|i||Eligibility||Any Individual, Group of Individuals, Proprietorship/ Partnership Firms, Companies etc., who is a bonafide member of the Bank.|
|ii||Type of Facility||Loan and/or Overdraft limit.|
For any legitimate requirement of funds.
25% of the surrender value of the Life policies.
|v||Rate of Interest||As per Bank’s rules.|
|vi||Repayment||As required by the borrower, but not later than the date of maturity of the instrument/s pledged with the Bank.|
|vii||Security||Assignment of Life Policies on the life of the borrower or any third party, who shall stand as surety for the credit facility.|
|viii||Other Conditions||a) Assignment of Life Policy in bank’s favour to be registered with Life Insurance Corporation of India, before release of credit facility.
b) Copy of premium paid receipt to be obtained at the time of sanction and every year thereafter.
The Vaish Cooperative Adarsh Bank Ltd.
Head Office: 3, Netaji Subhash Marg, Darya Ganj, New Delhi-110002
Admin Office: 21B/7, New Rohtak Road, Karol Bagh, New Delhi-110005
Phone: + 011 41536048 / 45636048