Staff Welfare Loan Application Form

Application date :

  1. Name of the member:
  1. CID No (attach copy) :
  1. Emp.ID No :
  1. Designation :
  1. Current working Address : Ministry of Information and Communications, ICT Services
  1. Member since:
  1. Amount applied for: Nu………… (In words:.). Maximum ceiling Nu. ……..depending upon the seniority of the members
  1. Net take home pay :……………….(Please attach the last month’s pay slip)
  1. E-mail address/Contact no: ………………………….

I confirm that above particulars mentioned by me are correct to the best of my knowledge and having understood the terms & conditions of SWS loan. I would like to avail the above loan.

Affix Legal stamp with signature (applicant)

Verification /recommendation by treasurer:

Reason for Recommendation/Non recommendation

Signature

Date

Loan approved for Nu……………………………(Words:………………………….) with effect from………………

Loan not approved(Reason)

…………………………………………………………………………………………………………

…………………………………………………………………………………………………………

…………………………………………………………………………………………………………

Chairman/General Secretary

Signature

Date :……./……../………

དཔལ་ལྡན་འབྲུག་གཞུང་། བརྡ་དོན་དང་བརྒྱུད་འབྲེལ་ལྷན་ཁག།

Ministry of Information & Communications

Royal Government of Bhutan

Thimphu: Bhutan

Guarantor form

The Chairman

Staff Welfare Scheme

Ministry of Information and Communications

Thimphu

P.O Box 27 8

Mr/Mrs/Miss…………………………………………Emp.ID…………………………………….. and CID.No…………………………….belonging to …………..(agency)………………………….has applied for a loan from the SWS scheme for Nu…………………If the loan is sanctioned, I hereby undertake to deduct the monthly installment from his/her salary and remit it to the SWS until the loan is fully liquidated.

In the event, if the above person fails liquidate the loan on time, I shall be fully liable to refund the loan outstanding along with the interest prescribed in the SWS loan agreement.

Name of the Guarantor(Guarantor should be only within the staff of MoIC)

CID No: ………………………………….(Also attached copy)

Current address (Guarantor )

Affix(legal stamp with signature)

Date….../…../……...

LOAN AGREEMENT

The SWS Secretariat has sanctioned the sum of Nu…………………. to Mr/Ms…………………………………….holding Emp.ID………………….and CID No…………………………Designation:…………………………………………. Department …………………...... , Division ……………………………………….. by way of Welfare loan to be recovered as monthly installment from his/her monthly salary. The Borrower agreed to abide by the following conditions:

i)That the loan will be repaid by the borrower with interest by monthly installment of Nu…………for a period of one year @7% per annum as simple interest.

ii)The Borrower, having understood the Terms & Condition have agreed to mortgage its Provident Fund against the above loan availed.

iii)The Borrower agreed that the SWS may take such action as it may deem necessary to realize the SWS loan which is due, if there is any default in effecting the timely payment. In case of termination or resignation from the service, I hereby authorized to recover the amount out of the Provident Fund payable to the borrower. The same may be recovered from the provident fund in the event of my death. Even if the loan is not recoverable from the above source, my guarantor is liable to refund.

iv)The loan outstanding if not realizable at all after one year, the SWS management committee may prosecute me as per the Court of Law, Kingdom of Bhutan.

=

(Signature of loan applicant)

Affix Legal Stamp

Signature of witness:………………………..(Affix legal stamp)

Name:……………………………

CID. no…………………………..

Address………………………….

Terms and conditions for Staff Welfare Loan Scheme

Objective: To support the staff for child education, medical emergency, repayment to other loans from financial institutions, etc.

Modality

  1. Maximum ceiling as prescribed by the SWS Management Committee from time to time.
  2. Loan is eligible only to the SWS members. Currently, SWS Management Committee approved maximum ceiling of Nu. 30,000 as loan to the members depending upon the seniority.
  3. Member who had been three years or more in the scheme is eligible for Nu. 30,000 or less depending on his or her request,
  4. Member who had been two years or more in the scheme is eligible for Nu. 20,000 or less depending on his or her request.
  5. Member who had been one years or more in the scheme is eligible for Nu. 10,000 or less depending on his or her request.
  6. Member who had been less than one year in the scheme is not eligible for the loan.
  1. Simple Interest will be charged @ 7% per annum on the principal amount.
  2. The liquidation period of the loan will be strictly for one year counted from the date/month of loan availed.
  1. If members wish do liquidate before the period of the maturation of loan period, it will be entertained. The interest will be imposed up to the period of loan liquidation and it will be not charged for one year. Subsequent loan can be availed by the same member, if the welfare seed money is available.
  2. Similarly, if the liquidation is not done in one year, interest will be charged on additional days and months taken. The members defaulting loan repayment will be liable for legal charges as per the Loan Agreement and Court of Law. He or she will not be eligible for the subsequent loan if the repayment is defaulted.
  3. Provident Fund as mortgage in the event of death, termination or resignation from service.
  4. Loan to be disbursed only from the MoIC headquarter.
  5. Such loan to be made available once in every financial year. If the members want to re-apply after one year, they can resubmit the form subject to no previous loan outstanding against his or her name.
  6. Loan to be approved by the SWS Chairman/General Secretary on the recommendation of finance personnel with whom the member is working with. There should be a recommendation endorsed by the treasurer. Both must thoroughly study the eligibility based on the SWS loan terms and conditions.
  7. There must be a guarantor to be eligible for the loans and he/she should take the full responsibility to recover the loan, if a member default the monthly installment against the laon.

Eligibility Criteria

  1. The members must have minimum of two years superannuation
  2. Needs to be a member for a minimum period of one year.
  3. Loan disbursement should be one the first come first basis among the eligible members.
  1. He or she will not be eligible for the subsequent loan if the repayment is defaulted.
  1. The requirement for Guarantor is mandatory at the time of requesting loan by a member. The guarantor should be a member of SWS.
  1. The loan will be given based on ‘first come first basis’. If the net salary equivalent to the loan repayment (monthly basis) is not available, the member will not eligible for the loan.
  1. Loan is eligible only upon recommendation from ther and treasurer of SWS and upon approving by the approving authority.

དཔལ་ལྡན་འབྲུག་གཞུང་། བརྡ་དོན་དང་བརྒྱུད་འབྲེལ་ལྷན་ཁག།

Ministry of Information & Communications

Royal Government of Bhutan

Thimphu: Bhutan

Ref:

To,Date:……………………..

……………………………………………………………….

………………………………………………………………

………………………………………………………………

Sub: Installation of loan repayment

Dear sir/Madam,

Mr. ………………………………… designation…………………………….agency……………………….had availed loan of Nu……………………(words: ……………………………………………….) only from SWS lean scheme.

We therefore request you to deduct Nu…………..…………………………..(words:………………………………………….) only with effect from the month of …………………………… year………………. Till the loan is fully liquidated.

We will intimate to your agency once the loan is fully liquidated by a member.

(UgyenLhamo)

Accounts Asst. I/Treasurer