HCBL-Budget is a unique loan scheme for advance against Fixed or Term Deposit Receipts
Purpose – To meet out personal or business need both in form of term loan or overdraft (as applicable)
Eligibility – Individual, Professional or Self employed or Businessmen having deposit accounts with Bank.
Amount Of Loan – At the discretion of the Bank
Repayment – Maximum time period 36 months or maturity of security whichever is earlier. However, interest may be served at monthly intervals. .
Document – Identity Proof such as voter’s identity card, driving license, Passport, Reputed Employers identity card etc. Address proof such as copy of Electricity Bill, Telephone Bill, Ration Card etc.
The bank expects the borrower to submit the following documents at the time of disbursement
- Original FDR
- DPN/MCR/3 Revenue Stamps
- Letter of waiver
- Letter of lien and set off
- 5.Letter of continuity (in case of overdraft)
- Deposit receipt duly discharged
- Guardian declaration (Deposit in name of minor) that amount of advance would be utilised for the benefit for company use.
Rate of Interest – 1% above deposit rate in case of term loan and 2 % above the deposit rate in case of overdraft
Security – Pledge of duly discharged FD, RIP or RD Receipt.