SMSO Loan against Deposit Receipt
An ideal way to maintaining liquidity while optimizing the returns of your invested funds
- Loan against Deposits is a facility offered by SMSO to their members. against your deposits held with us. For your liquidity requirements, avail 75/80% of the value of deposits held, without breaking the deposit.
- You can avail a loan against the security of FDR / RD deposits.
- Part-payment of Loan allowed.
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You need not close the deposit prematurely, and can avail the loan :
- At the branch where you maintain the deposit.
- For a maximum of 75/80% of the face value of deposit.
- At an interest rate linked to Deposit Rate against FD / RD deposits.
- Interest for loan appropriated against interest payable to Deposits.
Loan against Deposits
| Eligibility | Term Deposit / Recurring Deposit Holder |
| Amount of Loan | Fixed deposit: Loan amount to a maximum of 80% of the Deposit amount. (75% for TDS members). Recurring Deposit: Loan on total amount of subscription paid (80% of subscription paid). Cumulative Deposit: Loan amount to a maximum of 80% of the Deposit amount. (75% for TDS members). |
| Repayment | * Flexible. * Maximum up to date of maturity of deposit. |
| Prepayment charges | Interest Rate: 1% over the contracted rate for the Term Deposit/Recurring Deposit pledged. |
| Security | Pledge of Term Deposit/Recurring deposit Receipt. |