Loan and Secured Overdraft Against Govt. Securities
GOVT. SECURITIES :
LOANS AGAINST NSC/ SURRENDER VALUE OF LIC POLICY.
Who can Borrow
Must be Banks Member
Purpose
Any business or personal purpose.
Prerequisites
- National Saving Certificates should be at least 2 years old.
- Bank's lien to be noted on the National Saving Certificates with the Post office. Similarly, in case of other securities, with the respective issuing authorities wherever necessary.
- In case of LIC Policies, the same should be assigned in favour of the Bank and the assignment notice should be issued to the insurance company and noted with them.
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