Professional Documents
Culture Documents
4861
years service
YRS
CLERICAL STAFF
Rs.0.40 lakh
Rs.1.85 lakh
Rs.2.00 lakh
SUB-STAFF
Rs.0.25 lakh
Rs.0.60 lakh
Rs.0.75 lakh
1/3 Rs.36500/ Rs.38000/Rs.3/4 Rs.40000/(S C.4987 22 07- 2003) PTS
REDUCTION IN COD LIMITS DURING THE LAST 5 YEARS SC NO.5339 DT.05-01-2007
AGE OF THE APPLICANT
OVERDRAFT LIMIT ELIGIBLE
> 55 < 56 years
90% of the limits
> 56 < 57 years
80% of the limits
> 57 < 58 years
70% of the limits
> 58 < 59 years
60% of the limits
> 59 < 60 years
50% of the limits
NOTE: The reduction in OD limit to the extent of 10% every year commencing from 55 th year
onwards will be done on a monthly basis. If the OD limit sanctioned is Rs.3.50 lacs, when
the employee attains the age of 55 years the limit will be reduced by Rs.3000/-pm approx.
so that the operative limit on his attaining 56 years will be Rs.3.15 lacs .The operative limits
will have to be fixes at the beginning of the every month and the drawings in the a/c
including the monthly intt charged to the a/c should not exceed the operative limit.
Interest on Clean OD:9.5% 1.9.09 BPLR 11.75 to 9.5% SC 5621 dt 26.10.2009
QUANTUM OF LOAN
(5432 DT.04/10/2007) This circular issued afterwards
mention about the quantum of loan in SC No5426 DT. 10/09/2007.
80% of the cost of the motor car subject to maximum of Rs 3.50 lacs
FOUR
WHEELER
TWO
WHEELER
4
as there is no
REPAYMENT OF LOAN
In respect of 2-wheelers, the loan together with interest therein is repayable in
not more than 84 equal monthly instalments in the ratio of 5:1 towards principal
and interest respectively.
In respect of 4-wheelers, Loan, together with interest thereon, shall be repaid in not
more than 200 monthly instalments. The recovery of loan will be effected in the
following manner
The principal and interest amount of loan for purchase of Motor Car, which is repayable in 200
monthly instalments, will be recovered in the proportion of
3 : 2 period. In other words, the
principal loan amount will be recovered first in 120 months and interest accrued thereon will be
recovered thereafter in the remaining 80 months.
Installments towards the recovery of loan shall be adjusted first for recovery of
principal amount. Once the principal amount is adjusted, no interest will be
charged thereafter.
5
Rate of Interest
In respect of 2-wheelers
Upto Rs.15,000/Beyond Rs.15,000/- Upto Rs.60,000/-
e.g. For a loan of Rs.3.50 lacs, first Rs.80,000/- shall be charged @ 8.5% p.a. (Simple). Beyond Rs.80,000/-, upto
Rs.3.50 lacs shall be charged @ higher of Bank rate or 12% p.a. (Simple).
General Rules
i)
Conveyance Loan will not be granted - both 2-wheelers and 4-wheelers put together on more than three occasions during the entire service of workmen and the interval
between two loans i.e. 2-wheelers or 4-wheelers shall not be less than 4 years.
ii) The loan shall be granted for the purpose of second-hand vehicle of not more than 10
years old provided the loanees satisfies the sanctioning authority about the fitness and
valuation of the vehicle by producing a Fitness Certificate from a qualified Automobile
Engineer and Valuation Certificate from an approved Surveyor.
iii) The outstanding balance in loan amount with interest thereon at the time the loanee
workman ceases to be in the Banks employment shall be recovered from the
superannuation benefits i.e. Gratuity, Provident Fund, Pension or any other amount due
to him / his nominee. The aforesaid amount falls short of the outstanding in the loan
account with interest thereon, his legal heirs shall be liable to make good the shortfall,
in the event of the death of the loanee workman.
iv) The vehicle will be hypothecated to the Bank and will be registered with Regional
Transport Office to that effect, till the loan amount is repaid in full with interest.
v) It is obligatory on the part of the loanee to take full comprehensive insurance of the
vehicle with Bank Clause.
vi) The loanee shall not sell or part with the vehicle without prior permission of the
Sanctioning Authority.
vii) An employee deciding to avail the loan shall forward his application in the prescribed
form annexed hereto, through Branch Manager / Departmental Head to the Sanctioning
Authority and produce documents and evidence, as deemed necessary by the Bank.
viii)
The purchase of vehicle will be made within one month from the date of drawal of
the advance.
ix) If the loan amount is misutilised or if it is found that the amount of sale proceeds of the
vehicle is misrepresented or not deposited with the Bank within the prescribed time as
determined by the Sanctioning Authority while availing second conveyance loan or any
rule regarding grant of such loan is violated, the employee concerned shall be liable for
disciplinary action. Besides this, the Bank shall have the right to charge commercial
rate of interest on the amount outstanding in the loan account.
x) No workmen employee will be allowed to any concessional loan if the total deductions
of any nature including instalments under this scheme exceeds or likely to exceed 65%
of the gross salary.
xi) The Management will have right to alter the terms and conditions of grant of such loan.
