Team News Riveting
Bhilai, July 23
Steel Authority of India Limited (SAIL), the leading steel-making company in India, signed Memorandum of Understandings (MOUs) with five Indian Banks to facilitate loans facility to the company employees.
The banks include Bank of India (BOI), HDFC, ICICI, IDBI and Punjab National Bank (PNB). Bikram Uppal, GM (HR-SAIL Corporate Office), and Ms. Lavika Jain, GM (Finance-SAIL Corporate Office) were signatories to the MoU on behalf of Steel Authority of India Limited. The MoU shall be valid for a period of three years, and are subject to extension as per arrangement between SAIL and the banks individually.
SAIL, having more than 55,000 employees working across the country in different Steel Plants/Units/Mines/Offices entered into MoUs with these five Indian Banks to facilitate its employees to seek loan services from aforementioned banks at their discretion on applicable preferential/concessional rates subject to Banks’ credit policies and product norms prevailing at the time of processing and sanction of loan applications, and on the terms and conditions agreed upon between SAIL and the five banks, severally.
It is noteworthy that Loan Facilities shall vary from bank to bank, and Loans will be regulated by the Loan Agreements to be executed between the Bank and SAIL Employees. As per the MoUs entered upon, the HDFC, and IDBI Bank will offer the loan to SAIL-Employees under the Home Loan category as per their requirement, while ICICI Bank shall provide Auto Loan services to SAIL-Employees. The Bank of India shall provide Education Loan services for wards of SAIL-Employees, whereas the Punjab National Bank (PNB) shall provide Home Loan, Auto Loan, and Education Loan for wards of Employees, on preferential/concessional rates.
It may also be noted that SAIL entering into MoUs does not create a partnership or establish a relationship of principal and agent between SAIL and respective banks. This MoU also does not devolve a right to claim upon any SAIL Employee to get loan sanctioned as a right.
