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.