Staff conveyance -Monisha NRU Branch Tym afaera das (G9) union Bank is dan oF ria A Government of India Undertaking Credit Department, Regional Office-Thiruvananthapuram O24 Ref: ROT: CR:C-o4023-24 Date: 12.05.2023, PROCESS NOTE FOR SANCTION OF STAFF CONVEYANCE LOAN OF 2 9.04 LACS ( CONVERSION) FOR FOUR WHEELER- Mr MONISHAS, Assistant Manager( Marketin ‘RO Trivandrum, Pr No.826075 BRANCH NAME NAME OF THE APPLICANT | NRI Branch, Trivandrum (50290) Applicant: Mr Monisha S (Cust Id 610194359 ) (Emp No 826075, Assistant Manager, RO, Trivandrum) Address:- C/o Subramani 4/1538, Kottayoor Jamanahalti, Kottayoor ‘Mob: 9025341455 DEALING SINCE 14.12.2020 SBSTF A/C No332602070055802 EXISTING CREDIT LIMITS Union Miles Loan of Rs 9.70lakhs with Present o/s 9.04lacs PRESENT REQUEST Staff conveyance loan (Four-Wheeler) of © 9.04 lakhs( For conversion of Union Mites), for the purchase of brand-new Maruthi Suzuki Baleno Alpha » costing @ 10,82,869/- from M/s Asir Automobile Pvt Ltd, Kamarajar Salat Madhurai-625008 BACKGROUND: The applicant Mr $ Monlsha , PF No 826075, aged 56 years (DOB: 23.01.1992) is a permanent employee of our bank and is presently working as Assistant Manager at, Marketing Department , Regional Office , Trivandrum. She had joined the services of the bank on 14.12.2020. She is drawing a gross monthly salary of % 68743.31 and net salary of € 9397.58 pet month as per the pay slip for the month of March 2023. The salary is being credited into staff $B account '333620207005582 with Chennai Main (33260) branch, The applicant was sanctioned Rs 9.7Olacs under Union Miles for the purchase of brand-new Maruthi Suzuki Baleno Alpha , costing © 10,82,869)- from M/s Asir Automobile Pvt Ltd, Kamarajar Salai Madhurai-625009 By NRI TVM Now the Applicant has requested for the conversion of Union Miles to staff Conveyance Loan as per Staff IC 7799-2022 dated 04.09.2022. \eStoff conveyance -Manfsha NRI Branch Tym CREDIT REPORT * The branch has compited Credit Report of the applicant through LAS on 27.03.2023. As per the report, applicant Mr $ Monisha has a net means of 2 1.78 tacs. ABIL REPORT: ‘= CIBIL report dated 29.03.2023 vide Control No. 005658886725 of the applicant Mr $ Monisha shows a Credit Vision Score of 743 and Personal score of 814 . Details of his existing credit facitities as per CIBIL are; SINo | AccountNo | Type of Loan Timit O/s Tacs | f lacs 7 5029065202 10060 Union tiles 9.70 9.36 2 AB7STRNGOICOOT Credit card 0.50 0.03 3 Not disclosed Education| 794 ELIGIBILTY: {amount in 2) PARTICULARS He ‘AMOUNT Cost of vehicle (less TCS & AMC) 10,53,457 Gross income of applicant per month * 68743 Notional Interest of Staff OD. 0.00 Deductions as per March 2023 salary slip® 75276 Emi of Other Loan, 8928 Total deductions before instalment of proposed timit™ 34204 instalment for Proposed Loan for 190 months (133 months for principal 6797 & S7months for interest payment) (7 : 3) ise Total deductions including instalment of proposed limit (Should not 41,001 exceed 60% of gross salary including instalment of proposed loan) (59.64%) Eligible Quantum 900% of cost of vehicle(A), (00% of ® 10,53,4577-] 948,171 | Maximum Loan amount Under Scheme(B) 41500000. ‘Amount requested by Applicant(C) 904000 Eligible amount (A, 8 & C) whichever is Less) 9,04,000 + Asper the March salary slip Total TDs deducted is Rs 14,129/- As per the April salary slip Her total sGross, salary is RS 26610.She is on Sick leave on upto 9.05.2023 & PL from 10.05.2023 to 24.05.2023. She witl be Joining by the end of this manth. Hence we considered march salary and Average Tax deduction of Rs 10,000/- is considered. ximum Permissible Deductions (As per Staff Circular 7799 dt 04.09.2022) Monthly Gross Salary Maximum Permissible Net Take Home Pay Al Deduction Upto Rs 75000/- 60% of Gross Salary 40% of Gross salaryStaff conveyance -Mon'sha NRI Branch Tvm Beyond Rs 75000/- and upto Rs | 65% of Gross Salary 35% of Gross Salary 11000007 Beyond Rs 100000/-—Y 70% of Gross Salary 30% Gross Salary Applicant is a confirmed employee of our bank and has completed 2 years & 05 months of satisfactory