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| Loan
against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance
Policies |
| Target Group |
Purpose |
All properly introduced customers after due appraisal of capacity
to service loan and interest
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Any permitted bankable purposes such as Trade, Housing, Professional,
Personal consumption and Educational purposes
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| Processing charges |
Loan Limit |
No processing fee for limits upto Rs.Ten lakhs. Only actual out
of pocket expenses shall be recovered from the borrower. For loans
above Rs.10.00 lakhs, the charges will be Rs.250/- per lakh or
part thereof
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Minimum loan amount - Rs.10,000/-
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| Interest (w.e.f 11.08.2008) |
Margin (For Fresh Loans w.e.f. 11.07.2008) |
TERM LOAN
BPLR + TP minus 2.75% i.e. 11.75% floating
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20% on the interest accrued value of NSC/KVP/RBI Relief Bonds
(of 9% /8% etc.) and Surrender value of LIC policies
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| Repayment |
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For NSC/Relief Bonds:Not exceeding 5 years from the date of advance
For Loan against Life Policies: Advance against LIC policies to be repaid in 6 years
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| Overdraft
against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance
Policies |
| Loan Limit |
Margin |
Minimum - Rs.2.00 lakhs
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15% on the interest accrued value of NSC/KVP/RBI Relief Bonds
(of 9% /8% etc.) and Surrender value of LIC policies
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| Rate of Interest (w.e.f. 11.08.2008) |
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OVERDRAFT LOAN
BPLR minus 1.75% i.e.
12.25% floating
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Note :
For Overdraft / Loans against NSC/ KVP/ Relief bonds/ SV of LIC
Policy availed by entities other than individuals, interest rates
will be applicable based on the purpose for which the loan is availed.
Overdraft/ Loans against third party securities do not come under the purview of the Scheme and such facilities and interest rates are to be considered based on the purpose of the loan.
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