Recurring Deposit Loan

Terms and Conditions:

1. Eligibility: Offered to members maintaining an active Recurring Deposit with the institution, subject to minimum balance and tenure norms.
2. Loan Amount: Typically a percentage of the deposit balance or accrued value as per policy; sanction is subject to internal assessment.
3. Interest & Charges: Rates and applicable charges are disclosed in the sanction letter and agreement.
4. Nature of Security: The RD is pledged as security; the deposit continues to earn interest unless terms state otherwise.
5. Repayment: Structured as EMIs or bullet repayment as per product; default may lead to adjustment against the RD.
6. Prepayment: Allowed as per policy; charges (if any) will be clearly stated.
7. Documentation: KYC, RD details, and loan agreement execution are mandatory.
8. Default: Non-payment may result in adjustment of outstanding dues from the RD proceeds and impact credit record.
9. Contact: +91 9640942443, +91 8142851404, jayalakshmicooperativebankltd@gmail.com.
10. Governing Law: Subject to applicable laws and RBI/cooperative guidelines.