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i. |
Eligibility |
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Any Individual, Group of Individuals, Proprietorship/ Partnership Firms, Companies etc., who is a bonafidemember of the Bank, including Nominal Member. |
ii. |
Type of Facility |
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Loan and/or Overdraft limit. |
iii. |
Purpose |
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For any legitimate requirement of funds. |
iv. |
Margin |
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15% of the surrender value of the Life policies. |
v. |
Rate of Interest |
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As per Bank’s rules. |
vi. |
Other Charges |
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As per Bank’s rules. |
vii. |
Security |
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Assignment of Life Policies on the life of the borrower or any third party, who shall stand as surety for the credit facility. |
viii. |
Other Conditions |
a) |
Assignment of Life Policy in bank’s favour to be registered with Life Insurance Corporation of India, before release of credit facility. |
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b) |
Certificate of Surrender Value of life policy be obtained and kept on record at the time of sanction and every year thereafter. |
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c) |
CEO shall have the discretion to relax the condition of margin upto the maximum of 5% in deserving cases on merit of each case. |
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