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Loan Against Deposit

Loans may be sanctioned against the security of deposits to meet genuine financial requirements such as

  • Hospitalization expenses and medical treatment
  • Marriage and other family ceremonies
  • Purchase of movable assets
  • Education expenses of children/dependents
  • Any other legitimate purpose not involving speculation or activities contrary to public interest
Eligibility
  • Individual depositors of Shiva Sahakari Bank Niyamita, Davangere
  • Joint deposit holders (with consent of all deposit holders)
  • Borrower must be the depositor or authorized holder of the deposit
  • Adequate repayment capacity
Rate of Interest
  • Penal interest @ 2% per annum on the actual interest rate for overdue amounts.
  • Interest rate shall be charged as per extant Bank norms
  • (Example: If deposit rate is 8.00% p.a., loan interest rate will be 10.00% p.a.)
Security Requirements
01 Step
Lien on Deposit

Lien on the fixed deposit / term deposit / recurring deposit held with Shiva Sahakari Bank Niyamita

01 Step
Deposit Condition

Deposit should be free from encumbrances and under valid lien of the Bank

01 Step
Joint Deposit Consent

In case of joint deposits, consent of all deposit holders is mandatory

01 Step
Loan Limit as per Deposit Value

Loan amount shall be restricted to the permissible percentage of deposit value as per Bank norms

Interest Discount
  • Loan Against Deposit shall be sanctioned at the discretion of the Bank
  • In case of default, the Bank reserves the right to adjust the outstanding loan amount against the deposit
  • All terms are subject to Bank policies and RBI guidelines in force from time to time