Rules for the Grant of Educational Loan to University Employees
(a) who have given evidence of conspicuous merit; and
(b) who are likely to be of benefit to the University after completion of the higher course of studies or training for the purpose of which the loan is granted.
(ii) Loans may be given to permanent teachers and employee confirmed in their respective posts against adequate security which should usually be unencumbered immovable property of at least more than the value of the loan or such other security as may be considered adequate by the University. A personal surety should be furnished in the form prescribed in Appendix I.
(iii) The security shall remain mortgaged to the University until the loan and the interest thereon are fully repaid.
(iv) In case of deterioration of the mortgaged property, additional security shall be furnished to make up the deficit.
(v) The amount of loan to the sanctioned shall depend on the particulars furnished by the applicant and valuation by the Deputy Commissioner of the security offered subject to a maximum of Rs. 6,000. The loan shall be covered by a mortgage deed in the form in Appendix II with modifications where necessary. Where the loanee has no property of his own to offer as mortgage he must furnish to the satisfaction of the University a surety or sureties who should pledge the requisite security to the University.
(vi) The loan may be issued in one or more instalments according to the circumstances of each case at the discretion of the Executive Council.
(vii) Within 3 months of the drawal of the first instalment of the loan, the loanee shall furnish a certificate from the Professor under whom he works or the Head of the institution concerned showing commencement of studies or training as the case may be and the probable date of completion thereof.
(viii) The loanee shall furnish at the end of every six months from the date of commencement of studies or training a certificate from the Professor under whom he works or the Head of the institution concerned that his progress is satisfactory.
(ix) Repayment of the loan shall begin immediately on completion of three months from the date of completion of studies or training of the loanee.
(x) The loan together with the interest at the rate of three per cent per annum shall be repaid within a period not exceeding 5 (five) years in such instalments as may be fixed by the Executive Council. The period of repayment and the number of instalments shall be fixed on the basis of the amount of the loan and the capacity of the loanee to repay and such instalments shall be recovered from the pay of the loanee.
(xi) The loanee shall be required to give an undertaking that he binds himself to serve the University for a period of at least five years in the from prescribed in Appendix III or in default thereof he shall be liable to pay a penalty not exceeding fifty per cent of the original loan at the discretion of the Executive Council on the basis of the period of service rendered by him after his return from study or training :Provided that the University reserves the right of relaxing this rule in special cases and under exceptional circumstances making sufficient provision for the realisation of the loan and interest thereon.
(xii) In default of repayment of the principal or interest or in case of contravention of any of the terms and conditions of the loan or of the undertaking given by the loanee the unpaid balance shall become recoverable in a single instalment from the property mortgaged to the University.2. Application for loan must be made in writing to the Registrar or the University through the Head of the department concerned. Every application for loan shall contain a declaration signed by the applicant to the effect that the statements made therein regarding the nature and extent of the encumbrances on the property offered as security are true to the best of his information and belief. The applicant shall also supply such further information as may be required by the University. 3. The following documents shall be submitted along with the application :
(1) A certificate of non-encumbrance of the property proposed to be mortgaged from the District authorities.
(2) A copy of the Jamabandi containing the property proposed to be mortgaged.
(3) A declaration from co-sharers, if any, of the patta stating that they have no objection to mortgage the property.
(4) A certificate of valuation of the property from the District authorities.
(5) A certificate from the authorities of the institution concerned that he is accepted as candidate for the proposed course of study or training.
(6) A recommendation from the Head of the Department of the University to which he belongs.4. Nothing in these Rules shall preclude a loanee from discharging the loan at an earlier date or from paying a larger amount of instalment than that fixed. 5. The mortgage deed and the bond and agreement executed shall be in the custody of the Treasurer. 6. The Treasurer shall be responsible for recovery of the loan with interest. He shall maintain a register in his own custody in the prescribed form.