The Officers will be provided Consumer Durable Loan (CDL) subject to the following conditions
An officer to be eligible for such loan should have put in at least 5 years service in the Company including one-year probationary period and subject to his not having any outstanding balance of any other consumer loan from any other agency.
The maximum amount which can be allowed as CDL will be Rs 35000/- or four months Basic+ DA whichever is less. Provided however, in case the Officers deductions on other counts are such that the Equated Monthly Installments (EMI) for the above loan limit exceeds 50% of his/her gross salary (Basic+ DA), then the amount of ,loan be suitably reduced within the deduction limit as aforesaid.
The loan will bear interest @ 13 % PA which will be recoverable from the loaner.
The loan along with interest will be recoverable from the loaner in monthly installments not exceeding 36 months. e) A scheme worked out on the above lines and in compliance of legal requirements like hypothecation, submission of guarantor, etc, is enclosed as Annexure.
