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Interest Rates:-
7.75% to 8.50%
Eligibility:-
As Per BOARD RESOLUTION OF 13/04/2018, AGENDA NO. 08 (In Bye –Laws) such as Loan/overdraft against, LIC Policy, NSC and KVP.
Applicant/s & Guarantor/s should complete age of majority as per Law of India
2. 90% of surrender Value of LIC policy
3. 90% of Principal Value of KVP
4. 85% of Principal Value of NSC
5. (i) Loan/ OD facility/ies will sanction on Loanable life policy/ies of
LIC but no Loan/Limit will sanction on Pension Plan Policy
(ii) Minor Policy will not consider
(iii) At least 3 Years premium should be paid regularly.
Terms and Conditions:-
(1) Original LIC Policy/ies and NSC/KVP must be submitted to the bank after completion of assignment procedure in favor of the Bank.
(2) In case of LIC Policy/ies, it should be Loanable.
(3) Margin (a) 10% on surrender value of LIP of LIC policy/ies and face value of KVP
(b) 15% on Face Value of NSC
(4) Charges of endorsement/assignment will be borne by borrower.
(5) Floating Rate of Interest 7.25% to 8.50% p.a. (Being Repo Rate (Presently 4%) +4.75%)
(6) No. of Installment _______months.
(7) EMI : Rs. _________ or Monthly Interest Paid.
(8) Loans & Advances tenure will be fixed after discussion with propose Borrower/s.
(9) Original Share Certificate of Applicant/Borrower, Guarantor/s existing and/or new should be kept with bank till the closed of Loan/Limit Account/s.
Documentation:-
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