Apex Overdraft

Loans to individuals pursuing such activities like Retail trade, Small Business and professionals.
Loan against the security of National Saving Certificate/Life Insurance Corporation policy/Gold Ornaments, etc.

Purpose:

Individuals pursuing such activities like Retail trade, Small business, Professionals, Agriculturists and having any other source of income who are properly introduced to the Bank.

Maximum Limit:

Rs.20,00,000.

Rate of Interest:

13.00% for rest for the overdraft against FD the interest rate is 2% over and above normal rate paid on Fixed Deposit.

Pre-Closer Charges:

1.00% on outstanding balance.

Eligibility Criteria:

60 % of the face value of National Savings Certificate.
75 % of the surrender value of the Life Insurance policy.
65 % value of Gold OR Rs.7500/-per 10 grams of Gold. (as to be notified as and when changes are effected in general Jewel loan rules)

Repayment:

2 years in respect of Overdraft against Gold. In respect of Overdraft against LIC Policy and National Savings Certificates is on maturity date. The interest must be payable on monthly rests, subject to renewal of Overdraft every year.

Documentation:

Application.
Pronote/Pronote covering letter.
Photograph of the borrower/co-obligant.
Salary certificate/IT returns.
Hypothecation of Pledge of securities which are pledge for availing the same.