A.P.S.R.T.C STAFF RETIREMENT BENEFIT SCHEME No. SRBS/356(1)/98 Dt. 29.05.1998 CIRCULAR No. SRBS-1/1998, DT. 29.05.1998. Sub: SRBS Grant of loan to the members from SRBS for performance of marriage of their children, dependent sister and self marriage Instructions issued. Ref: 1) Cir. No. SRBS 11/93 DT. 04.12.93. 2) Cir. No. SRBS 1/94 DT. 17.02.94. 3) Cir. No. PD-81/94, DT. 16.08.94. 4) Cir. No. SRBS -1/95, DT.21.02.95. 5) Cir. No. SRBS -3/95, DT.20.05.95. 6) Cir. No. SRBS -6/95, DT.21.10.95. 7) Lr. No. SRBS/356(1)/97 DT. 06.03.98 8) Cir. No. 3/1998, DT. 23.03.98 9) BOT Mt. No. 23/1998, DT. 30.04.1998. 10) BOT Mt. No. 24/1998. DT. 30.04.1998 INTRODUCTION Instructions have been issued from time to time governing the grant of loan to members for the purpose of performance of marriage of their children, dependent sister and self marriage prescribing the application form to be submitted along with the accompaniments by the members and the terms and conditions for the grant of marriage loan, its recovery and realization thereof in case of default, vide Circulars ref. (1) to (8). REVISION OF APPLICATION AND MARRIAGE LOAN AMOUNT The BOT at its meeting held on 30.04.98 resolved to revise the Application Form and Agreement for the grant of marriage loan and to enhance the maximum loan amount from Rs. 30,000/- to Rs. 40,000/-; if the left over service is more than 3 years and from 20,000/- to Rs. 25,000/- if the left over service is below 3 years and above 2 years. It was also resolved to reduce the qualifying service for the grant of loan to perform the dependent sister s marriage from 10 to 5 years The above provision shall come into force with immediate effect. TERMS AND CONDITIONS: With the revision as stipulated above, the terms and conditions for the grant of marriage loan to the members of SRBS and the procedure to be followed for submission of applications by the members and their processing for sanction of loan and recovery thereof as communicated through the circular cited are reiterated hereunder for ready reference and compliance. ELIGIBILITY OF LOAN: 1) The Employee who applies for marriage loan shall be a member of SRBS. QUALIFYING SERVICE: 2) As on the date of application the member should have completed: a) 15 years of service for the purpose of grant of loan to perform the marriage of children viz: son or daughter. b) 5 years of service for the purpose of grant of loan to perform the marriage of dependent sister c) 3 years of service for the purpose of grant of loan to perform self marriage. LIMIT OF MARRIAGE LOAN AND RESTRICTIONS: 3) A member is eligible for the sanction of a maximum amount of Rs. 40,000/- (Rupees forty thousand only) or the amount actually required by the member within this limit. 4) For the eligibility of grant of maximum amount of marriage loan of Rs. 40,000/- a member shall have the left over service of 5 years in case he is still repaying the SRBS SPL. HBA and 3 years in case the member repaid SRBS loans fully or who has taken the loans. In case the member has a left over service of 2 years, the loan to be sanctioned would be Rs. 25,000/- 5) The marriage loan facility is restricted to one time in the entire service and limited to one son or
one daughter or on dependent sister or self marriage. 6) If both wife and husband are the Members of SRBS they can avail the loan independently but not for the marriage of the same person. TAKE HOME PAY 7) The Applicant s take home pay shall not be less than the limits fixed from time to time after taking into account the EMI of the present loan and the same shall be maintained throughout the repayment period. 8) The Applicant shall furnish two sureties to the loan who are not the sureties to the previous SPL. HBA if availed by him and such sureties shall have left over service of atleast two years more than the loan repayment period of 5 (five) years, 3(three) years, or 2(two) years as the case may be. The sureties shall also have a minimum take home pay. 9) The amount of loan shall be recovered in five years, three years or two years as the case may be in equated monthly installments (EMIs). PROCEDURE FOR SUBMISSION OF APPLICANT FORM: 10) Applicant form shall be submitted one month in advance or within one month after the marriage is performed. The amount of loan shall be released either one month in advance or within one month after is performed. Subject to processing convenience of SRBS office. 11) Applicant who is under long sick or absent for duty for more than three months or under suspension is not eligible for the loan. 12) Payment shall be stopped if the Applicant falls sick or is absent from duty or is suspended at the time of receipt of cheque/dd in the unit office. 