fitness and comprehensive insurance cover is available for the same.
HEREINAFTER NO STAFF VEHICLE LOAN FOR REPAIRS OF VEHICLES
AWARD STAFF - FOR FOUR WHEELERS - Confirmed employees with FIVE years of satisfactory service and for TWO WHEELERS confirmed employees with TWO years of service AND
THE QUANTUM OF LOAN for FOUR WHEELERS is 80% cost of vehicle of Rs.5.00 lacs, whichever is less AND FOR TWO WHEELRS - 90% of the cost of vehicle or Rs.80,000, whichever is less. AND
RATE OF INTEREST - FOR FOUR WHEELRS 8.5% (simple) for limit upto Rs.80,000 and @ Base Rate (simple) for limit above Rs.80,000 - FOR TWO WHEELERS - 8.5% (simple) for limit upto Rs.80000
REPAYMENT PERIOD: FOR FOUR WHEELERS - 200 monthly instalments in the ratio of 3 : 2 - principal in 120 instalments and interest in 80 instalments - FOR TWO WHEELERS - 84 mnonthly instalments in the ratio of 5 : 1 i.e. principal in 70 instalments and interest in 14 instalments.
LOAN FOR PURCHASE OF SECOND HAND VEHICLES is available provided the vehicle is not more than 5 years old and the Government authorised valuer has assessed the vehicle about its fitness and comprehensive insurance cover is available for the same.
HEREINAFTER NO STAFF VEHICLE LOAN FOR REPAIRS OF VEHICLES
ADDITIONAL LOAN AT COMMERCIAL RATE OF INTEREST W.E.F.01.11.1994:
Eligibility: Those who are eligible to loan under any of the above schemes
Quantum: Difference between quantum of 80% for car and 90% for two wheelers and the loan availed under any of the above schemes.
Margin: 10% for two wheeler, 20% for motor car.
R.O.I.: P.L.R.
Repayment: 84 E.M.I for two wheeler, 200 E.M.I. for motor car
Purpose: purchase of two wheeler or motor car
Ref: Br.circular No.88/115 dated 24-10-94
LOAN AGAINST PROVIDENT FUND
Eligibility: All confirmed employees
Quantum: Maximum of 6 times the BP + allowances ranking for PF, in case of marriage of self/dependents, medical expenses OR member’s own contribution to the fund, whichever is less
Maximum of 3 times the BP + allowances ranking for PF in case of other functions/ceremonies OR member’s own contribution to the fund, whichever is less.
ROI: As allowed on employees PF contribution.
Repayment: Maximum of 48 months for marriages, 24 months for the other purposes.
Other terms: Eligibility for next loan after closure of previous loan as per terms of sanction. Repayment period as fixed at the time of sanction of loan should get over before the application is made for next loan. Loan against PF when availed would entail an appropriate adjustment in the quantum of clean OD facility. In other words, the clean OD limits PLUS the loan against PF should not exceed the limit as stipulated for clean OD facility.
Ref: Br. Circular No. 74/13 dt. 15.2.80, 76/82 dt. 12.6.82,90/149 dt. 9.12.96 and 96/134 dt. 1.1.2003.
LOAN/OVER DRAFT AGAINST NSCS
Eligibility: All confirmed employees
Quantum of loan: Face value of NSC + accrued interest till the end of previous financial year or Rs.3lac, whichever is less
Margin: up to Rs.1 lac Nil & 10% above Rs.1 lac to Rs.3 lacs
ROI: 2.75% below BOIPLR (presently 12%) i.e., 9.75% p.a.
Repayment: in case of loan facility, interest applied monthly should be paid immediately or to be recovered from the salary of the next month.
Other terms: employee can avail only one type of facility i.e. loan or OD
Ref: Br. Circular NO.99/25 dt. 16.05.2005,96/149 dt. 18.2.03.
IMPORTANT NOTE: LOAN OR OVERDRAFT AGAINST NSC QUANTUM OF LOAN IS REDUCED FROM RS.3 LACS TO RS.1 LAC W.E.F. 25.01.2011 - REFER H.O.BRANCH CIRCULAR NO.104/62 DATED 25.01.2011, ANNEXURE A TABLE - 1 (B) - last line it is mentioned "MAXIMUM LIMIT THAT WOULD BE MADE AVAILABLE TO STAFF MEMBERS AGAINST NSC IS RS.1 LAKH"
IMPORTANT NOTE: LOAN OR OVERDRAFT AGAINST NSC QUANTUM OF LOAN IS REDUCED FROM RS.3 LACS TO RS.1 LAC W.E.F. 25.01.2011 - REFER H.O.BRANCH CIRCULAR NO.104/62 DATED 25.01.2011, ANNEXURE A TABLE - 1 (B) - last line it is mentioned "MAXIMUM LIMIT THAT WOULD BE MADE AVAILABLE TO STAFF MEMBERS AGAINST NSC IS RS.1 LAKH"
LOAN/OVERDRAFT AGAINST APPROVED SHARES (STOCKASH SCHEME)
Eligibility: All confirmed employees
Quantum of loan: As per card limit
ROI: PTLR
Other terms:
Can be availed jointly with his/her near relatives such as son, daughter, father, mother, brother, sister, etc.
