Indraprastha Sehkari Bank Limited came into existence on 01.10.1989 with one office in Delhi, with a paid up capital of just Rs. 15, 62,900 and 2666 members because of constant efforts made by Late Shri. Tara Chand, an eminent Co-operator who was also the founder of Delhi Nagrik Sehkari Bank Limited, Delhi. The bank is also involved in offering loans such as home loan, educational loan, personal loan, vehicle loan etc.
Purpose – For any legitimate requirement of funds
Eligibility – Any Individual, Group of Individuals, Proprietorship or Partnership Firms, Companies etc., who is a bonafide member of the Bank, including Nominal Member
Type of Facility – Loan and/or Overdraft limit.
Margin – 15% of the surrender value of the Life policies
Rate of Interest – As per Bank’s rules
Other Charges – As per Bank’s rules
Security – Assignment of Life Policies on the life of the borrower or any third party, who shall stand as surety for the credit facility
Other Conditions – Assignment of Life Policy in bank’s favor to be registered with Life Insurance Corporation of India, before release of credit facility.
Certificate of Surrender Value of life policy be obtained and kept on record at the time of sanction and every year thereafter.
CEO shall have the discretion to relax the condition of margin up to the maximum of 5% in deserving cases on merit of each case.