AGS Bank

Short Term Loan

Medium Term Loan

Long Term Loan

• Latest Salary Slip of the loanee and co-obligant should be attached.
• Loans are subject to availability of Funds.
• Loans will not be sanctioned for 1st 4 working days of the month.
• Loans sanctioned based on repayment capacity of the member.
• Loanee shall produce Surety / Co-Obligant who is not a defaulter.
• A member can stand surety
  • Maximum 2 Personal Loans.
  • Maximum 2 Short Term loans.
  • Maximum 2 Medium Term loans
  • 2 any other loans (but the member cannot stand surety for 2 housing scheme).
• The Credit worthiness of the Surety also considered at the time of sanctioning of Loan.
  • MTS member can stand surety upto Clerk / Typist.
  • Clerk / Typist Cadre can stand surety upto Senior Accountants / Senior Auditors.
  • Senior Accountants / Senior Auditors can stand surety to any member.
• For Availing Housing Loans, Member should have completed 5 years of service, 1 yr of membership in Bank and should have a minimum of 3 yrs of service left prior to retirement.
• All loans should be cleared three months prior to retirement.
• Members should clear all the loans/Liabilities with the Bank and should not have stood surety to any loan when they proceed on deputation/transfer to other states.
• In case of members who have availed loan and are already on deputation/transferred to other states have to submit 6 post-dated cheques of the Bank in which their salary is being credited. They should inform the bank on repatriation to the parent department.
• No further loans will be sanctioned to the members while on deputation/transfer to other states.
• Members availing loan for the first time have to avail Personal Loan.
• Overall Loan Limit will be maximum of 85 Lakh or 120 times Basic Pay, whichever is less and as per loan limits specified for New Members. Sanction of loan is also subject to take home salary of 20% or more of PAO Net. Loans taken from other Banks/ Financial Institutions serviced through salary will be reckoned while sanction of loan as per terms of the Tripartite Agreement.
• No Loans will be sanctioned to those members who are yet to submit the documents / receipts with respect to the loans / benefits already availed by them.
• Education Loan will be sanctioned based on the fee structure provided by the Educational Institution.
• The Fees towards Tuition Fees, Resource Fees, Uniform and Books will be sanctioned in full if included as a part of demand provided by the Educational Institution. In cases where the Uniform and Books are purchased separately the loan towards these will be restricted to 5% and 20% of the Tuition fees respectively. The Education Loan amount sanctioned will be directly credited to the concerned Education Institution through NEFT /RTGS or through DD.
• In case of Default of payment towards loan, the renewal of loan will be considered only after six months from the date of clearing the dues. If the default exceeds 6 months, the loan will be sanctioned after one year from the date of clearing the dues. No further loans will be sanctioned for habitual defaulters. The loanee will be treated as a defaulter even if the amount is recovered from the surety.