| Purpose |
- To meet personal/social/financial obligation
|
| Nature of facility |
|
| Eligibility |
- Individual, Natural person
- Must be a registered user of Mobile Banking (Omni Channel)
- Holding Fixed deposit account at our bank.
|
| Loan Amount |
- Min. amount of Loan Rs. 50000
- Max. Up to 1 Crore not exceeding to 90 % of Fixed Deposit amount.
|
| Repayment Period |
|
| Rate of Interest |
- 2% higher than FD opened rate
|
| Security |
- Lien mark to Fixed Deposit account.
- Loan shall be auto settled at the time of maturity
|
| Repayment |
- Quarterly interest for outstanding amount to be paid by the customer
- Subject to renewal upon satisfactory performance
|
| Processing Charge |
|
| Prepayment Charge |
|
| Penal Interest |
- In case of default in repayment of loan, the borrower shall be liable to pay penal interest @ 2% over and above the applicable rate on the amount of default and for the period of default.
|
| Documentation |
- Customer clicks and accepts all the required documents in Omni channel.
|
