National Saving Certificates (NSC), are safe and secured investments. They offer higher interest rates and flexibility which is ideal for working-class people. The most interesting thing about NSC is that banks provide loans to all NSC certificate holders since the certificate acts as collateral/ security for the loan. I will share with you how to get loan against NSC.
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Generally, banks do not question the need for a loan unless you need the loan for a specific interest. And with the help of NSC, you easily avail of a loan. You can secure loans such as medical, household, education, and business loans with NSC. The NSC against a loan is used as collateral or security deposit.
The tenure of the loan secured against the National Saving Certificate is equal to the tenure of the certificate. Borrowers can pay the loan in advance before the tenure ends.
The interest rate to get loans against NCS is lower compared to the personal loan. Generally, the bank offers interest ranging from Base Rate + 4% to Base Rate + 7%. I hope you know.
For loan against NSC you will need documents such as:
Valid ID proof- Passport, PAN card, Aadhaar Card.
Income Proof
Recent passport size photograph.
Original NSCs to obtain the loan.
The
loan against NSC interest rate varies. For example in SBI, for loan against NSC the effective interest rate is 10%.
I hope you know the process of how to get loan against NSC.
Read more:
Where to Open
NPSAccount?
Can I Open
NPSAccount Online?
What is national saving certificate?
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How to get loan against NSC?
Samay
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2022-08-17T10:33:48+00:00 2023-06-14T11:12:20+00:00Comment
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