The amount can be used for any purpose.
a) Loan against NSC
up to 2 year old - 70% of accrued value.
Above 2 years to 4 years old - 75% of accrued value
Above 4 years - 85% of accrued value.
Loan & SOD against LIC Policy - 90% of surrender value.
Loan against KVPs - 90% of accrued value.
SOD against NSC/KVP - 80% of accrued value.
Note : Loan against KVP ( encashable after two and half year).
Maximum 60 installments for loans or co-terminus with maturity period whichever is earlier.
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Up to 1 Lakh - Nominal Membership
Above 1 Lakh - Regular Membership
As per extant Shareholdings Norms
Assignment & Pledge of NSC, KVP & LIC Policies.
SERVICE CHARGES -
As per Service Manual Charges.
- Certificate standing in the name of a minor will not be accepted as security.
- Loan/SOD against LIC, will be considered only against policy issued by LIC of India in applicant's name only.
- NSC issued by Post office outside the area of operation of the Bank should not be accepted.