Purpose of Loan

The object of the policy is to provide fund to the Individual (Salaried, Non-Salaried & Staff of Malda District Central Cooperative Bank) for purchase of consumer durable goods & others.

i) Debtor payment ii) Procuring inventory and raw materials iii) Paying employees' wages iv) Managing overhead cost v) Paying suppliers, etc

Eligible Person

Teaching and Non -Teaching staff - A permanent salaried employee of any Govt. Sponsored Secondary / Primary School or Sr./Jr. Madrasah / College whose salary is disbursed in our bank account through salary disbursement arrangement under e-PRADAN system.

Employees of other Govt. / Semi Govt. / Statutory Bodies- If there is any specific arrangement with concern department following the West Bengal Govt. E-Payment of Salary Scheme (ePS) (Finance Department Audit Branch Notification No 6621 (F)Y Dated : 29th June, 2011) and extended to a permanent salaried Central Govt. employee drawing salary from our Bank

Para Teachers / Part Time Teacher (Must be a permanent resident of Malda District)- Para Teachers / Part Time Teacher of Govt. Sponsored Secondary / Primary School or Sr. / Jr. Madrasah / College whose jobs are declared as permanent in nature by the Govt. of West Bengal and drawing salary from our Bank.

Non-Salaried person- A person whose salary arrangement is not with our Bank and any other Individual who has sufficient repayment capacity.

Confirmed Employee of Malda District Central Co-operative Bank.

Contingent & Contractual Staff of Malda District Central Cooperative Bank.

Terms and conditions:

Deduction Criteria for determination of quantum of Loan

i) Teaching and Non -Teaching staff - Total deduction per month inclusive of the instalment is restricted to 60% (Inclusive ECCS loan) of gross pay. Whereas, in deserving cases, where Gross Salary is `35,000/- or more, such deduction may be relaxed up to 70% (Including ECCS Loan) ii)Employees of Govt. / Semi Govt. / Statutory Bodies - Total deduction per month inclusive of the instalment is restricted to 60%.iii)Para Teachers and Part time Teachers (Must be a permanent resident of Malda District)- Total deduction per month inclusive of the instalment is restricted to 50%. iv) Confirmed Employee of Malda District Central Co-operative Bank- Total deduction per month inclusive of the instalment is restricted to 70% (Inclusive ECCS loan) of Gross Pay.v) Contingent & Contractual Staff of Malda District Central Cooperative Bank- Total deduction per month inclusive of the instalment is restricted to 50%.

Quantum of Loan

Repayment period of salary account holder restrict to 6 months prior to their retirement. Loan amount=300000/- & Maximum Repayment period-36 Months.

Documentation