Section 26(26) in Haryana State Central Co-operative Bank's Staff Service (Common Cadre) Rules, 1975
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.