The shares should have been purchased by the employees out of his own resources.
Ref: ZO, SZIOM Ref. ZO: C&IC: NS: 2030 DT. 8.7.88 and 755 dt. 7.2.89
STAFF HOUSING LOAN - RATE OF INTEREST REVISED FROM AUGUST 2011
Eligibility: Permanent employees with service of 5 years and above.
A confirmed ex-serviceman who has put in 5 years minimum service in armed forces will be eligible for housing loan on completion of 2 years continuous service in the Bank.
In the case of part time employee elevated as full time employee, the number of years of completed service to be calculated depending upon his scale of wages.
In the case of part time employee elevated as full time employee, the number of years of completed service to be calculated depending upon his scale of wages.
Quantum of loan: 90% of the total cost or Maximum of Rs.12.00 lacs for clerks and Rs. 8.00 lacs for sub-staff, whichever is less.
ROI: At 5% p.a. simple up to Rs. 1.10 lacs and at 8% p.a. simple for over Rs. 1.10 lacs
Purpose: For purchase/construction/acquisition of a house/flat, etc.
Repayment: 180 months towards principal and 60 months towards interest, commencing from next month after disbursement of loan in case of purchase of a ready built house OR 18th month from the date of first disbursement or completion of the construction of house, whichever is earlier, in case of construction of the house.
Ref: Br. Circular No. 84/218 dt.8.1.91, 86/121dt. 19.90.92,88/25dt. 1.7.94 and 95/21dt 21.5.2001
AND BRANCH CIRCULAR NO.104/53 DATED 31.07.2010
AND BRANCH CIRCULAR NO.104/53 DATED 31.07.2010
STAFF HOUSING LOAN FOR ENLARGING / REPAIR / RENOVATIONS OF THE EXISTING HOUSE
Quantum of loan: 90% of the total cost or maximum of Rs. 2.40 lacs for clerks and Rs.1.60 for sub-staff, whichever is less
ROI: At 5% p.a. simple up to Rs. 1.10 lacs and at 8% p.a. simple for over Rs. 1.10 lacs
Repayment: 180 months towards principal and 60 months towards interest
Ref: Br. Circular No.84/218dt. 8.1.91, 88/25dt dt. 17.5.94 and 05/21dt. 21.5.01
AND BRANCH CIRCULAR NO.104/53 DATED 31.07.2010 & 106/62 DATED 10.07.2012
AND BRANCH CIRCULAR NO.104/53 DATED 31.07.2010 & 106/62 DATED 10.07.2012
AASHIYANA HOUSING LOAN
Eligibility: all permanent employees with service of 5 years and above.
An employee may also avail for purchase/construction of a house other than the one purchase under staff housing loan scheme.
Quantum of loan:
a) 85% of shortfall between project cost and the staff housing loan availed.
b) 85% of project cost in case of purchase/construction of a house other than the purchase under staff
Housing loan scheme.
Margin: 15%
ROI: As per Bank’s various Star Home Loan schemes as applicable to public
Purpose:
For purchase/construction/acquisition of a new house/flat
a) To bridge the gaps after availing staff housing loan
b) For renovation/repair/extension of the existing house
c) To meet escalation in cost
Other terms: To arrive at the quantum of loan and to fix the repayment, the incomes of the spouse may be taken into account if the spouse is employed. 30% of the spouse salary may be considered towards the monthly installment and the difference between the actual installment and the 30% of spouse salary be reckoned for calculation of 65% of total deduction of the staff member. The installment so arrived at would be taken into account while calculating the 65% of the total deducting while applying for any other loan.
Ref: Br. Circular No.91/81dt.1.8.97
RELIEF LOAN TO STAFF
Affected by flood/earth quake and other natural calamities–up to Rs 3,000/- for clerks and up to Rs. 2,000/- for sub-staff, repayable in 24 monthly installments with interest at 11% p.a. simple.
Ref: HO/P/IR/CMR/I-1790dt. 12.03.2003
GENERAL NOTES
1. For all loans the percentage of total deduction to grass salary should not exceed 65%
2. To arrive at the total percentage of deduction, all loans sanctioned but where repayment has not commenced, should also be counted.
3. Installment towards loan against NSC and approved shares (stockash scheme) if any, are not to be taken into account for the purposes of calculation of percentage of deduction.
