Loan on Deposit :
In essence, a deposit loan is a way to access funds without liquidating your existing deposit, offering flexibility and potential benefits like lower interest rates compared to traditional personal loans.
Purpose :
- This can be used for buying consumer durables or household articles, covering marriage expenses, meeting other family expenses and more.
Membership :
Repayment Period :
- Up to the period of maturity of deposit.
Quantum of Loan :
- Loan against any Term deposit & Recurring deposit.
- For Individuals - up to 80% of the deposits.
- For Organizations / Societies – up to 90% of the deposits.
Rate of Interest :
- Plus 1% over and above the interest on deposit made.
Documentation :
- Duly filled prescribed application form.
- Term Deposit Bond / Receipt over which the deposit loan is obtained.
Processing Fee & Other Charges :
- Processing fee – NA.
- Other charges – Rs. 50.00.
