Section 26 in Haryana State Central Co-operative Bank's Staff Service (Common Cadre) Rules, 1975
26. Loan to Staff members.
- Loans for the purpose of conveyance or construction or purchase of house/or plot may be granted to the Staff members as per the provisions mentioned below :-(i)An employees of the bank may be granted loans for the purchase of Cycle/Mo-tor-Cycle/Scooter, provided that interval between advances for the purchase shall be not less than 5 years. A subsequent loan may be allowed earlier if the previous loan amount has been deposited by the employee before due dates.(ii)Administrative Committee shall be competent to sanction such loans.26.1Loans for conveyance. - The loans will be granted on the following terms and conditions :-(i)Amount not exceeding the cost of the Vehicle to be purchased may be sanctioned to the confirmed bank employees.(ii)The amount shall be recovered in 60 equal monthly installments.(iii)The interest shall be charged at the rate of 64 or as decided by the Board from time to time.(iv)The vehicle shall be insured and hypothecated in favour of the Bank.(v)The advance shall be sanctioned to the employee on application and will be disbursed to the party from whom he intends to purchase the vehicle.(vi)The official concerned drawing the advance shall be required to execute an agreement bond on the prescribed form.(vii)Total advance during a particular year shall be earmarked by the Board.(viii)Each loan application shall be disposal of by he competent authority on the report of the Manager.(ix)The loan shall not be granted as a matter of right but it will be a privilege. There will be no consideration of seniority. Every loan application will be recommended in the light of importance of the duties of the employees and his performance.(x)The entitlement of loan for a particular type of vehicle for various categories of employees shall be admissible as per Govt. rules on the subject applicable to its employees from time to time.26.2House-building Advance/Loan. - All the employees shall be entitled to loan for purchase of plot/house or for construction of a new house or for addition or renovation to the existing house as per Govt, rules.26.3Deleted.26.4Deleted.26.5The charges incurred in mortgaging the plot/house or both in the name of the Bank shall be borne by the Bank and the employee concerned in the ratio of 60:40 respectively.26.6The Board of Directors may earmark funds for the purpose annually.26.7No employee can claim such advances as a matter of right.(i)In case these Rules are silent on a particular issue(s) Govt. House Building Rules shall be applicable.(ii)In case of any dispute/confusion/interpretation, the decision of the Registrar, Cooperative Societies, shall be final.
