Amount can be used for any Purpose, against security of Bank's own FDR's (Term Deposits).
90% of accrued value.
FDR's (Term Deposits) should be in the name of Applicant.
In case of third party FDR, NOC from third party required for loan.
Co-terminus with due-date of FDR’s,
RATE OF INTEREST
In case of Own FDR's (Term Deposits):- 1% more than FDR ROI
In case of Third party FDR's (Term Deposits):- 2% more than FDR ROI
Lien on Bank's Term deposits
- Loan is sanctioned against Term deposit to Proprietorship firm, Partnership firm, Ltd., Liability Partnership firm or Pvt. Ltd. Company and if the said Term Deposit are in personal name of the Proprietor/ Partner/ Director it will not be treated as Third Party facility and ROI applicable will be 1% above TD interest rate.
- The FLXLN facility will be allowed against Term Deposit of our bank, excluding ATSS/Recurring Deposits /DDS.
- Periodical Interest on QID/MID schemes will be credited to Loan/FLXLN account.
- In case of advance against various deposits receipt with different ROI we charge differential interest rate slab wise depending on outstanding balance or Limit availed in ascending order.