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Dear Customer, We have launched Video KYC facility for New customer to open savings ac

Against LIC Policy

S No. Title Description
1. Eligibility Any Individual, Group of Individuals, Proprietorship/ Partnership Firms, Companies etc., who is a bonafide member of the Bank.
2. Type of Facility Loan and/or Overdraft limit.
3. Purpose For any legitimate requirement of funds.
4. Margin 25% of the surrender value of the Life policies.
5. Rate of Interest As per Bank’s rules.
6. Repayment As required by the borrower, but not later than the date of maturity of the instrument/s pledged with the Bank.
7. Security Assignment of Life Policies on the life of the borrower or any third party, who shall stand as surety for the credit facility.
8. Other Conditions ➤ Assignment of Life Policy in bank’s favour to be registered with Life Insurance Corporation of India, before release of credit facility.
➤ Copy of premium paid receipt to be obtained at the time of sanction and every year thereafter.

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