Loan Against Securities or LAS in short is a type of loan where one can pledge shares, lien mutual funds or assign life insurance policies as collateral to the bank to get overdraft facility against the current valuation of the securities offered.
Loan Against Securities is typically offered as an overdraft facility in a current account after securities are pledged to bank. A person can draw money from the account, and pay interest only on the loan amount used and for the period it is used for.
For example, If a person is offered a loan against shares of Rs 2 lakhs. Let’s say, He draws Rs 50,000 and deposit the amount back into LAS account in one month. In this case, He is liable to pay interest only for one month on Rs 50,000.
The amount of loan a person is eligible for depends on the value of the securities offered as collateral.
LAS can be availed jointly with Co-applicant or Guarantor and their securities can also be added to the collateral.
There are only some activation charge is payable and no foreclosure charge applicable. The facility is given for 12 months with renewable mode.
A person can use the facility for almost any purpose except some that are mentioned in the loan documents.
For more details on this product anyone can connect us on 9830093813. We have expertise in this product.
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