The Andhra Pradesh Government Life Insurance Department (APGLI) has issued updated guidelines for deducting APGLI Loan EMIs from employees’ salaries.
This process ensures the prompt recovery of EMI amounts from subscribers ‘ salaries as specified in the sanctioned loan terms.
What is APGLI Loan EMI?
APGLI Loan EMI is a loan repayment method provided by the Andhra Pradesh Government Life Insurance Corporation (APGLI).
This facility is available to policyholders who require financial assistance for various needs, including medical expenses, education costs, and more. The loan is offered at a very competitive interest rate, making it an appealing option for government employees.
How to Apply for an APGLI Loan?
To secure an APGLI loan, policyholders must submit a loan application form and essential documents, such as proof of income and identity.
The loan amount is credited to the policyholder’s bank account upon approval. The policyholder is then responsible for making regular EMI payments, typically monthly.
These payments can be made through multiple channels, including online banking, mobile banking, or post-dated cheques.
Importance of Timely EMI Payments
Timely EMI payments are crucial to avoid penalties, additional charges, and potential damage to the policyholder’s credit score. Therefore, careful financial planning is essential to ensure all EMI payments are made on time.
How to Recover APGLI Loan EMI from an Employee’sEmployee’s Salary
Employers play a crucial role in the EMI recovery process. They can deduct the EMI amount directly from the employee’s salary before disbursing it.
This deduction must be made in compliance with local laws and regulations, and employers should ensure that they have the necessary documentation and authorization from the employee to make it.
| Name of the EMI | APGLI Loan EMI |
|---|---|
| Website | http://www.apgli.ap.gov.in |
| Loan Application | Download the APGLI Loan Application |
| Govt Order | Download the AP GO.74 from here |
Guidelines for DDOs on Deducting APGLI Loan EMI
The Andhra Pradesh Government has provided clear instructions for Drawing and Disbursing Officers (DDOs) regarding the deduction of APGLI Loan EMIs:
- Principal and Interest Recovery: DDOs must deduct the full loan EMI, including the principal and interest components, from the employee’s salary. The interest is calculated using the diminishing balance method at the time of loan sanctioning.
- Timely Deductions: DDOs must ensure that EMIs are deducted promptly per the specified installments to avoid financial losses to the APGLI fund.
- Adjustment of Excess or Shortfall: Any discrepancies in the amount of interest recovered should be accounted for and adjusted during subsequent loan sanctions or when settling the claim.
The APGLI Loan EMI facility is an excellent financial resource for Andhra Pradesh government employees. It offers low-interest loans secured by the policyholder’s APGLI policy.
However, employees and DDOs must ensure that EMIs are deducted and paid on time to maintain the integrity of the APGLI fund and the policyholder’s financial stability.