Loan / OD against NSC / KVP / Relief bonds of RBI / LIC policies
Loan / OD against NSC / KVP / Relief bonds of RBI / LIC policies
| Target groups | All properly introduced customers (including all Staff Members, VRS/ Retired staff, Corporate / reputed partnership firms), whose capacity to service the loan and interest are appraised
This facility may be sanctioned either as Term Loan or OD against said securities under this SLP |
| Age | Minimum entry Age 18 years. |
| Purpose | For any permitted bankable purposes such as Trade, Housing, Profession, Personal consumption and educational purposes etc |
| Quantum of Loan | Term Loan:
Minimum Rs.10000/- subject to prescribed margins with no upper ceiling. OD Facility: Minimum limit Rs.200000/- subject to prescribed margins throughout the tenor of the loan with no upper ceiling. |
| Margin | Loan /Overdraft against Own NSC/KVP/LIC Policy/RBI relief Bonds-25 %.
Loan against NSC/KVP/LIC Policy/RBI relief Bonds, availed by entities other than individuals -50 %. |
| Rate of Interest | Click here |
| Processing fee | Click here |
| Repayment | Not exceeding:
· 5 years OR till the date of maturity of the instrument, whichever is earlier – in the case of NSC/Relief bonds · · 6 years OR till the date of maturity of the Policy, whichever is earlier in the case of Advance against LICs |
| Security | Creation of appropriate charges on the Securities in the name of Applicant / Borrowers:
· Lien on NSC – Post Office Lien marking charges to be recovered · · LIC: Assignment of LIC Policy in Bank’s favour. · · Relief Bonds: Transfer of bonds in Bank’s favour · Loan Against Money back Policy is not permitted under this scheme. |
| Documents to be submitted for processing the application | 1. Salary Certificate / IT Return copy for assessing the capacity to service the interest / installment. 2. Original NSC / KVP/ RBI Relief Bond / LIC Policy. |
( Last modified on Apr 20, 2024 at 05:04:57 PM )
