Andhra Pradesh Government Life Insurance Department issued guidelines for deduction of APGLI Loan EMI 2023 from the employee’s salary. DDO can check details and recover of EMI amounts of subscriber’s salary as per the specified instalments promptly.
APGLI loan EMI, or the Andhra Pradesh Government Life Insurance loan EMI, is a type of loan that is offered by the Andhra Pradesh Government Life Insurance Corporation to its policyholders. The loan is offered to policyholders as a way to help them meet their financial needs, such as paying for medical expenses, education expenses, or other such expenses.
The loan is offered at a very low interest rate, making it an attractive option for policyholders who are in need of financial assistance. The EMI for the loan is calculated based on the loan amount, the interest rate, and the loan tenure.
To apply for an APGLI loan, policyholders need to submit a loan application form, along with supporting documents such as proof of income and proof of identity. Once the loan application is approved, the loan amount is disbursed to the policyholder’s bank account.
The policyholder is then required to make the loan EMI payments on a regular basis, usually on a monthly basis. The EMI payments can be made through various channels, such as online banking, mobile banking, or through post-dated cheques.
It is important to note that failure to make timely EMI payments may result in penalties and additional charges, and may also affect the policyholder’s credit score. Therefore, it is important for policyholders to plan their finances carefully and ensure that they are able to make the EMI payments on time.
In conclusion, GLI loan EMI is a great option for policyholders who are in need of financial assistance. The loan is offered at a low interest rate and the EMI can be easily calculated. Policyholders should ensure that they plan their finances carefully and make timely EMI payments to avoid any penalties or additional charges.
Deduction EMI of APGLI Loan
|Name of the EMI||APGLI Loan EMI 2023|
|Title||Check the APGLI Loan Payment 2023 process|
|Subject||AP Govt has issued orders deduction of APGLI Loan EMI|
|Loan Application||Download APGLI Loan Application|
|Govt Order||Download the AP GO.74 from here|
How to recover APGLI Loan EMI from employee’s salary?
To recover APGLI (Andhra Pradesh Government Life Insurance) loan EMI from an employee’s salary in Andhra Pradesh, the employer can deduct the EMI amount from the employee’s salary before disbursing the salary.
The employer should have the necessary documentation and authorization from the employee to make the deductions. Additionally, the employer should ensure that the deductions are in compliance with local laws and regulations.
Guidelines of deduction of APGLI Loan EMI
DDOs Should Recover EMI of APGLI Loan, Government of Andhra Pradesh, Finance Department, APGLI Department – Sanction of Loan to Policyholders on their polices – Collection of expected interest of Loan – Orders – Issued. For more details are available at http://www.apgli.ap.gov.in.
Reference: Circular Memo. No. 707/119/A2/Admn-II/2013, dt: 21-06-2013 and Lr. No. 1/Genl/2014-15, dt: 24-02-2015 of the Director of Insurance, A.P. Hyderabad.
In the reference 1st read above, Government have instructed the Drawing & Disbursing Officers to collect the interest on APGLI Loans shall be deducted after the Principal amount has been fully recovered, calculating the same at the interest rate as informed by the Director of Insurance in the deduction orders in one or more instalments not exceeding (10) monthly instalments.
In the reference 2nd read above, the Director of Insurance (FAC), has informed that most of Drawing & Disbursing Officers are not deducting the interest amount after completion of Principal, they are deducting Principle amount only.
This type of issue is causing loss to the APGLI Fund and interim to subscriber. The Accountant General, Andhra Pradesh also pointed out that the delay in recovery of interest on Loans resulting heavy loss to the Fund Account.
Therefore, the Director of Insurance has requested the Government to accord permission to calculate the accruable amount of interest due, at the time of sanction of loan itself and total amount arrived thereon (Principal loan +Interest) should be deducted in Equated Monthly Instalments (EMI), from the subscriber’s salary and also instructions may please be issued to all the Drawing & Disbursing Officers to effect recovery of EMI amounts as per the specified instalments promptly.
Government after careful examination of the proposal of the Director of Insurance (FAC), A.P., Hyderabad hereby accord permission to calculate the expected amount of simple interest on diminishing balance method at the time of sanction of loan itself, fix the E.M.I., and inform the same to the concerned Drawing and Disbursing Officers duly requesting them to recover the same which will be consisting of principal and interest.
The Director of Insurance shall see that any excess or less amount of interest so recovered is accounted and adjusted at the time of subsequent loan or settlement of claim.
The Director of Insurance (FAC), A.P., Hyderabad shall take necessary action in the matter accordingly. DDOs Should Recover EMI of APGLI Loan.