Personal Surety is accepted for future liability upto ₹15-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.
Salary And Minimum Salary
- “salary” for this purpose include Basic pay plus D.A. (Dearness Allowance) and adhoc DA/increase and P.P (Personal Pay), if any.
- “Minimum Salary”
Only permanent employees who are drawing a minimum net-salary of ₹5000/- will be accepted as sureties/guarantors.
Classification Of Sureties
- “SREG” (Salary Recovery Enforceable Group)
- “SRNEG (Salary Recovery Non-Enforceable Group)
Salary Requirement Norms
- SREG employees:The SREG surety (s)/guarantor(s) offered should have a minimum/combined salary of 10% of the future liability.
- SRNEG employees: The SRNEG surety(s)/guarantor(s) offered should have a minimum/combined salary of 12.5% of the future liability.
- 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.
- Sureties should be permanent residents of and working in Kerala State.
- They should be permanent/ officiating full time employees.
- 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 ₹4,00,000/- in all schemes, with minimum net-salary of ₹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 ₹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:
- Upto a liability of ₹4,00,000/- if the principal debtor is unemployed, provided the surety is from SREG with minimum net-salary of ₹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.
- Upto a liability of ₹8,00,000/-, where the principal debtor is from SREG, provided both the principal debtor and surety have separate minimum net-salary of ₹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.
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Turn over (March 2021)