1. Loan amount (outstanding) will not exceed 75% of the deposit amount at any point of time. In case of cumulative interest option, deposit amount will comprise of the original deposit amount and interest credited. However, loan amount will be restricted to net present value of the deposit amount discounted at loan interest rate from the maturity date of the deposit in the event of deposit interest is not recovered/repaid against loan interest.
  2. Rate of interest on loan will be 2% above the deposit interest rate. In addition, any other charges by way of tax/levy, applicable on interest on loan, shall be payable by the depositor, as applicable from time to time.
  3. The period of loan will be up to the date of maturity of the deposit. Loan against deposit can be considered only after completion of three month from the date of considered.
  4. All depositors shall apply jointly for the loan and their liability thereto will be joint and several. In case any of the depositors is a minor, loan against deposit shall not be considered.
  5. The loan will be secured by the pledge of deposit by way of delivering to VAIBHAV NIDHI INDIA LIMITED the original deposit receipt duly discharged by of all the depositors as well as the Promissory Note.
  6. Interest on loan will be compounded monthly/quarterly/haly yearly/yearly as per the sole discretion of Vaibhav Nidhi India Limited.
  7. The interest on loan will be recovered/paid from the interest on deposit (subject to TDS, if any) and/or maturity value of deposit. However, interest on loan amount can be paid in part or in full at any time.
  8. The loan amount can be repaid either in part or in full at any time. The outstanding loan amount will be recovered from the deposit amount on the date of maturity or premature withdrawal.
  9. All amounts due either by the way of interest or principal and any other charges (including interest tax) will be recovered from the amount payable on maturity or premature withdrawal.
  10. The above terms and conditions pertaining to loan against deposit are subject to change without prior notice at the sole discretion of Vaibhav Nidhi India Limited.

Preliminary Terms & Conditions subject to change.