The main objective of this loan is to provide short/ medium term financial accommodation to the customers to meet their emergent financial needs by making lien of their Cash Certificates/ Term Deposits/ Recurring Deposits/ NSC/ KVP or any other similar type of security deposits in favour of the Bank subject to fulfilment of terms & conditions as laid down in the loan policy of the Bank.
Loan against Securities is a type of secured loan where customers can pledge their fixed assets as security and get loan at lower & simple interest rates with quick processing and minimal documentation.
LOAN AGAINST NSC/KVP
Quantum
Upto 85% of the Face Value of NSC/KVP.
Rate of Interest
14%. p.a. (simple rate) on reducing interest basis
Security
The NSC/ KVP must be submitted to the Branch in original and the same must be pledged/ assigned in favour of the Bank by appropriate authority ( of Post office itself) as a security to the loan.
LOAN AGAINST F.D./ C.C./ R. D. OF THE BANK
Quantum
Upto 85% of the Face Value of Term Deposit.
Rate of Interest
2% Higher than the ROI of Term Deposit.
Security
FD/RD account must be liened with the loan account and duly discharged original term deposit certificate is to be submitted to the Branch as a security to the loan.
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