Loan/OD against National Savings Certificates/Life Insurance Policies

Salient Features This scheme provide finance for immediate needs of the business, trade or for any kind of productive activity as also to meet the expenses by individuals in respect of education/ medical/Domestic.
Eligibility
  • Applicant must be Regular/Associate/ Nominal Member having satisfactory income to repay the Loan.
  • Possession of Savings Bank Account which is KYC compliant
Quantum of Loan Maximum limit of Rs. 300000/-
Margin 25% of the value of NSC and 10% of the Surrender value of the Life Insurance Policy.
Processing fee 1.10% of loan amount with minimum of Rs.250/-
Interest Rates As prescribed by the Board
Tenure 60 Months
Repayment Mode In equal monthly installments with monthly interest or in equated monthly installments.
Documents required.
  • Loan Application
  • Copy of Income Assessment Order for non salaried persons
  • Salary Certificate for salaried persons
  • Original National Savings Certificate/Insurance Policies with latest premium paid receipts
Release of Loan Amt
  • Execution of prescribed document by the borrower.
  • Creation of charge in favour of the Bank on securities offered
  • Loan amount will be credited to the savings bank account of the Borrower

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