The salient features of the Consumer Loan scheme are as under:
| Eligibility |
- Regular employees of Government department, Government Corporation, Joint Corporation, private companies (where employees are entitled to PF and gratuity) with minimum of THERE years of service (including probation period) and confirmed/regularized service.
- TPG of an employee of same grade or higher from the same Ministry should be obtained.
- For the private firms/Companies, the Employer has to guarantee the loans their employees. *The applicant must maintain his/her salary account with the Bank of Bhutan.
- Employees of those departments whose existing employees account are in NPA will not be eligible for the consumer loans.
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| Purpose |
General purpose loan to individuals. The loan can be granted for meeting any genuine personal expenses. The purpose may typically include holiday travel, medical expenses of self or dependents, repayment of personal debts, expenses connected with marriage of self or dependent, defraying educational expenses of wards, funeral expenses etc. for which loan may be granted. |
| Quantum of Loan |
Maximum of Nu 500,000.00, subject to earmarking 30 % of existing net pay towards monthly loan repayment. The eligible loan limit and repayment term for applicants retiring during or before the tenure of scheme will be based on the permissible gratuity amount whichever is less and remaining period of service. |
| Security |
- All service benefits.
- Guarantee of a regular employee from the same department having put in 3 years of confirmed service with at least equal grade of the applicant.
|
| Repayment |
- The entire loan with interest should be repaid in a maximum of 84 equal monthly installments. For this purpose 30 % of the net take home pay shall be earmarked for monthly loan repayment. In case the same is inadequate, the quantum of loan to be sanctioned will be reduced to the extent permissible.
- In case of the loan to be sanctioned to an employee on contract service the repayment period should be limited to the term of the contract period.
|
Interest |
Upto 1 year-12.73%
Upto 2 years-12.83%
Upto 3 years-12.93%
Upto 4 years-13.03%
Upto 5 years-13.13%
Upto 6 years-13.23%
Upto 7 years-13.33% |
| One-time Application Fee |
Nu.100/- |
| General |
- An employee already enjoying a loan under the existing scheme will not be eligible for a fresh loan unless the existing loan is fully repaid.
- The revised loan amount is applicable to fresh applications only.
- The bank will be at liberty not to entertain recommendations for sanction of loans by such departments, whose employees ‚ , existing loans have not been conducted satisfactorily and have been rendered irregular.
- Applications for loans under the scheme on the standard forms duly filled in and completed in all respects should be sent by the concerned departments/organizations to the Bank ‚ , s branch at the centre where the applicant employee is posted.
- An irrevocable letter of authority from the applicant to his employer for deduction of installments at source and a letter from the employer agreeing for the same should be submitted along – with the loan application as per Annexure II & III respectively.
- Proof of income : Latest salary slip with authorized signatory should be submitted along with the loan application.
- Photo copies of ID cards of the applicant/surety should be attached with the loan application form with 2 copies of recent photographs.
- Sanctioning Power : All branch managers (Loan to Bank staff shall be sanctioned at Head Office).
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For further information, please contact our nearest branch or the Credit Department at Head Office, Phuentsholing.