13) The member shall submit the applicant in form No. SRBS-ML-I/R along with the Agreement in form No. SRBS-ML2/R as at Annexures A&B respectively with complete information through the officer together with wedding card and family declaration to the Personnel Officer (Nodal Officer) as furnished below: a) In case of employees of Depots and Regional offices the applications shall be submitted to the Personnel Officer of the Region. b) In case of employees of Zonal Office including workshops the applications shall be submitted to the Personnel Officer of the Zone. c) In case of employees of Head office units the applications shall be submitted to the Personnel Officer-III. 14) The Personnel Officers shall verify the applications completely as per the check list (Annexure C enclosed) and append a certificate to the effect that the application is scrutinized with reference to the check list and found to be in order and forward the applications to the Secretary, SRBS immediately. The Regional Manager/Dy. Chief Personnel Managers concerned are requested to organize this work in their offices. 15) The Applicant shall produce a wedding card atleast One week before the marriage 16) If the marriage is already performed, utilization certificate in Annexure D shall be enclosed along with a copy of photograph of married couple. VALUE OF NON-JUDICIAL STAMP PAPER FOR AGREEMNET 17) The Applicant shall submit the agreement in Form NO. ML-2R as at Annexure-B along with the applicant (ML-1/R) on non-judicial stamp paper for the value as furnished hereunder duly attested by the Unit Officer. Amount of Loan Value of stamp paper Upto Rs. 5,000 Rs. 10 Rs. 5,001-20,000 Rs. 20 Rs. 20,001-50,000 Rs. 50 SANCTIONING AUTHORITY: 18) The Executive Trustee and Secretary, SRBS shall be the authority competent to sanction the loans.
RELEASE OF LOAN: 19) The amount shall be released through Account Payee Cheque However, payment shall be made through D.D at the request of the applicant at his cost. 20) Cheque/DD shall be dispatched to the Unit Officer under a covering letter through Counter Service/Regd. Post in case of out stations. In case of local units, the cheques are sent through central dispatch section of head office. No payments shall be made personally across the counter in SRBS OFFICE. 21) The Unit Officer shall file the covering letter of the cheque received form the Secretary, SRBS in personal case and make the following endorsement in SR of the applicant by means of a Rubber Stamp. Availed Marriage Loan of Rs. (Rupees ) during and recoverable in (No.of) EMIs commencing from (Month & Year.) 22) The Acknowledgement from which is sent by SRBS along with the cheque /DD of the Loanee shall be sent to the Secretary, SRBS duly obtaining the signature of the loanee in taken of receipt of cheque/dd for filing in the loan case. MAINTENANCE OF MARRIAGE LOAN REGISTERS 23) The Unit Officer shall maintain a manuscript Register styled as SRBS- MARRIAGE LOANS REGISTER with the following columns and enter all transactions commencing from the date of receipt of applications till the payment is made to the applicant. Sl. No. RECOVERY OF LOAN: Name of the Applicant Staff No. Design Loan for Marriage of D/S/Sister/Self 24) Recovery of the amount of the EMI as shown in the Cheque/DD forwarding letter received from Secretary, SRBS be effected from the month specified therein till the loan is fully recovered. In case of default of EMI for any month, the EMI shall be deducted from the sureties on prorate basis. RESPONSIBILITY FOR REPAYMENT OF LOAN AND ACTION FOR DEFAULT 25) The Applicants shall submit Marriage performance Report within three months along with a photo of married couple and utilization certificate in form No. SRBS-ML-5 (Annexure-D) through their Unit Officer, failing which disciplinary action shall be initiated framing charges for misuse of money and a penal interest shall be levied @ 19% upto 30-09-96 and @ 10% from 01-10-96, till the balance is repaid fully. 26) It shall be the loanee s personal responsibility to get the EMI recovered promptly and remitted to SRBS. 27) In case of default of EMI recovery on account of LWP, long sick, Suspension, or drawal of less salary etc., of the loanee member, penal interest shall be levied at 15% till 30-09-96 and 10% w.e.f. 1-10-96 in addition to normal interest of 14% till the defaulted EMIs are fully remitted besides initiating disciplinary action against the defaulter. The Unit Officers shall be responsible for prompt action shall have to be initiated by the Unit Officers duly fixing responsibility, The Adult Officer concerned shall ensure the recovery of EMIs from the lonees regularly while auditing and passing the salary bills. TRANSMISSION OF LOAN AMOUNT RECOVERED FROM LOANEES/SURETIES: Amount of loan applied for 1 2 3 4 5 6 Date of receipt of Date of dispatch to Cheque No. & Rate of of EMI application in the Office R.M's Office Date received from SRBS 7 8 9 10 Date of Handing over the cheque to Loanee Signature of Signature of the Unit Officer Remarks 11 12 13 14 28) All the recoveries made towards marriage loans shall be allocated to the Account Head No. 1043 Recovery of SRBS Marriage Loan Advance and credit advice shall be transmitted to Accounts Officer (P&A), Head Office monthly while the recovery statement shall be sent to the secretary, SRBS on the due date.
