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Loans against Securities |
Loan against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies Target Group Purpose.
Target Group
All properly introduced customers after due appraisal of capacity to service loan and interest.
Purpose
Any permitted bankable purposes such as Trade, Housing, Professional, Personal consumption and Educational purposes.
Processing charges Loan Limit
No processing fee for limits upto Rs.Ten lakhs. Only actual out of pocket expenses shall be recovered from the borrower. For loans above Rs.10.00 lakhs, the charges will be Rs.250/- per lakh or part thereof
Minimum loan amount - Rs.10,000/-
Interest (w.e.f. 01.02.2007)
Margin
TERM LOAN
9.50% floating
10.00% fixed
OVERDRAFT
10.00% floating.
15% on the interest accrued value of NSC/KVP/RBI Relief Bonds (of 9% /8% etc.) and Surrender value of LIC policies.
Repayment
For NSC/Relief Bonds:Not exceeding 5 years from the date of advance.
For Loan against Life Policies: Advance against LIC policies to be repaid in 6 years.
Overdraft against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies Loan Limit Margin.
Minimum - Rs.2.00 lakhs.
15% on the interest accrued value of NSC/KVP/RBI Relief Bonds (of 9% /8% etc.) and Surrender value of LIC policies.
Rate of Interest
9.00% floating.
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