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Loan Against NSC/LIC Policy
A loan Against National Savings Certificate (NSC) or Life Insurance Corporation (LIC) Policy is a type of secured loan that allows individuals to borrow money by pledging their NSC or LIC policy as collateral. The loan amount that can be availed is a percentage of the policy value, and the interest rate is generally lower than that of unsecured loans.
It is an easy way to generate the required funds because as mentioned earlier this loan is offered at lower interest rates compared to other types of loans. Additionally, since these loans are secured against the policies, there is no need for the borrower to provide any other collateral.
It is an easy way to generate the required funds because as mentioned earlier this loan is offered at lower interest rates compared to other types of loans. Additionally, since these loans are secured against the policies, there is no need for the borrower to provide any other collateral.
- Flexible repayment options
- Competitive interest rates
- Quick processing
- High loan amounts
- Customized loan structures
- Expert financial guidance
Term Loan
At our bank, we offer a term loan, which is a type of loan that provides the borrower with the flexibility and financial support they need to fund their requirements. This loan is usually disbursed in a lump sum, which allows you to get the funds you need to utilise without having to worry about managing multiple disbursements.
Over Draft Limit
We also offer the overdraft facility a flexible credit product that provides borrowers with access to a pre-approved line of credit. With this revolving credit facility, you can withdraw funds up to a predetermined limit as and when needed. This means that you only pay interest on the amount borrowed, and the interest is calculated on a daily basis.
You are required to submit your KYC documents such as PAN card, Aadhaar card, rental agreement/electricity/telephone bill/election card, original LIC policy/NSC and other documents as applicable.
The extent of the loan offered is a crucial factor for borrowers to consider when taking out a loan. In the case of a loan against a fixed deposit account, the extent of the loan offered is up to 70% of the face value of your NSC or up to 70% of the surrender value of your LIC Policy.
When availing of a loan against an NSC/LIC policy, the security offered by the borrower plays a crucial role in determining the extent of the loan that can be granted. In this case, the bank keeps the pledge or lien of the original NSCs or the assigned LIC policies. This provides the bank with a safety net and ensures that the loan is protected against default.