Corp Cash Demat
For liquidity against shares in electronic form
1. Eligibility
Individuals who have been properly introduced to the Bank
If the shares are in joint names, the loan account should be in joint names.
2. Purpose
To provide liquidity to investors against shares
To meet contingencies and personal needs or for subscribing to the Rights / New Issues of shares/Debentures/Bonds or for purchases in the secondary market.
3. Loan Amount
Minimum Rs. 50,000/- ; Maximum Rs. 20.00 lakh
[ A declaration from the borrower indicating aggregate of loans against shares availed by him/her from our Bank / Financial Institutions should be obtained]
4. Margin
Minimum 50% of the market value of shares pledged
5. Rate of Interest
Floating rate of interest 14.00% p.a. ( upto 18 months) w.e.f. 04.05.2009
6. Security
Pledge of fully paid up Equity Shares of approved companies, which are mandated for compulsory trading in Demat form loan.
7. Guarantee
Suitable third party guarantee of an IT assessee.
8. Collaterals
Collateral security shall be obtained only where considered necessary, at the discretion of the sanctioning authority
9. Repayment
Repayable within 18 months in EMIs
10. Service Charges
0.50% of the limit sanctioned, subject to a minimum of Rs. 500/- and maximum of Rs. 5000/-
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