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Updates:
Dear Customer, We have launched Video KYC facility for New customer to open savings ac
Against LIC Policy
| S No. | Title | Description |
|---|---|---|
| 1. | Eligibility | Any Individual, Group of Individuals, Proprietorship/ Partnership Firms, Companies etc., who is a bonafide member of the Bank. |
| 2. | Type of Facility | Loan and/or Overdraft limit. |
| 3. | Purpose | For any legitimate requirement of funds. |
| 4. | Margin | 25% of the surrender value of the Life policies. |
| 5. | Rate of Interest | As per Bank’s rules. |
| 6. | Repayment | As required by the borrower, but not later than the date of maturity of the instrument/s pledged with the Bank. |
| 7. | Security | Assignment of Life Policies on the life of the borrower or any third party, who shall stand as surety for the credit facility. |
| 8. | Other Conditions | ➤ Assignment of Life Policy in bank’s favour to be registered with Life Insurance Corporation of India, before release of credit facility. ➤ Copy of premium paid receipt to be obtained at the time of sanction and every year thereafter. |
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