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Loan-Against-LIC-NSC-KVPM

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The LIC, NSC or KVPM acts as collateral for borrowing loan which individuals can use for their own personal or commercial needs.

Tenure of 1 year

It has tenure on One Year.

Processing Fees 1%

Only 1% processing Fees we do charge on this type of loan.

ROI 15%

It has ROI of 15%.

Aspects

  • Smooth and hassle-free loan processing for quick assistance.
  • Fast approval and quick disbursal of loan amount.
  • Simple procedure with minimal documentation requirements.
  • No guarantor is required to avail the loan facility.
  • Loan amount available up to 60% to 70% of the policy surrender value.
  • Maximum repayment tenure available is up to 1 year.
  • Pre-payment of loan attracts a penalty charge of 2%.

ROI & Handling Charges

  • Loan facility available at an attractive interest rate of 14%.
  • A nominal processing fee of 1% is applicable on the sanctioned loan amount.
  • No additional handling charges are levied during the loan process.

Eligibility

  • Applicant must possess a valid LIC policy to avail the loan facility.
  • The LIC policy should have a guaranteed surrender value.
  • A minimum of 3 years’ LIC premiums must be fully paid.
  • Applicants applying against NSC must provide proof of ownership of the certificates.
  • The Kisan Vikas Patra certificate should be in the applicant’s own name.
  • Applicants between 18 and 70 years of age are eligible for the loan facility.

Documents Required & Shared Holdings

  • New customers and guarantors are required to open a Savings or Current Account with the bank.
  • Duly filled application form along with:
    • Residential Proof of Applicant
    • PAN Card of Applicant
    • KYC Documents of Applicant
  • Nominal membership.