Security Loan
Purpose
- To meet urgent financial needs.
Eligibility
- Individual
Repayment Period
- For LIC Policies/NSC Certificates:Maximum coinsiding with the maturity date of LIC,NSC
- for Salaried Persons: Maximum Within 3 to 5 Year
Rate of Interest
- 15.50%
Penal Interest
- Any irregularity or default in repayment will attract penal interest of 3.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing fees
- 1.30%
Loan Quantum
- Loan against LIC Policies: The amount of loan 75% of the surrender value.The LIC Policy should got asigned in Bank favour.
- Loan against the NSC: The amount of loan 75% of the face value of the NSC. The NSC certificates should duly assigned in Bank favour.
- Consumption loans for salaried persons: The amount of loan to be 10 times of the take Home Salary to the maximumof Rs. 1 Lakh.
Shareholding
- Nominal membership
Interest Calcualtion Method
- Reduced Balance method