CLEAN OVERDRAFT FACILITY
A running clean overdraft facility in lieu of (a) Consumer loan (b) Computer loan (c) Telephone booking loan (d) Vehicle booking loan (e) Personal loan (f) Loan for BOI equity issue (g) loan for repair of vehicles, etc. has been extended to staff members with effect from 20.12.2001
Henceforth there will be only following types of loan facilities available to staff members:
1. Housing loans (including Aashiyana)
2. Vehicle loan
3. Clean overdraft facility
4. Loan against P.F.
SALIENT FEATURES OF THE SCHEME
Purpose: Any bonafide purpose relating to the staff member
Eligibility: confirmed part time/full time employees of the bank.
Limit: Service: refers to the aggregate service in all cadres.
Clerks
|
Sub-staff
| |
3 years & above but less than 5 years
|
Rs. 1.25 lacs
|
Rs.1lac
|
a) 5 years & above but less than 10 years
|
Rs. 2 lacs
|
Rs.1.5lacs
|
10 years & above
|
Rs. 3.5 lacs
|
Rs.2lacs
|
Rate of Interest: At the rate of BPLR less 3 %, subject to minimum of 8% per annum. (Presently 9% p.a.) – Ref.Br.Circular No.103/8 dt.15.04.2009 w.e.f.19.03.2009
REVISED RATE OF INTEREST W.E.F. 06.08.2011 - At Base Rate - Presently 10.75% p.a.
ref.H.O.Branch Circular No.105/87 dated 22.08.2011
e) Confirmed employees with less than 3 years of service
Subject to the ceiling stipulated against category (a) above, their entitlement may be worked out as per their eligibility in accordance with the present scheme/norms and further subject to the cap of 65% in respect of the total deduction from the salary. In other words, their present entitlement under the various schemes for which they are eligible may be protected within the ceiling of Rs. 1.25 lacs (clerical staff) and Rs. 1.00 lac(sub-staff)
AS PER BRANCH CIRCULAR NO.101/38 DATED 15.06.2007:
a. Those employees who have already availed clean OD facility as above, may opt for conversion of 40% of the clean OD limit to clean TERM LOAN limit with a maximum of repayment term matching his/her date of superannuation.
b. Those who have not yet availed clean OD facility would be entitle to 60% of the limit mentioned above as OD limit and the balance of 40% as clean TERM LOAN with a maximum of repayment term matching his/her date of superannuation.
OTHER TERMS:
a. Total deductions on account of statutory deductions, loan installments and notional monthly interest on clean overdraft (assuming that the limit is fully drawn) should not exceed 65% of gross monthly emoluments.
b. Interest payable (monthly component) in the clan overdraft must be recovered every month from the salary. To facilitate this, it will be mandatory for the staff designate the OD account for credit of their monthly salary. The account would not be overdrawn beyond the sanctioned limit upon debit of monthly interest.
c. Employee should give an undertaking that he will not avail any loans from outside sources without the written permission of the bank and or request the bank to deduct installments from his/her salary and remit to such external lending agencies.
Ref: Branch Circular No. 95/129dt. 13.12.2001 for more details.
SPECIAL NOTE: Loan against PF when availed would entail an appropriate adjustment in the quantum of CLEAN OD. In other words, the CLEAN OD + CLEAN TERM LOAN limits PLUS the loan against PF should not exceed the limit as stipulated at Para (IV) of branch circular No.95/129dt. 13.12.01
Ref: HO BR. Circular No.96/134dt. 01.01.2003.
OTHER LOAN FACILITIES
Various banks loan schemes such as star suvidha, star mortgage loan, star holiday loan, etc., presently available to public are extended to staff members also subject to the condition that the total deduction should not exceed 60% of grass salary.
Refer Branch Circular No.98/8 dated 10.04.2004
SCHEME FOR EXTENDING FINANCIAL ASSISTANCE TO THE STAFF MEMBERS WHO HAVE SUFFERED LOSS ON ACCOUNT OF NATURAL CALAMITIES SUCH AS HEAVY RAINS, STORM, FLOOD, EARTHQUAKE ETC.
THE AREAS AFFECTED BY NATURAL CALAMITIES WILL BE DETERMINED ON THE BASIS OF THE RELEVANT NOTIFICATION ISSUED BY THE RESPECTIVE STATE GOVERNMENTS.
QUANTUM OF LOAN - 1. OFFICERS RS.50,000 2. CLERKS - RS.40,000 3. SUB-STAFF - RS.30,000
RATE OF INTEREST - 6% P.A. SIMPLE
REPAYMENT - PRINCIPAL IN 48 EQUAL MONTHLY INSTALMENTS AND THEREAFTER INTEREST IN 12 EQUAL
MONTHS - REPAYMENT SCHEDULE SHOULD NOT EXCEED RETIREMENT -
TO COMMENCE FROM THE SUCCEEDING MONTH OF FIRST DISBURSEMENT
DEDUCTION PERCENTAGE NOT TO EXCEED 65% OF GROSS EMOLUMENTS
FOR MORE DETAILS REFER HO BRANCH CIRCULAR NO.103/14 DATED 18.04.2009
...
