Tatkal Loan for Individual (Salaried)

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Tatkal Loan for Individual (Salaried)

Purpose of Loan

The object of the policy is to provide fund to the Individual (Salaried & Staff of Malda District Central Cooperative Bank) for any purpose.

Eligible Person

a) 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.

b) 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

c) Para Teachers / Part Time Teacher - 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.

d) Confirmed Employee of Malda District Central Co-operative Bank.

e) Contingent & Contractual Staff of Malda District Central Cooperative Bank.

Terms and conditions:

Deduction criteria for determination of quantum of loan (Salary Account Holder)

a)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).

b)Employees of Govt. / Semi Govt. / Statutory Bodies - Total deduction per month inclusive of the instalment is restricted to 60%.

c)Para Teachers and Part time Teachers - Domicile in Malda District- Total deduction per month inclusive of the instalment is restricted to 50%.

d)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.

e)Contingent & Contractual Staff of Malda District Central Cooperative Bank- Total deduction per month inclusive of the instalment is restricted to 50%.

Quantum of Loan and Repayment Period

Repayment period of salary account holder restrict to 6 months prior to their retirement.

Loan Amount	Repayment Period
3 Lakhs	36 months

Nominal Membership :

`0.50 per thousand subject to minimum of `50.00 & maximum of `5,000.00 (As per bye-law of the bank). Provided that such membership fee as above shall be collected once only at the time of the first sanction of the loan & shall not be collected consequent upon enhancement of the loan component on subsequent occasions.

Securities

Salary of the Employee, Leave Salary, Gratuity and all other receivables.

Two guarantors (at least one permanent salary holder) acceptable by Branch manager.

Insurance

Loan should be fully covered by our Group Insurance Policy

Group Insurance Policy is optional for Staff

Charges

Form Cost `300/- but not applicable for confirmed employee of Malda District Central Co-operative Bank (Including contingent and contractual staff).

Documentation:

Document	Form No	Purpose of use
Application Form		Part of Application Form
KYC Details of Borrower/ Co-Borrower / Guarantor		Part of Application Form
Verification of Service, Pay etc. of Borrower		Part of Application Form
Verification & Assessment of Guarantor		Part of Application Form
Application for Nominal Membership		Processing of Loan
Letter Authorising Employer to Deduct Loan from Gratuity and Other Terminal
Form of Declaration		Declaration should be taken before Branch Manager on Rs.10/- NJS.
SI / ECS Instruction		As a part of Loan Documents.
Agreement Bond
Letter of Guarantee
Time Promissory Note / Demand Promissory Note		On Rs.1/- Revenue Stamp
Loan Processing & Assessment of Amount of Loan that may be Sanctioned	TATKAL-I	Processing of Loan
Sanction Letter	TATKAL-II	Processing of Loan

All scheduled and non-scheduled banks - public, private, foreign, cooperative, regional rural and local area banks - will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.