| Loan Amount |
Minimum Rs 10,000/-, Maximum Rs 3.00 lakhs |
| Repayment Tenor |
1 Year or remaining residual tenor of the Bond, whichever is earlier |
| Processing Charges |
2.50% on Loan Amount + GST for Bond Loan, for Loan against FD its NIL |
| Foreclosure Charges |
4% on Loan outstanding f or Bond Loan, for Loan against FD its NIL
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| Primary Security |
Hypothecation of Stocks in favor of CITO Nidhi. |
| Guarantee |
Not Applicable |
| Other Terms & Conditions |
- Loan upto 85% of your Fixed Deposit / Recurring Deposit with 3% additional interest rate of FD/RD
- Avail Loan upto 70% of your NSC/KVP/LIC and other approved GOVT Bonds
- Mandatory undertaking from the borrower/s to effect that the loan / limit will not be for speculative purposes.
- Can be availed as Overdraft or Demand Loan or Term Loan or Bullet Payment Loan
- For FD Loan, at the time of maturity, the loan amount will be fully adjusted against the FD/RD and balance amount can be paid to the customer. Loan against MIP deposit, the monthly interest can be adjusted to the loan account towards interest
- Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Loan policy on delayed payments
- Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
- Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified.
- All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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