MOU with Canara Bank for extending Personal Loan and Car Loan to BSNL employee in 2019 has been signed on 28.05.2019 with a validity of twelve months from 01.01.2019 to 31.12.2019, Find general terms, conditions and Rate of Interest of MOU applicable for loan schemes of Canara bank to BSNL employee.
Eligibility and Conditions of Canara Bank Loan Schemes to BSNL Employee
The bank shall grant the following two types of loan schemes as per the requirement
- Car Loan (Canara Vehicle Loan)
- Personal Loan (Canara Budget Loan)
The loan shall be sanctioned in such a manner that no state the net take home salary after meeting loan installment is less than 25% of gross salary after meeting liabilities/deductions (GIPF, EPF, EMI, Income Tax, Insurance, and also In case of re employed persons or persons employed on compassionate ground, pension of employee shall be included for calculating 25% net take home pay.
Canara Vehicle 4 Wheeler Loan – Details
- The Loan is provided to purchase of New / Used Car only
- A maximum of 90% of on road price for New Vehicle and 75% for old vehicle
- For old vehicle, maximum loan can be granted up to Rs. 15 lakh only
- The employees who have 3 Years of regular service with minimum basic pay of Rs. 9000 per month and total salary comes to Rs. 23000 per month are eligible to get sanctioned.
- 10% on road price for new vehicles and 25% for old vehicles is the margin amount.
- 84 Months for new vehicle 60 months for old vehicle is the EMI period, and also the repayment for old vehicle will not be more than remaining life of vehicle or 5 years whichever is lower.
Canara Budget Loan (Personal Loan) for BSNL employee
- Personal Loan (Canara Budget Loan) to BSNL employee is to be provided to meet genuine personal financial requirements.
- The maximum sanctioned amount 20 times gross salary (subject to maximum of 10 Lakhs)
- Canara Budget Loan is provided to all confirmed employees of BSNL
- No requirement of Margin amount
- The total loan amount should be cleared in maximum of 60 months or date of retirement whichever is earlier
Here, you can check the estimated EMI and interest details for your loan amount by entering the tenure of personal loan amount and interest rate, Have a check now
Canara Bank shall not charge any processing fees on the sanctioned personal loan or car loan as per the MOU.
The repayment for type of loan schemes through EMI shall commence one month after disbursal of the loan.
If there is change in ROI, the revised EMI shall be communicated to M/s BSNL to effect revision in the salary mandate, and the same shall be duly registered and kept with loan papers of Canara Bank.
Every month 15th is the last date for DDOs to pay the recovered amount of EMI from salary of BSNL, if delayed to pay, BANK will pass on interest rate for EMI as per the rules.
As per the MOU, the bank shall not charge any type of penal interest for prepayment or foreclosure of loans (Personal/Car) in case BSNL employee pays back the loan from his/her own sources.
In case the loan offered under normal customer category by any bank/institution, a prepayment penalty @2% per annum is charged for outstanding loan amount.