29) Details of cash recoveries / retrenchment by Audit shall be shown in the summary statement of monthly recoveries and the total there of shall be tallied before the Credit Advice is prepared and transmitted. RISK PREMIUM: 30) An amount equal to 2% of the loan sanctioned is deducted towards risk coverage w.e.f. 1-6-95 to facilitate to write off the loan outstanding against the members who die while in service after adjusting the Subscription and interest there on at the credit of such a Member. The outstanding loan to be written off is not to include the arrears of installments, interest etc., due from the member upto the time of death of the member. The members who availed the marriage loan prior to 1-6-95 are given option to avail the risk coverage. The option is open and such members who have not exercised option and not remitted the risk premium may submit the consent in writing and avail the facility of risk coverage. PRINTING AND SUPPLY OF REVISED APPLICATION FORMS AND AGREEMENT: 31) Action is taken to print and supply the revised application form and agreement and the same will be supplied to the Unit Officers shortly. 32) Meanwhile, the Unit Officers are requested to supply the cyclostyled /Xerox copies of revised application forms and agreement to the members who intend to avail the loan, till such time the printed forms are supplied. The Applications which are not submitted in the prescribed form as at annexures A & B will be summarily rejected. Encl.: Annexure ABC&D SD/- XXX SECRETARY. APSRTC SRBS
ANNEXURE-A A.P.S.R.T.C.STAFF RETIREMENT BENEFIT SCHEME MUSHIRABAD, HYDERABAD 500020 APPLICATION FORM FOR MARRIAGE LOAN To The Secretary, APSRTC SRBS, Mushirabad, Hyderabad-20. 1. I S/O, D/O, W/O Staff No. Design Unit Member of SRBS apply for Loan for the marriage of Slef/My Son / Daughter / Dependent sister for Rs. (in words) Rupees My service particulars are furnished hereunder : 1. Date of Appointment 2. Date of Birth 3. Date of Retirement 4. Name & Age of Son/Daughter/ Sister for whose marriage loan is applied 5. PERMENENT ADDRESS: 6. Name of the bride / Bridegroom 7. Address of the Bride /Bridegroom 8. Date of Marriage 9. Place of Marriage and venue address 10. Gross salary Rs. 11. Total Deductions Rs. 12. Net Pay Rs. 13. Take Home Pay Rs. 14. I have availed loans previously towards HBA/Spl. HBA for Rs. 15. I offer the following two members of SRBS as sureties for the Marriage loan. 1 st Surety Signature 2 nd Surety Signature Name Staff No. Designation Place of work Gross Salary Deductions Net Salary Take Home Pay // ATTESTED // UNIT OFFICER 16) I will abide by the rules governing the grant of Marriage loan and the terms and conditions of the agreement, which is attached hereto. The wedding card/marriage photo is enclosed. Signature of the Applicant (FOR USE IN UNIT OFFICE) CERTIFICATE OF THE UNIT OFFICER
1. Certified that the particulars furnished above by the applicant & sureties are correct. 2. The name of the son/daughter / sister furnished by the applicant is correct as per the employee s family declaration enclosed. 3. The agreement executed by the applicant & sureties is verified and attested SIGNATURE OF THE UNIT OFFICER WITH OFFICE SEAL ANNEXURE-B A.P.S.R.T.C. STAFF RETIREMENT BENEFIT SCHEME (Form of Agreement to be executed at the time of applying for marriage loan) This agreement is executed on this day of One thousand nine hundred and ninety BETWEEN Sri. S/o. Staff No. Design working at Depot/Office, hereinafter called the "borrower" which expression shall include his heirs, administrators, executors and legal representatives of ONE PART. AND Sri. S/o. Staff No. Design working at (1 st surety) and Sri. ) S/o. Staff No. Design working at (2 nd surety) hereinafter collectively referred to as the sureties of the SECOND PART. AND The Secretary, APSRTC Staff Retirement Benefit Scheme Trust, Hyderabad of the THIRD PART. Where as the borrower has under the rules for the grant of marriage loans to the members of SRBS, hereinafter referred to as the said rules, which expression shall include, amendments, alterations, additions there to for the time being in force or may be framed from time to time in the exigencies that may warrant, applied for marriage loan of Rs. (Rupees only) for the celebration of marriage of self/his/her/son/daughter/dependent sister and the application having been considered APSRTC SRBS Trust on the condition of borrower furnishing two sureties for due performance of the terms of the agreement and Sri. E Sri. E have agreed to stand as sureties for the borrower and guaranteed the due performance of the conditions of this agreement and further guarantee to pay such sum as may be liable to be paid the borrower under the terms of this agreement. Now it is hereby agreed between the parties hereto that in consideration of the sum of Rs. to be paid by the APSRTC SRBS to the borrower if and when the APSRTC SRBS sanctions the said loan, the borrower hereby agrees. 