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Advance Against Tangible Security
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Advance Against Tangible Security

Title

                                  Norms

Purpose

  • For personal expenses

Eligibility

  • The LIP should be in force for a minimum period of 3 years and should be assignable.
  • NSC/ KVP should be minimum 1 year old in case of TL

Limit of Loan

  • No limit

Basis of Advance

  • NSC: 90 % of Face Value if residual maturity period is less than 3 years.
  • 85 % of Face Value if residual maturity period is more than 3 years
  • LIP : 90% of surrender value

Repayment Period

  • 5 years in case of TL OR date of maturity whichever is earlier

Rate of Interest

  • Floating @PLR -3.25: 11.00% p.a

Processing Fee

  • Nil

Shareholding

  • For Loan upto Rs 1.00 Lakh: Nominal Membership
  • For Loan above Rs 1.00 Lakh: 2.50% of the sanctioned amount max Rs 25000/-

Security

  • In case of LIP, the terms and conditions of the Policy should state that Policy can be assigned / Loan can be availed against the Policy.

Documentation

  • Prescribed loan application form
Conditions apply
93902443ce2aa20501d710077a23b4f2 savings account, loans, SME loans, NRI banking services, Forex, car loan, home loan, co-operative bank, trade finance
Saraswat-Bank
Saraswat-Bank