Loan Against Paper Securities

Overview

Pledge your Kisan Vikas Patra (KVP) / National Savings Certificate (NSC) / Life Insurance Policy (LIC) as security and obtain loan against them.

Purpose & Eligibility

  • Purpose:
    • To meet personal / family expenses in case of any exigencies
    • To meet finance-gap in business or any legitimate purpose acceptable to the bank
  • Eligibility :
    • Salaried employees
    • Businessmen
    • Self-employed
    • Professionals having regular source of income
    • Firm (proprietary / partnership / limited liability partnership)
    • Private / public limited company

Quantum & Tenure

  • Quantum :
    • Subject to bank’s exposure limit
  • Tenure :
    • In case of regular loan against paper securities : Maximum 5 Years or residual period of maturity whichever is lower
    • In case of overdraft facility against paper securities : 1 Year, subject to annual review (monthly interest servicing would be must)
tenure-image

Documentation & Security

  • Basic Documents :
    • In case of new customer, applicant & guarantors need to open savings / current account
    • Kisan Vikas Patra (KVP) / National Savings Certificate (NSC) / Life Insurance Policy (LIC)
  • KYC documentation
    • Proof of identity
    • Address proof of applicant
  • Application Form
    • Duly filled & signed loan application form
  • Security :
    • Kisan Vikas Patra (KVP) / National Savings Certificate (NSC) in the name of the applicant to be pledged and duly discharged
    • Assignment of Life Insurance Policies

ROI

  • ROI :
    • Please click here to know about latest ROI & Service Charges.