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 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.
    • As an overdraft or as a demand loan.
    • For a maximum of 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 / OD against Deposits

    EligibilityTerm Deposit / Recurring Deposit Holder
    Amount of Loan80% of Principal of deposit.
    Repayment* Flexible.
    * Maximum up to date of maturity of deposit.
    Prepayment chargesInterest Rate:
    1% over the contracted rate for the Term Deposit/Recurring Deposit pledged.
    SecurityPledge of Term Deposit/Recurring deposit Receipt.
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