service. AS per Staff Circular no. 7799 dated 04.09.2022 all officer employees , including who are on probation, are eligible for Staff conveyance loan for purchase of 4-wheeler. The maximum amount of loan for purchase of motor car shall be 90% ef the cost of the vehicle subject to a maximum of 15 lacs as per staff circular No. 7799 dt 04.09.2022, 90% costs of motor car works out to be € 948111/-. Applicant has requested for loan of 9.04 lacs. So the applicant is eligible for a loan amount of & 9.04 lacs only. As per SC 7799, a period of 4 years should elapse for availment of second/subsequent loan for same type / category of vehicle. Here the employee has not availed the conveyance loan earler ‘As per the Proforma Invoice No: 16.08.2022 from from Mis Asir Automobile Pvt Ltd, Kamarajar Salal Madnurai-626009.the on-road price of the vehicle is % 1082869/-. Genuineness of the ‘quotation is verified by Ms Meera Ramesh, Asst Manager, NRI Branch Trivandrum making enquiries with Mr Aba Sasi Sales Consultant (Mob: 9965377330) , Muthoot Automotive India P Ltd. Due diligence of the dealer is done by Ms Meera Ramesh, Asst Manager, and verified the details ‘including their Bank account and GST No ‘The total deductions from salary of applicant including instalment of the proposed limit is % 40662/- (i.e. 59.19 % of gross income) and is within stipulated norms (should not exceed 70% of ‘gross salary including proposed instalment). Pre-sanction inspection is conducted by Ms Meera Ramesh, Asst Manager, NRI Branch, Trivandrum and report dated 27.03.2023 fs submitted. Applicant is having a leftover service of 29 Years (Retirement date 143.12.2052). The maximum repayment period for staff conveyance loan for purchase of four-wheeler is 200 months or up to the age of 70 years whichever is earlier (in the ratio 7:3, as per Staff circular no. 7799 dt (04,09,2022). So a repayment period of 190months is considered. Principal is repayable in 133 months with an instalment of _& 6797/- per month and accrued interest is repayable in 57 months after repayment of principal amount. As per SC 7799, if the repayment period is extended beyond retirement, the officer should provide deposit equal to the outstanding loan amount from his/her terminal benefits or where the retiring officer employee owns a house acquired by Staff Housing Loan, the same shall be held as continuing security towards conveyance loan till its repayment. ER Clearance: As per ER Clearance ref, 2023035675 dt 12.05.2023, issued by HR dept, Central Office, Mumbai, Ms Monisha S, PF No 826075 is presently working as Asst Manager(Marketing), RO, Trivandrum, As per their records, there is no disciptinary action pending/contemptated against the official as on date. SECURITY: Hypothecation of brand-new Maruthi Suzuki Baleno Alpha , costing % 10,82,869/- from M/s Asir ‘Automobile Pyt Lid, Kamarajar Salai Madhurai-625009 Bank's lfen to be noted with the transport authorities. \sStaff conveyance -Manisha WRI Branch Tum Branch should ensure that our bank’s charges are registered in VAHAN National Register (vahan.nic.in) DELEGATED AUTHORITY: The competent authority in respect of sanction of Staff Conveyance toan for Officers working in Branches/Administrative offices, is Chief Manager (Cr) at RO or authority above him, as per Staff Circular 7799 dt 04.09.2022 RECOMMENDATIONS: In tight of the above, we recommend for sanctioning of following credit facility in favour of Mr S Hariharan. Nature of limit Staff Conveyance Loan (4 wheeler): Officers{ Conversion) _ [Amount 9.04 lacs Rate of interest 50%. p.a. (simple) - As per Staff Circular 7799 dated 04.09.2022 Repayment Schedule _| Repayment period: 190months Principal is repayable in 133 months with an instalment of € 6797/ per month starting from next month of disbursement and accrued interest is repayable inS7 months after repayment of principal amount. Hypothecation of brand-new Maruthi Suzuki Baleno Aipha , costing Security 10,82,869/- from Mis Asir Automobile Pvt Ltd, Kamarajar Salai Madhurai-625009 ‘TERMS & CONDITIONS: 1. Applicable security documents to be executed