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government securities

  • Eligibility
    Purpose To meet personal expenses/business expenditure except speculative/prohibited purposes
    Eligibility
    • Indian Nationals 18 years and above
    • Firms/companies provided the offered securities are in the name of those firms/companies.
  • Finance
    Type of Facility
    • Overdraft limit (renewable every year)
    • Demand Loan (repayable in 36 months)
      Under no circumstances, the facility would run beyond maturity of the security papers
    Amount of Loan ₹ 50.00 Lacs (maximum)
  • Security and Margin
    Security Govt. securities, PSU Bonds, Securities/Relief Bonds issued by RBI/ICICI/IDBI, NSCs, LIC Policies of LIC of India or any other such security transferable/assignable to the Bank.
    Margin
    • 10% surrender value of insurance Policy
    • 25% of the face/accrued value of the security in other cases.
  • Rate of Interest and Repayment
    Rate of interest (floating) 1 YEAR MCLR + 2.00% p.a. with monthly rest
    Penal Interest Penal interest @ 2% p.a. over and above the normal lending interest rate shall be charged on irregular portion & for the period of irregularity.
    Process/ upfront fee ₹ 10/- per certificate with a minimum of ₹ 50/ + Service tax, if any. However, postal charges, if any, shall also be recovered from the borrower.
    Repayment 1. Overdraft limit -renewable every year
    2. Demand Loan- repayable in 36 months
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