LOAN AGAINST NSC / KVP / LIC/ GOVT. SECURITIES

 

 

Eligibility of borrower:

  • Having current/saving account holder of the Bank.
  • Borrower must be a member// nominal member of the bank

Purpose of Loan:

  • Any personal requirement


Quantum of Finance:

  • Loan up to 70% of Principal value of NSC / KVP and 90% of Surrender value of LIC policy

    • Repayment period:

    • 12 months or till the date of maturity of NSC / KVP as per discretion of Bank
    • Interest on loan should be repaid every month.


Features:

  • up to 2 year old - Maximum 70% of accrued value
  • Above 2 years to 4 years old - Maximum 75% of accrued value
  • Above 4 years - Maximum 85% of accrued value
  • Loan & SOD against LIC Policy - Maximum 90% of surrender value
  • Loan against KVPs - Maximum 90% of accrued value
  • SOD against NSC/KVP - Maximum 80% of accrued value
  • Note : Loan against KVP ( encashable after two and half year)

    • OTHERS

  • Certificate standing in the name of a minor will not be accepted as security
  • Loan/SOD against LIC, will be considered only against policy issued by LIC of India in applicant's name only

    • Repayment For Loans:-

    • Maximum 60 installments for loans or co-terminus with maturity period whichever is earlier


Security:

  • Lien marked certificate of NSC / KVP by the issuing post office in favor of the Bank and to be pledge with the Bank
  • Original LIC policies with assignment in favor of the Bank are to be deposited