Pusad Urban Bank
 
LAFDR / Term Deposit
 
Eligibility
  • The applicant should have the resident of area of operation of the Bank.
  • Loan against Term Deposit shall be granted only on the deposit receipt of Pusad Urban Bank.
  • The Loan can be given to the depositor in whose name the deposit receipt is held.
  • Incase of joint depositors signature of all is required.
  • The term deposit receipt is required to discharged by all term deposit holder the name mentioned on the deposit receipt.
  • The loan against deposit may not be sanctioned against the term deposit receipt which is already lien to the other loan accounts
Membership
  • Not required.
Type of Loan
  • Term Loan
  • Turn over Loan
Basis for deciding loan limit
  • 80% of the principle amount of deposit.
  • 80% of principle amount + Interest accrued.
Documents required
  • Original Term Deposit Receipt.
  • Promissory note.
Guarantors
  • Guarantors not required.  
Collateral security
  • not required.
Interest Rate
  • Interest will be charge 2 % over the actual deposit rate mentioned in the deposit receipt.
 
 
 
       
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