(a)(i)Recoveries shall commence on the month following expiry of one year from the successful completion of the study for which the loan is advanced ; provided that in case the borrower secures an employment within this period, the recovery shall begin from the month following that in which employment is secured, if this be earlier.(ii)In cases where the loanee secures an employment, the instalments be as per the terms of the bond executed by him.(iii)The rate at which a loanee who has not secured a salaried employment will repay towards the loan and the number of instalments in which complete repayment shall be made shall, unless otherwise ordered by Government, be the same as for persons of equivalent qualification who have secured employment under Government :Provided that where it is not possible to determine the national salary the rate of repayment shall be rupees thirty per month.(iv)Government shall be competent to relax the time-limit referred to in Sub-rule (1) or the rate and instalments referred to in Sub-rules (ii) and (iii) in any case, or class of cases, where it appears to them that such relaxation is necessary.(b)Government shall also relax the above condition in case the loanee repays the loan to some other Universities/Organisations/ Institutions who advanced to the said candidate in addition to the loan stipend granted by the Orissa Loan Stipend Fund in consultation with the above authorities if it is found that the candidate has simultaneously to pay monthly instalment to the Institution, so that at any time the loanee may not have to repay more than 20 per cent of his monthly emoluments.(c)Recovery of loan stipend already taken may be kept in advance during the period of higher study, provided such higher study is in the same subject for which loan stipend had already been granted. This concession will, however, be given with effect from the 1st April, 1968 and be limited to a period of 3 years at the maximum.The concession will not apply to the following type of cases-(i)Where the loanee has resigned or was removed or dismissed from Government service.(ii)The loanees who are treated as on duty and draw duty pay and D.A. during the period of higher study except when such higher study is outside the State.(iii)Loanees who are 3rd Class in M.A./M.Sc., and since there is hardly any scope for employment as Lecture they have taken up further studies in different subjects with a view to obtain higher class(iv)Government in the administrative Department may allow the concession in relaxation of the above conditions in deserving cases involving hardship subject to such other conditions as may be considered reasonable and proper.In case of default in payment of any instalments by borrower who has secured a salaried employment, Government shall effect deduction of the defaulted instalments as well as future instalments from the monthly salary of the borrower through the appropriate authority.