before disbursal of the loan. 2. Bank’s lien to be noted with the transport authorities 3. Branch should ensure that our bank's charges are registered in VAHAN National Register (vahan.nic.in). SMS based facility as per IC 1908-2020 may be utilized for this. 4, Margin Money should be collected upfront before disbursement of loan, If the same is paid prior to sanction, Proper verification should be made to establish the same and receipt to be obtained 5, The outstanding balance in loan amount with interest thereon at the time applicant ceases to be in the bank’s employment, shall be recovered from the superannuation benefits i.e. gratuity, PF, Pension or any other amount due to nominee. If the aforesaid amount falls short fof the outstanding in the loan account with interest thereon, legal heirs shall be liable to make good the shortfall, in the event of death of the applicant. 6. Payment should be made to the supplier/dealer of the vehicle directly along with margin money by DD/PO/RTGS/NEFT, Bills/Receipts to be obtained and held on record. Staff should acquire the vehicle maximum within one month from the disbursement of advance. 7. Comprehensive insurance to be obtained immediately with Bank clause preferably with M/s. New India Assurance Co/Bajaj Allianz General Insurance Co/Cholamandatam MS General Insurance Co (IC No.937-2017 dt 18.08.2017) covering third party risks and copy to be held on record, The request for obtaining the same at a later date should not be entertained.Steff conveyance -Monisha MRI Branch Tom Branch to ensure that Bank’s lien is noted with Transport Authorities and entry of our hypothecation to be ensured in RC Book. Copy of Driving License, RC book, insurance Policy of the vehicle should be obtained and held en record. 9. The Staff shall not seli or part with the vehicle without prior permission of the sanctioning authority. 40. Branch to ensure that all receipts are collected from the deater. After taking delivery of the vehicle by the Borrower, branch officials to verify the invoice for details like name of the borrower, type of vehicle, make, engine and chassis number, ete 11. A period of four years should elapse to avail second/subsequent loan for the same type of vehicle i.e. one two-wheeler to next two-wheeler and one four-wheeler loan to next four wheeler loan separately. 12. If the staff sells his vehicle purchased with Bank's loan and applies for a fresh toan for purchase of ancther vehicle, apart from fully liquidating the old loan, the surplus sale proceeds must be applied towards purchase of the new vehicle. 13. If staff repays the conveyance loan granted to him/her in the normal course and then applies for a fresh loan for another vehicle, it will not be necessary to utllise sale proceeds of the earlier vehicle. 44, instatments should be deducted from salary of the Employee. Branch should communicate the loan instalment to HR Dept. for deduction from salary. 415. Branch to obtain Form No.28 (Application and Grant of No objection certificate) Form 29 (Notice of Transfer of Ownership), Form 30 (Application for intimation and Transfer of ownership) in triplicate. 16. Letter to be obtained from the borrower signing Form 29 & Form 30 in blank as per 1C.362- 2016 dt: 05.02.2016. 17. Post disbursement Inspection has to be conducted and report to be held on record. Inspection of the vehicle preferably at borrower's house premises. 48. Loan to be covered under group insurance scheme for staff and the premium to be borne by the borrower. 19. Verification of genuineness of RC Book copy submitted and also bank's lien on vehicle by using. SMS facility of “Vahanaseva’” National Register-eservice of registered vehicles, 20. All other terms and conditions applicable to Staff conveyance loan as per staff circular No. 7799 dt 04.09.2022 are to be complied with, 21. RO Comments as per this note to be complied with. 22. Compliance of sanction stipulations to be communicated to Regional office within 10 days. Submitted for approval \ ‘i On vishiiu Mahesh V Aioof ‘Asst Manager Manager (HR) ‘Shnadas A Chief Manager (Credit)