LOAN AGAINST OVER DRAFT

 

 

Eligibility of borrower:

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

Purpose of Loan:

  • Any personal requirement


Quantum of Finance:

  • Loan up to 90% of Deposit value of FD.

    • Repayment period:

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


Features:

  • Loan tenure up to 12 months.
  • Nominal Processing Charge.
  • No Pre-payment/fore-closure charges.
  • Easy Process.
  • Interest is to be charged on reducing balance method.
  • Two Guarantors, out of one must be a non-relative guarantor.


Security:

  • Lien marked of FD and pledge with the Bank