Security Loan :
Unlock the potential of your investments with our bank's loan against securities. Access up to 60% of the value of your securities, including shares, mutual funds, life insurance policies, bonds, and more. Get quick funds without liquidating your assets!.
Purpose :
- To meet urgent financial needs.
Membership :
- 5 % of the loan amount as a regular shareholder.
Eligibility :
- Individuals whose age is less than 60 years.
Repayment Period :
- For LIC Policies / NSC Certificates : The maximum duration should coincide with the maturity date of the LIC or NSC.
- For people who are employed and receive a fixed salary, the maximum loan amount is typically determined based on their income and can be availed over a period of 3 to 5 years.
Rate of Interest : 15.50%.
Penal Charges :
- Any irregularity or default in repayment will attract penal charges of 3.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing Fees :
- 1.30% of the loan amount.
Loan Quantum :
- Loan against LIC policies, it's important to note that the amount of the loan can be up to 75% of the surrender value. Additionally, the LIC policy must be assigned in favor of the bank.
- Loan against the NSC, you can borrow up to 75% of the face value of the NSC. To do so, you will need to duly assign the NSC certificates in favor of the bank.
- For salaried individuals seeking consumption loans, the loan amount can be up to 10 times the take home salary, with a maximum limit of Rs. 5 Lakh.
Interest Calculation Method :
