NIC ASIA Bank launches online loan against FD scheme; to provide instant loans to its FD holders

NIC ASIA Bank has launched an Online Loan against a Fixed Deposit scheme where customers can easily avail 90% of FD or up to Rs 2 lakh as loan through the bank’s mobile banking and internet banking service.

 Borrowers have to pay the incurred interest by end of every quarter while are supposed to pay the principal amount within 1 year of receiving the loan or one day before the FD matures. Customers have to be physically present at the bank for loans beyond Rs 2 lakh while the minimum available loan amount is Rs 5 thousand, as per the media statement.

The bank currently provides its services to its strong customer base from its 360 branches, 519 ATM terminals, 111 extension counters and 65 branchless banking units throughout the nation.