Further, the loan under this category, shall be granted, entirely at the discretion of the
Management.
Schedule of Sanctioning Authority
COMPETENT AUTHORITY ( HRMD:PAD:210:2008 dt. January 29, 2008)
It was recommended that Chief Manager (Credit) at NRO/RO may be vested with delegated
powers to sanction Conveyance Loan to Award staff instead of G.M.O.(which was mentioned
in circular letter no. HRMD:PAD:3383:2007 November 17, 2007). It is suggested that the
Competent Authority specified for sanction of Conveyance Loan to Officer employees be
made applicable for Award staff also. Accordingly the Sanctioning Authority for various employees is
furnished as under:
SANCTIONING AUTHORITY
Senior Manager (Credit) or Chief Manager (Credit)
at Regional Office
In-charge of the Branch or Senior Manager
(Credit) or Authority above him in the respective
branches
Senior Manager (Credit) or Authority above him at
NRO/ZO/RO
Next authority above him at Dept of Personnel
seeking loan
Authority
one
step
ahead
of
BM
at
RO/NRO/ZO/FGMO.
FGM/Zonal Head
ED/GM (P)
In charge of Cr Dept at RO within whose
jurisdiction the HO of the RRB falls.
Clarifications - 1
HRMD:PAD:3383:2007
November 17, 2007
The Scheme for grant of Conveyance Loan to Award Staff was approved by the Board of
Directors in their meeting held on 25/08/2007 which was circulated vide Staff Circulars Nos.
5426 and 5432 dated 10/0-9/2007 and 04/10/2007 respectively. Thereafter certain queries
from the Field functionaries were received and the clarifications for the same are given
below.
Sr.
No
.
1.
2.
3.
4.
5.
Issue
Reply
6.
Further clarifications on the subject matter were issued by the above mentioned circular
letter.
Sr.
Issue
Reply
No
.
1. The Workmen Staff drawing Yes. Subordinate Staff members will be
Basic Pay of Rs.8940/-and eligible for Conveyance Loan subject to the
above will be eligible for condition that the total deductions should not
Conveyance Loan. It is not exceed 65% of gross salary.
clear whether Subordinate Staff
members will be eligible for
Conveyance Loan, of course,
subject to eligibility norms.
2. The sub-staff with Basic Pay of The Workmen Staff drawing Basic Pay of
Rs.8,940/- is said to be "eligible Rs.8,940/- and above will be eligible for
for CONVEYANCE LOAN of Conveyance Loan. It was clarified that the
course,
subject
to Subordinate Staff members will also be
eligibility..". If the minimum eligible for this facility subject to the condition
Basic Pay is stipulated as that the total deduction should not exceed
above, then he will not be 65% of the gross salary.
eligible for 2 wheeler even after
his 18 years of service,
whereas he is eligible now after
3 years of service, subject to It is a fact that a Subordinate Staff member,
the condition that the minimum
even if he is completing 18 years of
Basic Pay should be Rs.8940/service will not reach the Basic Pay of
in the case of Clerical Staff and
Rs.8,940/-. In terms of existing guidelines
Rs.5850/- in the case of
governing Conveyance Loan for purchase
Subordinate Staff members.
of two wheeler, the condition is that the
workmen employee should draw Basic
Pay of Rs.3,910/- (Revised Basic Pay of
Rs.8940/- for Clerical Rs5850/- for
Subordinate Staff). In case of Conveyance
Loan to Award Staff members for
purchase of two wheeler the minimum
Basic Pay of Rs.8,940/- is removed.
However, an employee should have
satisfactory service record with a
minimum three years of service will be
eligible for conveyance loan for purchase
of two wheeler.
For purchase of car, the minimum Basic Pay of
Rs.8,940/- and above will continue.
3. In case
of
Officers,
the Branches/Offices are advised that Officers
minimum Basic Pay for being with Basic pay of Rs.11410/- and above will
eligible for Conveyance Loan be considered for Conveyance Loan for
has been fixed at Rs.13320/- purchase of two wheeler / four wheeler.
(Old
Basic
Pay
Rs.9820/) However, the stipulation of three years of
6.
7.
confirmed
applicable.
satisfactory
service
will
be