Ref No. : CHO/SISB/2/2001-02 Dtd 29.5.2001
Ref No. : CHO/PMG/11/2005 Dtd 1.6.2005
Under this scheme no security is insisted upon upto the loan amount of Rs.4 lacs. In case the loan amount is above Rs.4 lacs, collateral security equal to 100% of the loan or co-obligation of parents/ guardians/third party for 100% of the loan amount is obtained.
Sanctioning authority : For award staff posted at branches/offices [other than Head Office] permission is obtained from the concerned sanctioning authority who is one step higher.
The security for loan of Rs.4 lacs and above can be in the form of land/building/ government securities/ public sector bonds/units of UTI, NSC,KVP,LIC Policy, Gold, Shares/ debentures, Bank deposit in the name of student/parents/guardians or any third party.
As per recent guidelines, upto Rs. 4.00 lakh, no security be insisted upon While according permission to the members of staff for standing a co-borrower in the subject loan.
Ref No. PSD/ESW/COM/2008-09/799 dtd 1.1.2009.