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    5 6068999650667397543

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    Santosh Kumar
    This document outlines the policies for two-wheeler loans provided to employees of the bank. It details the eligibility requirements, maximum loan amounts, interest rates, repayment terms, and required documentation for both regular employee loans and a special probationary employee loan scheme. Key details include maximum loans of Rs. 100,000 for new vehicles and Rs. 50,000 for used vehicles, repayment over 7 years, and interest rates of 7-7.5% depending on loan amount.

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    5 6068999650667397543

    Uploaded by

    Santosh Kumar
    110 views2 pages
    This document outlines the policies for two-wheeler loans provided to employees of the bank. It details the eligibility requirements, maximum loan amounts, interest rates, repayment terms, and required documentation for both regular employee loans and a special probationary employee loan scheme. Key details include maximum loans of Rs. 100,000 for new vehicles and Rs. 50,000 for used vehicles, repayment over 7 years, and interest rates of 7-7.5% depending on loan amount.

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    This document outlines the policies for two-wheeler loans provided to employees of the bank. It details the eligibility requirements, maximum loan amounts, interest rates, repayment terms, and required documentation for both regular employee loans and a special probationary employee loan scheme. Key details include maximum loans of Rs. 100,000 for new vehicles and Rs. 50,000 for used vehicles, repayment over 7 years, and interest rates of 7-7.5% depending on loan amount.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    110 views2 pages

    5 6068999650667397543

    Uploaded by

    Santosh Kumar
    This document outlines the policies for two-wheeler loans provided to employees of the bank. It details the eligibility requirements, maximum loan amounts, interest rates, repayment terms, and required documentation for both regular employee loans and a special probationary employee loan scheme. Key details include maximum loans of Rs. 100,000 for new vehicles and Rs. 50,000 for used vehicles, repayment over 7 years, and interest rates of 7-7.5% depending on loan amount.

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    © All Rights Reserved
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    of 2

    TWO WHEELER TO OFFICER / WORKMEN EMPLOYEES-694/697

    NF-546 Specimen Card.

    NF-425 Application for Advances to Employees.

    NF- 825 Agreement of Hypothecation of Vehicle of Employee

    NF-681 Irrevocable Mandate for deduction from the Salary.

    NF-894 Letter of Authority Addressed to the Bank from the Employee at the time of loan
    sanction of loan

    NF-803 Letter Evidence Execution of Documents.

    NF-482 Certificate Of Loan Papers Obtained.

    NF-967 Certificate of Compliance of term & conditions

    NF-373 Particulars of Vehicle Hypothecated.This should be obtained onthe date on which


    borrower actually recives the vehicle.

    Appendix-10 Declaration to be given by Workmen/Officers for availing LHV for the subsequent
    time.

    Form 29 Transfer of ownership form duly signed.

    Form 30 Application for intimation & transfer of ownership of the motor vehicle.

    Form 35 Notice of termination of agreement of hire purchase.

    Form 20 Application in the prescribed form signed by the borrower to the RTO to register the
    vehicle in the borrower name. Our charge is to be noted in RC.

    E-STAMP 0.1% of loan Amount. Upto 10Lakhs.

    Purpose: Loan can be granted for purchase of brand new vehicles (excluding bicycles and mopeds)
    or used vehicles (excluding bicycles and mopeds) of not more than 5 years old. In case of purchase
    of used vehicles, the age of the vehicle will be reckoned from the date of original registration of the
    vehicle.

    Eligibility: All confirmed officers/workmen are eligible.

    Quantum of loan: The quantum of loan for new 2-wheeler:Rs 100000/- or 90% of the cost of the
    vehicle whichever is less. The quantum of loan for used 2- wheeler:Rs 50,000/- or 80% of the cost
    of the vehicle . The life tax of the vehicle, registration charges and insurance premium shall be
    reckoned to determine the quantum of the loan in respect of two-wheeler loans.

    Net Take Home (NTH): 25% of his/her gross salary.

    Rate of Interest (ROI): Up to 40,000: 7 % p.a. Simple Above ₹ 40000: up to ₹100000: 7.5 % p.a.
    Repayment : The entire loan along with interest is to be cleared in 84 monthly installments (66
    months towards principal liability & 18 months towards interest) or before the employee ceases to
    be in the services of the Bank, whichever is earlier.

    After disbursment we have to collect below given documents within Fortnight(Two Weeks).
    • Original Invoice
    • Smart Card
    • Key
    • Insurance
    • B-Extract
    • Vehicle should be verified physically.
    • Stamped receipt from the seller for the amount received.

    Circular : 479/2017.

    Special Vehicle Loan Scheme for Staff of the Bank during their Probationary Period:

    Purpose: For purchase of brand new two-wheeler by employees of the bank during the
    probationary period

    Quantum of the loan : 1 lakh or 90% of the cost of the vehicle whichever is less (142/2016)

    Rate of interest: RLLR + .35%

    Repayment period: fixed at 84 EMIs.

    Probationary Officers on confirmation in the services of Bank, may opt for conversion of loan under
    this scheme to staff LHV scheme. Similarly, probationary clerks on reaching Basic Pay of ₹ 8400/- (
    Revised Basic ₹ 13730) may opt for conversion of the loan to staff LHV scheme. On conversion of
    the loan, the instalment can be recasted so as to adjust the loan to be repaid in remaining intalments
    in the ratio 5:2.

    Stipulation To Note Lien On Caution Deposit Obtained From Probationary Officers (Pos) As
    Additional Security To The Loan For Purchase Of Brand New Two-Wheeler Is Waived.

    Documentation: As applicable to the customers.

    Circulars: 434/2013,72/2014 & 142/2016.

    Prepared By
    Santosh (109350)

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