Loan Against Insurance
To Lend, grand loans to the members on the security of immovable properties either by way of registered mortgage or by deposit of title deed, various types of deposit receipts, moveable assets such as Gold, Silver, Jewellery, Kisan Vikas Patras, National Savings Certificates, Insurance Policies, Government Securities and other securities on favorable rates of interest, As per Rule
You can avail a loan in Indian rupees against the security of Insurance Bond of the LIC OF INDIA. The loan may be used to meet emergency financial requirements, to carry on business activities.
- We accept insurance bond of LIC of India Only and not accept other insurance companies bond
- For a maximum of 50% of the Sum assured of your Insurance Policy
A Nidhi shall provide loans to its Members:
The loans given by a Nidhi to a member shall be subject to the following limits namely:
- Two Lakh Rupees – Where the total amount of deposits of such Nidhi from its members is less than two crore rupees;
- Seven Lakh Fifty Thousand Rupees – Where the total amount of deposits of such Nidhi from its members is more than two crore rupees but less than twenty crore rupees;
- Twelve Lakh rupees, where the total amount of deposits of such Nidhi from its member is more than twenty crore rupees but less than fifty crore rupees; and
- Fifteen Lakh Rupees – Where the total amount of deposits of such Nidhi from its members is more than fifty crore rupees
Provided further that a member shall not be eligible for any further loan if he has borrowed any earlier loan from the Nidhi and has defaulted in repayment of such loan.
REQUIRED DOCUMENTS AS PER LAW:
Primary KYC Documents
- Proof of identity– This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc. – Should be attested by Gazzetted Officer
- Proof of age– Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc. Should be attested by Gazzetted Officer
- Proof of income– This should be an official / certified document which contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 6 months, or Form 16 duly filled in and attached to a salary certificate.
- Proof of residence– This should also be a certified document that verifies your residential address in the eyes of the law. Could be your phone / internet bill, rental agreement, bank account statement, etc.
- Ration card copy – Attested by a Gazzetted Officer.
- Employee ID Copy
- Original Secured Documents: of the property that is being pledged as collateral against the loan or insurance bond or Government security
- Updated land tax copy
- Updated building tax copy.
- Bank statements: for the last 1 year.
- Cheque Leaf – 5 (Customer name should printed in the Cheque leaf)
- Rental Property: Copy of Rental or lease agreement for LRD (Lease Rental Discounting).
- Nominee KYC: Yes (As per company rules)
- Guarantor KYC: Yes (As per company rules)