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Government Securities Loan ( N S C \ K V P \ I V P \ L I C )

In case of NSC :

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Purpose :

  • Any purpose.
  • The amount should be sanctioned after enquiring about his/her repayment capacity.

Limit :

No ceiling. Since the advance against such securities attracts NPA norms, interest should be regularly and promptly debited on monthly basis and recovered. In case of need, proper follow up should be undertaken.

Conditions :

  • NSC standing in the name of minors can not be accepted as Security for advances.
  • In case, any NSC is standing in the joint names, authority to borrow against Security of the said certificate/s by the applicant should be obtained and submitted along with the application.
  • In case, any NSC is standing in the joint names, authority to borrow against Security of the said certificate/s by the applicant should be obtained and submitted along with the application.
  • In case of default, the Bank to take action to realise the proceeds of the certificates on maturity and to adjust them towards the loan amount.
  • Registration of the Bank?s lien marking with the issuing Post Office.
  • To become a Nominal Member.

In case of K. V. P.(Kisan Vikas Patra ) and I. V. P. ( Indira Vikas Patra) :

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Period : One year or maturity period whichever is earlier

Purpose :

  • Any purpose
  • The amount should be sanctioned after enquiring about his / her repayment capacity

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  • No ceiling
  • Since the advance against such securities attracts NPA norms, interest should be regularly and promptly debited on monthly basis and recovered. In case of need, proper follow up should be undertaken.

Conditions :

In case of Kisan Vikas Patra

  • In terms of Rules 12 and 13 of the Vikas Patra Rules, 1998 the premature encashment of K.V.P. is allowed any time after expiry of 2 years and 6 months from the date of certificate.
  • Amount payable inclusive interest has also been specified.

In case of Indira Vikas Patra

  • Premature encashment of Indira Vikas Patra are not allowed and they can be encashed only on maturity.
  • Though Indira Vikas Patra can be pledged in favour of the Bank, no lien can be registered as the certificates are issued without registering the name of the purchaser.
  • As these certificates are freely transferable utmost care should be taken for their safe custody.

Other conditions

  • When the advance is fully repaid, the certificates are to be delivered to the borrower.
  • In case of default, the Bank to take action to realize the proceeds of the certificates on maturity and to adjust them towards the loan amount.
  • To become a Nominal Member.

In case of L.I.C. Policy/ies :

Extent :
O.D. Facility is only allowed.
75 %of surrender value.

Limit :  No Ceiling

Period :  One year

Conditions :

  • Certificate certifying the Surrender Value.
  • Pledge of policy in the name of the borrower duly assigned in favour of the Bank.
  • Age of assured should be got admitted.
  • Premium receipt for having paid premium up to date should be obtained periodically to ensure that the policy is in force. It is advisable to obtain a letter of Authority from the borrower for making payment of premium by debiting his S.B./Current Account directly.
  • Assignment should be registered with the LIC
  • In case of prior assignment in favour of assured relations etc. assignees should join the holder of the policy in further assigning it in Bank?s favour.
  • The policy taken for the benefit of wife under Married Woman Property Act creates a statutory trust implied in favour of wife and in such a case, a separate deed of revocation executed by wife on Stamp Paper is necessary before accepting the policy assigned by the assured.
  • The policy itself together with the requisite notice assigned by the policy holder should be sent to LIC for registration of assignment.
  • A letter from the assured to LIC authorising surrender of the policy and payment of surrender value to the Bank as and when required without any further reference to the borrower.

The assignment should be duly registered with LIC by sending the policy itself together with the requisite notice signed by the policyholder. Specimen copy of format for Assignment of LIC policies and format of the letter from the policy holder (i.e. Notice) are as under :

Extent :

  • Up to 85% of the deposit?s Receipt/s ( Bank to keep margin of 15% ).In case of Senior Citizen, the same is up to 100 %, as no margin is kept.
  • In case of Term Deposit in the nature of Re-Investment plan Recurring Deposit, apart from principal amount, interest accrued there on may also be taken into consideration for maintaining stipulated margin.
  • Ordinarily the deposit should be of the branch it self where from the loon is sought.

Purpose :

To meet with personal/short term needs.

Period :

Loan should be repaid by monthly or quarterly installments or in one installment as fixed by H.O. subject to maximum period of 10 years or on or before the maturity date of FDR whichever is earlier.

