Security Loan

Purpose

• To meet urgent financial needs.

Eligibility

• Individual

Repayment Period

• For LIC Policies/NSC Certificates:Maximum coinsiding with the maturity date of LIC,NSC
• for Salaried Persons: Maximum Within 3 to 5 Year

Rate of Interest

• 15.50%

Penal Interest

• Any irregularity or default in repayment will attract penal interest of 3.00% p.a. over and above the above rate of interest on the balance outstanding.

Processing fees

• 1.30%

Loan Quantum

• Loan against LIC Policies: The amount of loan 75% of the surrender value.The LIC Policy should got asigned in Bank favour.
• Loan against the NSC: The amount of loan 75% of the face value of the NSC. The NSC certificates should duly assigned in Bank favour.
• Consumption loans for salaried persons: The amount of loan to be 10 times of the take Home Salary to the maximumof Rs. 1 Lakh.

Shareholding

• Nominal membership

Interest Calcualtion Method

• Reduced Balance method