Personal security is accepted for future liability upto Rs.12-lakhs. Employees of Central/ State/ Quasi-Government Departments/ Undertakings, employees of Government / Aided schools/ Plus two schools, colleges and employees of Nationalised/ Scheduled Banks and certain Co-operative institutions are generally accepted (Conditions apply) as sureties by the Company for its various schemes.
1. SALARY AND MINIMUM SALARY
a) “salary” for this purpose include Basic pay plus D.A. (Dearness Allowance) and adhoc DA/increase and P.P (Personal Pay), if any.
b) “Minimum Salary”
Only full-time permanent employees who are drawing a minimum net-salary of Rs.5000/- will be accepted as sureties/guarantors.
2. CLASSIFICATION OF SURETIES
a) “SREG” (Salary Recovery Enforceable Group)
b) “SRNEG (Salary Recovery Non-Enforceable Group)
3. Salary Requirement Norms
a) SREG employees:The SREG surety (s)/guarantor(s) offered should have a minimum/combined salary of 10% of the future liability.
b) SRNEG employees:
The SRNEG surety(s)/guarantor(s) offered should have a minimum/combined salary of 12.5% of the future liability.
c) Combination of Sureties/guarantors
When SREG employee and SRNEG employee are jointly offered as sureties/ guarantors they should have a combined minimum salary of 12.5% of the future liability.
4. General Conditions.
(a) Sureties should be permanent residents of and working in Kerala State.
(b) They should be permanent/ officiating full time employees.
(c) The sureties should have at least 6 months service left for retirement after the termination of the period of liability.
SREG and SRNEG employees who are chitty subscribers/Loanees can avail of the facility of self surety/guarantee, up to a liability of Rs.4,00,000/- in all schemes, with minimum net-salary of Rs.5000/- on the condition that total recovery of the applicant doesnot exceed 60% including the monthly gross instalment amount of the chitty/loan/advance applied for. However for future liability of chitty, upto Rs.5,00,000/- ,personal surety is accepted on the basis of salary certificate as well as marks as per score card.
Single surety is accepted in all the schemes:
(a) Upto a liability of Rs. 4,00,000/- if the principal debtor is unemployed, provided the surety is from SREG with minimum net-salary of Rs.5000/-.on the condition that total recovery of the surety doesnot exceed 60% including the monthly gross instalment of the chitty/loan/advance applied for.
(b) Upto a liability of Rs.8,00,000/-, where the principal debtor is from SREG, provided both the principal debtor and surety have separate minimum net-salary of Rs.5000/-.on the condition that total recovery of the principal debtor doesnot exceed 60% including the monthly gross instalment of the chitty/loan/advance applied for.