Purpose: This loan can be taken for any personal needs against the pledging of liquid security.
Eligibility: This loan can be taken by an individual just like a personal loan or as a joint group or even over an over a third party term deposit in the bank.
Quantum of Loan: Maximum of 75% of the phase value of the liquid securities pledged is granted as loan.
Margin: There is a margin of 25% for this loan.
Rate of Interest: In case of a deposit holder of the bank, the rate of interest is 1% above the rate of interest of the bank account. If the loan is based on a third party deposit, then the rate of interest is 2% above the rate of interest of the deposit in the bank.
Repayment: The maximum period within which the repayment of the loan has to be done is decided based on the maturity period of the liquid security pledged to the bank.
Security: Liquid security pledge d in the name of the bank forms the primary security for this loan. There is no collateral security for the loan.
Other Features: There are nominal processing charges for the loan as per the norms of the bank.