23 comments:
Hey thanks for sharing this informative blog, it seems very helpful. i was looking for same kind of content about House Loan
After how long time of joining will get get home loan ?
Nd how much max amount will they sanction?
After how long time of joining will get get home loan ?
Nd how much max amount will they sanction?
I am an exserviceman. Anybody to tell me when i wiil be eligible for staff home loan.
Vehicle loan calculator is really a software you will have the ability to make use of in assessing a given vehicle loan package. Figuring out the monthly installments a loan taker should consider is among the advantages offered.
Vehicle Loan Software
Thank for sharing your this blog with us. Your blog information is very helpful. Can You write an article about Car Loan in UAE , i am waiting for your positive response.
Compare the best Loan rates with EMI Mantra. For more information visit on :- Home Loan Advisor
Very well written information. It will be useful. Home Loan
Great information shared on Personal Loan Bangalore, Personal Loan in Bangalore
Hi I like Your Blog. Your blog is really informative and helpful for all. Keep updating with newer post on Personal Loan For Wipro Employees.
Hey there,
Nice blog
check out our blogs
best way to retire early
Nice blog on housing loans with eligibility requirements for different banks. Getting a home loan is easy nowadays especially from private lenders. I am from Hyderabad, so Home Loans In Hyderabad can easily be availed by anyone who is having those above-mentioned eligibilities. Thanks for sharing.
Thank you for sharing this information. It has helped me to know more about easy personal loans
If you apply for house loan Know the main problems when taking home Loan
Antworksmoney gives you the low interest home loans in India, and clear and transparent charges on your home loan.
Before applying for the home loan we need to research on which is the best bank for taking loan, how much it can provide, at what time we can receive the loan, interest rate, marginal cost of funds based lending rates, processing fee etc. There are many major Home loan providers in Hyderabad like HDFC Bank, IDBI home loans, Bajaj Finserv home loans, Axis bank home loan, LIC home loans, ICICI home loans and DSA like Shradda Associates.
If you're considering for Housing loan at low interest rates to by a property, you'll find attractive offer with Antworksmoney.
Do you need a loan to consolidate your debt? Are you in need of a loan to finance or expand your business? or for car purchase, buying a house and other personal loans ETC we give long term loan for five to fifty years maximum with 3% interest. You are 100% Guaranteed. contact us via email address: flourishloancredite@gmail.com
APPLICATION DETAILS:
Full Name:
country:
State:
Sex:
Date of Birth:
Home Address:
Amount needed:
Length of Loan:
Phone:
Monthly income:
Purpose for Loan:
Occupation:
where did you hear about us;
flourishloancredite@gmail.com
My name is Theresa York, I live in California U.S.A and i am a happy woman today? I told myself that any Loan lender that could change my Life and that of my family after been scammed severally by these online loan lenders, i will refer any person that is looking for loan to Them. he gave happiness to me and my family, although at first i found it hard to trust him because of my experiences with past loan lenders, i was in need of a loan of $300,000.00 to start my life all over as a single parent with 2 kids, I met this honest and GOD fearing loan lender online Mr. Lorenzo Diego that helped me with a loan of $300,000.00 U.S. Dollars, he is indeed a GOD fearing man, working with a reputable loan company. If you are in need of a loan and you are 100% sure to pay back the loan please contact him on his E-mail
mrlorenzodiegoloafirm@outlook.com OR Whatsapp: +1(346) 226-2778 and inform them Theresa York directed you.. Thanks. Bless
I want to thank Mr Lorenzo Diego loan firm for giving me a loan of $100,000.00.if you need a quick loan avoid being scammed by fake lenders and apply from a genuine loan company via
e-mail mrlorenzodiegoloanfirm@outlook.com
what's App +1 346-226-2778
Hey everyone, today is a productive day. Working on my projects that need to be done in the next week and also coming up with a new strategy for my business goals. I am talking about Mr Pedro, a loan official who helped approve my loan to start up my business at a rate of 3% so I'm really hoping in the coming weeks I can get myself back up and going and not let anything keep me down. I hate this up and down stuff each day is different and I just hate how I feel. I am ready to be that person I was over a year ago who is on track and knows what is important, good health and going for my goals. I just keep faith that I will get back on track and also look forward to the many changes coming into my life in the next few weeks. Keep me in your thoughts, all positive energy is really needed.
for business loan.personal loan,car loan,home loan and other financial assistance.
Contact mr pedro for a loan on pedroloanss@gmail.com.
Post a Comment