Indian Bank Loan Against Securities

Loan against securities

Loan against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies

Target Group

All properly introduced customers after due appraisal of capacity to service loan and interest

Purpose

Any permitted bankable purposes such as Trade, Housing, Professional, Personal consumption and Educational purposes.

Processing charges
No processing fee for limits upto Rs.Ten lakhs. Only actual out of pocket expenses shall be recovered from the borrower. For loans above Rs.10.00 lakhs, the charges will be Rs.250/- per lakh or part thereof

Loan Limit :

Minimum loan amount - Rs.10,000/-

Interest (w.e.f 10.11.2008)

TERM LOAN

BPLR + TP minus 2.00% i.e. 11.75% floating

Margin

25% on Loan against Own NSC/KVP/LIC Policy/RBI Relief Bonds

50% on Loan against Own NSC/KVP/LIC Policy/RBI Relief Bonds, availed by entities other than individuals

Repayment

For NSC/Relief Bonds:Not exceeding 5 years from the date of advance
For Loan against Life Policies: Advance against LIC policies to be repaid in 6 years


Overdraft against NSC/Kisan Vikas Patras/Relief Bonds of RBI/Life Insurance Policies

Loan Limit

Minimum - Rs.2.00 lakhs

Margin : 25% on Overdraft against Own NSC/KVP/LIC Policy/RBI Relief Bonds Rate of Interest (w.e.f. 10.11.2008)

OVERDRAFT LOAN

BPLR minus 1.00% i.e. 12.25% floating

Note : For Overdraft / Loans against NSC/ KVP/ Relief bonds/ SV of LIC Policy availed by entities other than individuals, interest rates will be applicable based on the purpose for which the loan is availed.

Overdraft/ Loans against third party securities do not come under the purview of the Scheme and such facilities and interest rates are to be considered based on the purpose of the loan.

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