LAPTOP FOR PRIVATE SCHOOL TEACHERS

I am an account holder of J&K Bank and working as teacher in a private school. I want financial assistance to purchase a laptop, which can help me to prepare my daily lesson in a much better way? Is there any loan scheme for private school teachers to purchase a laptop or a personal computer?
(Nazia Rasool, Hawal, Srinagar)

 Yes. J&K Bank has modified its Laptop/PC loan scheme. As per the latest amendments in the scheme, all regular private school teachers are now eligible to get a loan for the purchase of laptop or personal computer (PC). The school in which they are serving should be government recognized. As per the scheme you can get a loan upto 90 per cent of the cost of the laptop or PC. However, maximum loan limit is Rs.50,000. You have to bear 10 per cent of the cost as margin. For security purpose, you have to submit third party guarantee of one person known to the bank. The loan is to be repaid in 30 monthly installments. At present the rate of interest is just 11.5 per cent which shall be applied after every quarter.
 So you approach to your branch and obtain application form. Submit the duly filled in application form along with your passport size photograph, certificate from your institution that you are regular teacher of the school and personal statement & photograph of your guarantor. Don’t forget to submit your income certificate and the proforma bill of the laptop which you intend to purchased. Please note that the bank shall disburse the loan amount directly in favour of the dealer.

SHARE TRANSFER
My father expired a few months back. He was holding the shares of the J&K Bank. Please guide me about the procedure involved in transferring these shares in my name, as I am the legal heir?
(Mohammad Asif, Pinjura, Pulwama)

 If your father was the single registered shareholder then you have to comply with certain formalities to get the shares transferred to your name. The strength of the following documents need to be submitted to the bank:-

* Certified true copy of Death Certificate of your  father.

*  Certified true copy of Succession/Probate/Letter  of Administration.

*  No Objection Letter from the other legal heirs
 if any.

 In case you are not in a position to furnish the above mentioned legal representation documents, you can execute without legal representation, the documents such as Indemnity Bond, Affidavit and Relinquishment Deed. You have to submit the said documents to the bank for necessary approval of the Board of Directors of the Bank.
 Once the Board of the bank approves it, the transmission of shares will be put through normal transfer process and the endorsed share certificate(s) will be dispatched to you by the bank accordingly.

(The views are of the author & not the institution he works for)

Readers can send their queries to sajjadbazaz@gmail.com, sajjadbazaz@greaterkashmir.com)

Lastupdate on : Sat, 6 Nov 2010 21:30:00 Makkah time
Lastupdate on : Sat, 6 Nov 2010 18:30:00 GMT
Lastupdate on : Sun, 7 Nov 2010 00:00:00 IST