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How to get loan against NSC?

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0 2022-08-17T13:17:40+00:00
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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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How to get loan against NSC? 

  • 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:

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What is national saving certificate?

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Rohan Dutta

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