This is a Surety loan exclusively for Head Load Workers (Porters) meant to meet their personal needs. This loan will be disbursed in association with the consent of Head Load Workers Welfare Board on the security of their salary through the Board.

• Purpose
• 1. Purchase of consumer durables, professional equipments etc.
  2. Marriage expenses of self, son, daughter or a dependent near relative.
  3. Medical Expenses incurred/to be incurred for self, spouse, children, dependent near relative.
  4. For education of self/spouse/ children/ near dependent relatives.
  5. Any other personal expenses of bonafide nature.
• Eligibility
• Applicant should be a Head load worker having membership in a recognised Head Load Workers Welfare Board and having salary through this Board
  
• Should have a salary disbursing SB A/c with the Bank and a nominal membership(C Class).
• Security
• * This is an unsecured loan issued against personal surety agreements and authorisation letter from Welfare Board.
• * Personal surety from other two headload workers.
• Procedure
• The application for a Porters Spot Loan has to be submitted along with the duly filled up authority letter from Welfare Board, Salary deduction agreements from applicant and sureties and all the papers related to KYC norms.
• Branch manager, after making a detailed scrutiny, should report over the application and has to submit the application to the Head Office along with detailed appraisal report.
• After a further verification of requisites, the loan applications will be sanctioned depending upon the merits of the case.
• Charges and other costs
• The charges levied are forms, insurance, notice and miscellaneous charges. Please visit the page of service charges in this site.
• Period
• Upto 36 months
• Eligible amount
• The sanctioning amount shall not exceed 10 times of net monthly salary of the head load worker.
• Maximum Rs. 5,0000/-
• No share linking.
• Repayment
• Monthly instalment will be deducted from his SB A/c with Bank while on the time of disbursing salary.
• Rate of interest
• To see the interest rate please visit the page of Interest rate in this site.