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% 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.
  • As an overdraft or as a demand loan.
  • For a maximum of 75% 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 / OD against Deposits
Eligibility Term Deposit / Recurring Deposit Holder
Amount of Loan 75% of Principal of deposit.
Repayment * Flexible.
* Maximum up to date of maturity of deposit.
Prepayment charges Interest Rate:
2% over the contracted rate for the Term Deposit/Recurring Deposit pledged.
Security Pledge of Term Deposit/Recurring deposit Receipt.
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