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loan against deposit

  • Eligibility
    Purpose To meet personal expenses / business expenditure except speculative / prohibited purposes.
    Eligibility
    • All Indian Nationals of 18 years and above.
    • Firms/companies.
    • Advance against deposits to Trust/Society /HUF/Club/Associations of Persons etc.
    Type of Facility
    • Overdraft limit (renewable every year)
    • Demand Loan
  • Finance
    Type of Facility

     

    • Overdraft limit (renewable every year)
    • Demand Loan
    Amount of Loan  Rs. 500.00 Lac (maximum)
    Description of Deposit
    a. Self Term Deposit The deposit stand either in the name(s) of the borrower himself/borrowers themselves, or in the names of the borrower jointly with another person
    b. Third party Term Deposit The deposits do not stand either in the name(s) of the borrower himself/borrowers themselves, or in the names of the borrower jointly with another person
    c. Other Bank Deposits No Loan shall be granted against the deposit of Other Banks.
  • Security and Margin
    Security Pledge of duly discharged unencumbered deposit receipt issued by our bank only (Including parent branch / other branch).
    Margin
    S.No. Details of deposit Margin
    1. Advance against Self Deposits less than 6 months 5%
    2. Advance against Self Deposits 6 months & above 10%
    3. Advance against Third Party Deposits 15%
  • Rate of Interest and Repayment
    <
    Rate of interest (floating)
    S.No. Details of deposit Rate of interest
    1. Advance against Self Deposits 1.00% over the applicable rate of interest on deposits
    2. Advance against Third Party Deposits 2.00% over the applicable rate of interest on deposit with a floor of One Year MCLR
    Penal Interest Penal interest shall be charged equal to clean overdraft rate of interest for the period of irregularity, in case the account is irregularly overdrawn.
    Process/ upfront fee NIL
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