Loan facility

 LOAN FACILITIES
1. Interest Free Festival Advance:
For those who joined the Bank on or before 05-12-1990:
One month Basic Pay+Spl Pay +PQP+Increment component of FPP+DA+Special Allowance
For those who joined the bank on or after 06-12-1990:
An amount equivalent to one month basic pay
subject to a maximum of Rs.25000 for Officers and
minimum of Rs.8000 and maximum of Rs.20000 for clerks and
minimum of Rs.6000 and maximum of Rs.15000 for sub-staff. 
Eligible after confirmation(Refer Circular HRM-76/2011-12 dated 21.10.2011)
O2. Staff Vehicle Loan: Purchase of Two Wheeler.
Eligibility
All confirmed Employees
Purpose
Purchase of two wheeler
Loan Amount
Rs.90000 for Officers
Rs.75,000/- for Clerks
Margin
10%
Rate of Interest
Base Rate (Simple). 9.95 % at present.
Recovery
84 months. Principle and interest accrued in the ratio 5:1
Security
Hypothecation of vehicle to be purchased
Terms and Conditions
40% take home pay after all deductions   including the proposed loan instalment.
Car Loan of 3.5 lakhs is also eligible for Clerks whose basic pay is Rs.24675.00 at base rate simple, with 20% margin, repayable in 180 months.
(Refer Cir.No.HRM-122/2011-12 dated 27.1.2012.)
3. Computer Loan Scheme:
Eligibility
All confirmed Employees
Purpose
Purchase of New Personal Computer. Purchase of laptops are also permitted.
Loan Amount
Rs.50,000/-
Margin
5%
Rate of Interest
BPLR+Tenor Premium. 14.95% at present.
Recovery
Repayable in 60 monthly instalments with interest.
Terms and Conditions
40% take home pay after all deductions   including the proposed loan instalment.
4. Consumer Credit Instalment Loan.(Eligible after 3 years of service).
Eligibility
Employees with minimum 3 years of confirmed service in the Bank.
Purpose
To purchase Consumer Durables, to meet expenses of marriage of self/sister/brother/children. To meet expenses of social/religious functions.
Loan Amount
Rs.15,000/-
Margin
10%
Rate of Interest
BPLR (Compounded). 14.20% at present.
Recovery
Principal and interest to be recovered in 60 equated monthly instalments.
Terms and Conditions
Deductions should not exceed 50% of gross salary.
5. Staff Housing Loan.
Eligibility
Employees with minimum 2 years of confirmed service in the Bank.
Purpose
To purchase plot and construct house or purchase of ready built house.
Loan Amount
Officers : Rs.20 lakhs
Clerks-Rs.12 lakhs.
Sub-staff.Rs.8 lakhs.                                      
PTS-60 times of gross pay subject to a maximum of 6 lacs for 3/4th, 4 lacs for ½, and 2.5 lacs for 1/3rd  wages.
35% of the eligible limit will be given for purchase of plot.

Rate of Interest
8% simple.
Margin
10% of the total cost.
Recovery
Maximum 240 instalments in the ratio of principal and interest at 3:1.
Terms and Conditions
Deductions should not exceed 40% of gross salary excluding proposed loan instalment, PF deductions, PF, VPF, Society thrift, Income Tax, Professional Tax.
Additional housing Loan for Repair/renovation/liquidation of liabilities, Second Housing Loan, Takeover of existing Housing/Home Loan, Second SHL for acquiring 2nd property are also available.
(Refer Circular: HRM-163/2010-11 dated 31.12.2011, HRM-46/2011-12 dated 15.07.2011.)
6. Loan Against Title Deeds.
Eligibility
All confirmed employees including part-time employees on scale wages.
Purpose
1. For Education of son, daughter, brother, sister etc if they possess 50% marks.
2. Additional construction of (minimum of 100 sq ft) house under SHL.
3. Unforeseen medical expenses of self/dependents.
4. Marriage expenses of self/dependents.
Loan Amount
Rs. One Lakh maximum.
Margin
50% excluding the existing liability.
Rate of Interest
Commercial rate (BPLR + Tenor premium)
Recovery
Principal and interest to be recovered in 60 months.
Terms and Conditions
Take home pay minimum 40% of gross salary. For additional construction of house, this facility is once in career.
7. Term Loan Facility.
Eligibility
All staff who have completed 5 years of service.
Purpose
Social/religious functions, marriage of dependents, calamity in the family, medical expenses, educational expenses of dependent children etc.
Loan Amount
Service
Clerks
Sub-Staff
5 – 10 years
Rs.1 lakh
Rs.50000
Above 10 yrs
Rs.1.75 lakhs
Rs.75000
Other Terms and
Conditions.
Securities
Margin
Type of Charge
SHL / Home Loan property
15% on latest value after deducting SHL/Home Loan liability.
Extension of mortgage
LIC policies
15% of surrender value
Assignment
KVP/IVP Patras.
25% of purchase value
Pledge
NSCs
5% of FV + int accd.
Pledge
Shares
40% of market prices.
Pledge
Term Loan Against PF accumulation: Loan ceiling is maximum Loan amount or the amount equivalent to unencumbered balance available in employee’s PF Contribution-whichever is less.
Rate of Interest
Against Securities House Property/LIC/KVP/IVP/NSC/SHARES   : 0.50% below BPLR
Against unencumbered portion of employee’s PF accumulation : BPLR
Recovery
1. 84 EMIs with principle and interest, or
2. Interest alone recovered every month from salary. Balance Term Loan amount will recovered from Terminal Benefits at the time of discharge from service.
Terms and Conditions
For irregular and overdue accounts, penal interest at 2% over the applicable interest rate shall be levied on the irregular/overdue portion for the period applicable.

8. Loan against Provident Fund.
Nature of Loan
PF Loan
Special Clean Loan
Refundable Withdrawal
Eligible Amt.
3 times of Basic+Spl Pay+ PQP+Inc.Comp.of FPP
3 times of Basic+Spl Pay+ PQP+Inc.Comp.of FPP
6 times of Basic+Spl Pay+ PQP+Inc.Comp.of FPP
Repayment
24 months
36 months
48 months
Rate of Interest
9.50%
11.50%
9.50%
Renewal
After 6 months
After 10 months
After 48 months
Sanctioned on
Daily Basis
Daily Basis
Daily Basis
9. Non-Refundable Withdrawal against P.F.
50% of accumulation is allowed to be withdrawn if the service is 5 to 20 years of service, 75%  of accumulation once after 20 years and another after 25 years of service.  Sanction every Friday.
PS: Out of this amount Special Clean Loan to be adjusted. After 6 months Special Clean Loan can be availed.