1. To pay the APSRTC SRBS the said amount with interest calculated according to the said rates, by monthly deductions from his salary by APSRTC as provided in the said rules and hereby authorized the APSRTC to make such deductions. BORROWER 1 ST SURETY 2 ND SURETY 2. To spend the amount of loan for the said purpose within three (3) months from the date of drawal or
refund the full amount if not spent or unspent balance amount with interest to APSRTC SRBS. 4. To refund the full amount of loan in one lump sum installment with interest there on if the said marriage could not be celebrated or the amount of advance could not be utilized for the purpose for which it was sanctioned. 5. In case, the Borrower dies within the period of recovery or become insolvent or quit the APSRTC the whole amount of advance and interest accrued thereon or such portion of amount left over for recovery with interest, it is hereby further agreed and declared that such as salary payable by the APSRTC to legal heirs on death, removal resignation or voluntary retirement. 6. The sureties hereby agree to the conditions of aforesaid agreement that any sum payable by the borrower shall be recovered from the sureties on the failure of the borrower to pay the same within a month of the amount remaining due and the sureties and the borrower are jointly and severally liable to pay to APSRTC SRBS due amount payable by the borrower for whatever reason either by default or on account of reasons stated above. In witness where of the borrower, sureties and Secretary on behalf of APSRTC SRBS have herein set their hands. SIGNATURE & DESIGN SIGNATURE & DESIGN SIGNATURE OF THE OF THE BORROWER OF THE SURETIES SECRETARY APSRTC SRBS 1. 2. WITNESS 1. 2. NAME: STAFF NO. DESIGN. UNIT ATTESTED UNIT OFFICER ANNEXURE-C CHECK LIST SCRUTINY OF APPLICATION FOR MARRIAGE LOAN FROM S.R.B.S. 1. The applicant is a member of SRBS. 2. (a) 15 years of service as on date of application Is completed in the Corporation (for son/daughter marriage) (b) 5 years of service as on date of application is completed In the corporation (for sister marriage) (c) 3 years of service as on date of application is completed in the corporation (for self marriage) 3. Left over years of service is not lass than 2 years 4. Take Home pay is not less than the limits fixed after taking into account the EMI of the present loan. 5. The age of the Bride is above 18 years as on date of marriage As per the family declaration (copy enclosed) 6. The age of Bridgeroom is above 21 years as on the date of marriage as per the family declaration (copy enclosed) 7. First surety and second surety are members of SRBS and not surety for more than two marriage loans 8. No Charges warranting suspension or removal from service Are pending against the applicant and sureties (as per Unit Officer Certification) 9. Wedding card of the proposed marriage is enclosed
10. Application is submitted within one month before marriage / Within one month after performing the marriage along with Utilization certificates and marriage photo. 11. The agreement is verified and found to be order in all respects VALUE OF STAMP PAPER Up to Rs. 5,000/- Rs. 10/- From Rs, 5,001/- to Rs. 20,000/- Rs. 20/- From Rs. 20,001/- to Rs. 50,000/- Rs. 50/- 12. Sureties would retire after two years of the completion of Recovery period of loans as prescribed. CERTIFICATE Certified that the application of Sri. E. Design of Unit is scrutinized with reference to the check list as per Cir. No. PD-81/94, 16.08.94 and found to be in order. PLACE: DATE: PERSONNEL OFFICER ANNEXURE-D A.P.S.R.T.C. STAFF RETIREMENT BENEFIT SCHEME UTILISATION CERTIFICATE I,, Staff No. Design. of Unit hereby certify that the marriage loan of Rs. (Rupees ) sanctioned to me by APSRTC SRBS during and paid vide cheque/ DD No. dt. has been 1. Fully spent for the purpose for which it was sanctioned. 2. remitted herewith an amount of Rs. (Rupees ) Vide DD No. dt for Rs. representing the sanctioned loan amount or balance of unspent amount together with interest as informed by the secretary, APSRTC SRBS. Signature of witness Signature of borrower Name Staff No. Design. Name Staff No. Design. Certified and forwarded by Supervisor with seal