Maximum Limit : No ceiling

Rate of interest :

  • Rate of interest as advised by H.O. from time to time should be applied
  • In case of third party deposits, higher rate of interest as advised by H.O. from time to time should be charged.

The interest when debited should be recovered from the borrower promptly.

Requirements

  • Obtain application in writing duly signed for granting Loan / Advances.
  • Obtain the Renunciation Letter duly signed by the depositor pledging his F.D.R. or R.D. Pass Book as a Security.

Other Conditions

  • Obtain Deposit Receipt/s duly discharged / relative Pass Book along with written authority of the borrower for adjustment of the loan / advance amount on maturity of the deposits.
  • In case of advance against deposits in two or more names, all the account holders must discharge the deposit receipts and sign the documents.
  • Borrower need not be Regular or Nominal member.
  • Interest due on the deposit shall not be paid on the deposit unless interest on the loan is cleared by the borrower.
  • Loan/ Advance against the pledge of deposit standing in the name of minor should not be considered. In case, any depositor insists on availing loan, the matter should be referred to H. O.
  • In case of advance against the pledge of deposit standing in the name of third party, the nature of relationship between the borrower and the depositor should be disclosed and a letter of consent signed by the depositor should be obtained authorising the bank to hold receipt as security for the advance and utilise the amount of deposit on maturity towards liquidation of borrower?s dues.
  • When loan is granted against more than one FDR maturing on different dates, the proportionate advance should get adjusted from the proceeds of the FDR maturing first. However, the entire loan would get adjusted on the maturity of the last FDR. In case of Cash Credit facility which is re-payable on demand and subject to re-view every year, the outstanding in the account should get proportionately adjusted on due date of each FDR from its proceeds, unless the FDR is renewed for a further period and is pledged again duly discharged in favour of the Bank as security.
  • On repayment of loan, the Bank?s lien should be cancelled and the receipt returned to the borrower.
  • Interest on the loan against the deposit and reinvestment should be debited every quarter and will be merged with the principal amount if the interest is not received before the end of particular quarter.
  • Wherever the interest on deposit is paid monthly or quarterly by bank, care should be taken to ensure that the interest is appropriated towards the loan account.

Types of Borrowers :

Individuals :

If the borrower is an individual, it should be ensured that he is not a minor i.e. a person who has not completed 18 years of age (21 years in the case of a minor under a guardian appointed by court.) he/she is not of unsound mind.he /she is not an undischarged insolvent.As otherwise, the person cannot enter into the legally binding contract and hence can not borrow from the bank.

Joint Hindu Family :

If the borrower is Joint Hindu Family, Karta Form should be obtained to bind the coparceners and to secure their consent to all acts of Karta in conducting the account with the Bank. This form should be completed and signed by the Karta and all the major coparceners, with names of minors and their dates of birth recorded therein

Sole Proprietorship Firms :

If an individual carries on business under trade name, a declaration of sole proprietorship must be obtained and other precautions taken as for individuals.

Partnership Firms :

If the borrower is partnership firm, it is preferable that it is registered partnership and that it is also registered with the I.T. Dept. Partnership letter i.e. Declaration showing the names of all partners should also be taken. If a minor has been admitted to the benefit of a partnership, his /her date of birth should be noted. The number of partners constituting the partnership should not exceed 10 in case of a partnership doing banking business and 20 in other cases. It should also be ensured that – no partner is a lunatic or - an undischarged insolvent.

Limited liability companies (including corporations established by legislature) :

If the borrower is a limited liability company whether public or private, the care should be taken as under :

  • The Certificate of Registration should be verified and a copy should be kept on record;
  • A copy of its Memorandum of Association and Article of Association should be obtained and verified to ensure that the purpose, scope and extent of credit facilities fall within the ambit of objects of the company and the borrowing powers of the Board of Directors.

Trusts :

A Trust is created under a will or a deed of settlement duly registered. It is an equitable obligation imposing on the Trustees, the duty of dealing with trust fund over which they have control for ensuring the objectives of the trust. Trustees can not borrow against trust property unless specifically authorised by the trust deed and the borrowed funds are to be used for the purpose of the trust. Trustees cannot intermingle trust property with their property. All the trustees should join in signing the documents unless otherwise provided in the trust deed.
Further the permission from the Charity Commissioner should be obtained first by the trust before borrowing from the Bank. In the light of these limitations, advances to trusts are generally discouraged.

Rules & Regulations will apply at the time of submitting different credit proposals.