Deposit Loans
Eligibility:
The proponent should be the depositor of the Bank.
Primary Security:
Pledge of the duly discharged term deposit receipt by all the joint holders of the deposit.
Collateral Security:
No collateral security is required
Amount of Loan:
85% of the face value of the deposit i.e.85% of principal of the depositat the time of opening,There is no maximum limit.
Margin:
15% of the deposit value.
Rate of Interest:
Loan against Bank Term Deposits: 1% over the interest payable on term deposit.
Tenure of Loan:
Remaining period of maturity of deposit.
Contribution to Share Capital:
Nil.
Processing charges:
Nil.
Other charges:
Nil.
Required documents:
Duly discharged deposit certificate & KYC documents of depositor if not submitted earlier while making deposit.