Employees of The Merchant Navy
The origin of the title “Merchant Navy” came about when British cargo ships, primarily used for trading ,participated in the Second World War were termed the Merchant navy by King George V. Since then the term has Merchant marines has been coined for seafarers employed on these Vessels.
The Merchant Navy as its name denotes is a commercial form of seafaring & is often confused with the Indian Navy which is purely a military organisation under the Defence services of India.
The commercial shipping industry today is a booming one. Established shipping companies whether privately owned, or as a part of the government sector have their fleet which operate worldwide & can operate as;
Cruise Ships & Luxury Liners.
Container ships built for carrying specific cargo.
Tanker Ships of all sizes for carrying Oil, gas, & Chemicals.
Bulk Carriers used for carrying large quantities of ores, grain and coal.
Modern Ferries deployed for transporting passengers for short distances.
Specialized vessels used for the offshore Gas & Oil industry.
Officer & crew members of the Merchant marine ships have to be trained & certified as specified by the International Convention on Standards of training, Certification and Watch keeping.
All Certifications being recognised internationally there are no restrictions on ships being managed by officers from any part of the world, Indian crew & officers besides being employed on Indian vessels are also working on Ships registered in other countries.
A career in the merchant navy is lucrative one, though it has its own share of hardships. Sailing the high seas from one port to another for days at length, facing stormy seas & rough weather conditions can be a harrowing experience.
Living the unconventional life has its compensations: Salary earned by Merchant Navy officers are as per International standards Indian seafarers working for Indian companies are paid salary in Indian Currency while Indian citizens working for Companies registered under a foreign flag will get salary as per the international currency.
Leading Banks now recognise the profile & financial security of Merchant Navy persons. Finance is easily available to Merchant Navy officers & crew via a Personal Loan for an emergency or fund lifestyle expenses.
Specific Criteria Required For A Personal Loan For Merchant Navy Personel
Taking into account that a Merchant Navy applicant will be away from home for a length of time up to 6 months when employed & sailing on a ship they are give an NRI (non resident Indian) status. Therefore Banks issuing Personal Loans to Merchant Navy Personnel have established specific criteria that need to be fulfilled to be eligible for a Personal Loan.
The net salary of the applicant should be above ₹ 100000/- per month. This amount should be credited to the Salary account of the applicant. If the applicant is working in a foreign company salary is being paid in a foreign currency it should convert to equal amount or more in Indian rupees (₹).
The current residence of the applicant should be self or family owned. A Proof of ownership will be needed to verify the same.
The applicant should have been employed previously with the same company for the previous contract & should have a valid letter for the renewal of the next contract .The next contract letter should clearly state the joining date.
The Company with which the Candidate is employed should have an office in a Metro city in India. This is required for verification purposes. The Bank will conduct a check to verify the employment details & documents submitted.
The applicant should be an Indian Passport holder. Copy of the passport with a valid visa is to be submitted with the documents.
A co applicant is mandatory in all merchant navy cases, the Mother/Father/Wife can be taken as a co applicant. The co applicant details & documents are to be submitted along with the primary applicant. The co applicant should be available & contactable for any queries, if the primary applicant is on the ship.
Representative example of Charges for a Personal Loan of 1 lakh
Personal Loan Documents For Merchant Navy
3 months salary slip
Bank Statement for the last 6 months.
- Copy of Continuous discharge certificate (CDC).
- Previous & current Contract letter with date of joining mentioned.
- Passport copy with valid visa.
- Pan Card Copy
- Aadhaar Card Copy
- Current address Proof
- Ownership Proof of residence (Electricity Bill, Water Bill, Copy of Registry)
2 passport size photographs.
Documents for Co Applicant
Bank Statement for 6 months of NRI Account
- KYC Documents
- Pan Card
- Aadhaar card/ driving Licence/Passport Copy