IPPB Tie-up with PNB (Punjab National Bank) to offer Retail Loans (viz. Home Loan, Car Loan & any other loan other than personal loan) for the employees - Postalstudy | Post Office Blog | Materials for | Exams

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IPPB Tie-up with PNB (Punjab National Bank) to offer Retail Loans (viz. Home Loan, Car Loan & any other loan other than personal loan) for the employees

 Corporate Office, Speed Post Centre, Bhai Veer Singh Marg, New Delhi- 110001

Ref No. IPPB/HR/2021-22/16  Dated on October 8, 2021

C I R C U L A R / 1 6

Tie-up with Punjab National Bank to offer Retail Loans (viz. Home Loan, Car Loan & any other loan other than personal loan) for the employees of IPPB

Majority  Banks follow the practice of providing retail loans to their staff members  with employee friendly terms and conditions. This incentive, to the employees, is viewed as a prudent practice  across the industry  since decades  and is pivotal  in building  strong employee-employer relationship. This facility helps the organization create a long term bond with the employees.

2.        IPPB, being a Payments Bank, cannot extend various retail loans to its officers. However, an effort was made by the Bank to explore possibilities to ease the process of availing loans for its staff members. To start with, the Bank has tied up with Punjab National Bank to provide various loan facilities to IPPB employees on all India basis.

3.        Punjab National Bank shall grant the loan to IPPB officers under the various heads as per their requirement and the same are as follows:

(a)       Housing Loan

•    For construction of house/flat

•    For purchase of built house/flat.

•    For purchase of under construction house/flat

•    For carrying out Additions to the house/flat.

•    For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat.

•    For meeting cost escalation in the cases of under-construction flats to existing Housing Loan 

borrowers.

«    For purchase of land/plot for house building within stipulated period.

•    Takeover of housing loan accounts from other financial institutions/ banks


(b)       Car Loan

To purchase:

•    New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV)

•    Old car/van/jeep/MUV/SUV, which are not older than three years.

•    Reimbursement of cost of New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV) purchased by Individual/ Corporate out of own funds. (Not more than 3 months old)

(c)       Any other loan facility other than personal loans


4.        The  general  terms  and  conditions,  purpose of loan,  maximum  amount,  Margin  money, minimum  salary,  eligibility  & recovery  of instalments  etc. with  reference  to  the loan facilities applicable in respective cases are annexed herewith as Annexure -I.


5.        All the employees of IPPB will be covered under PNB Pride which is a concessional rate of interest scheme offered by Punjab National Bank linked to Repo Linked Lending Rate (RLLR). The interest rates are subject to change and the employees are requested to please be guided by https://www.pnbindia.in/interst-rate-on-advances-linked-to-mclr.html for updated interest rates.


6.  Key features of this tie-up are as under:

a.   Punjab National Bank shall not charge processing charges on Housing & Car Loan only, whereas in other schemes it will be charged  as per prescribed  guidelines  of Bank. Other  charges  viz.  Valuation  Report,  Legal  opinion  report  CIC  reports,  stamp  duty, CERSAI   &  other  out  of  pocket  expenses   shall  be  recovered   from  the  respective employee/officer of IPPB.

b.   Concessional rate of interest shall be charged under PNB Pride ROI scheme which is irrespective of the risk profile of the borrower on Housing & Car Loan

C.   Revised margin in housing loan from 25% to 20% for loan amount above Rs. 75 Lac till 31.03.2022.

d.   Punjab National Bank shall not charge penal interest for prepayment/ foreclosure of loan in case the employees pay back the loan from his/ her own sources.

e.   The loan facilities  shall  be sanctioned  by the appropriate  authorities  of Punjab National Bank with all the agreed concessions and relaxations.

f.   The maximum limits for the loan facilities are subject to the income/ repaying capacity of borrowers.

g.   The security for the loan facilities shall be as applicable on the respective schemes.

h.   The loan shall  be sanctioned  in such a manner that at no stage the net take home salary after meeting  loan  instalment  is less than a certain percentage  of  net  monthly  salary  as specified in the scheme after meeting all liabilities/ deductions viz. GPF, EMI, Income Tax, Insurance etc.

The Punjab National Bank shall charge the interest on monthly rates on the daily reducing balance basis.

Repayment  shall commence one month after disbursal of the loan or as applicable in the scheme. It shall be the responsibility of the employee to arrange for repayment as per the terms of loan agreement with Punjab National Bank since no deductions will be made from the salary paid by IPPB.


7.        The employees desirous  of availing this facility  are advised to refer Annexure-I  having detailed SOP for initiating the process and shall compulsorily seek No Objection Certificate from the HR Department, IPPB which is one of the mandatory documents.

8.        PNB Festive Bonanza Offer- Ongoing till 31.12.2021:  During the period, full waiver of  upfront/  processing  fees  and  documentation  charges  on  Home Loan  (all variant),  Car Loan, Pension loan, gold loan and myProperty loan. 

As on date, revised Home Loan rate of interest in particular segment are as under: - Sanction Limit/ Borrower Type/ CIC Score

Fresh Housing Loan of Rs. 50 Lacs and above with CIC score of borrower 750 and above.

In case of joint borrower(s), the CIC score of at least one borrower  must  be  750  and  above  and other  borrower shall meet the CIC criteria of >=650 or 0 or-1

i.    Fresh Top-up loan (TL & OD) to existing Home

In case of salaried borrower

Applicable  ROI @ 6.60% Loan Borrowers  with outstanding  of Rs. 25 Lakhs

and above and having CIC score of 750 and above

ii.   Fresh  Top-up  loan  (TL  &  OD)  to  new  Home Loan Borrowers with sanction limit of Rs. 25 Lacs and above and having CIC score of 750 and above

(In  case  of  joint  borrower(s),  the  CIC  score  of  each borrower must be 750 & above) Term Loan Overdraft @ 7.15% @ 8.15%


9.        Employees availing this facility shall be governed by the terms as applicable at IPPB and Punjab National Bank.

10.      The detailed guidelines, annexed as Annexure-I, have also been uploaded at the Learning Management  Portal and the path for the same is LMS ->Library -> Human  Resource -> Policies.

11.      All employees  are  hereby  advised  to adhere  to the  stipulated  guidelines  and  avail this facility as per their requirements.





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