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Loan Details
Advance Against Tangible Security
Financial support for personal expenses against tangible security.
Purpose
- Personal Expenses
Quantum of Loan / Amount
- No limit
Margin
- NSC/KVP: 25 % of Face Value if residual maturity period is more than 3 years.
- 25 % of Face Value if residual maturity period is less than 3 years.
- LIP: 25% of surrender value
ROI
10% p.a.
Documents / Income Proof
- Surrender value certificate.
Security
- In case of LIP, the terms and conditions of the Policy should state that Policy can be assigned / Loan can be availed against the Policy.
- LIP should be assigned in Bank's name.
- If it is against third party, policy holder should be taken as Co-applicant.
Surety
- Two Surety
Tenure / Repayment
- 7 years in case of TL OR date of maturity whichever is earlier.
- OD facility subject to annual review or date of maturity whichever is earlier.
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