Public Deposit

Loan Against Deposit

In order to provide Easy Liquidity to the depositor HUDCO provides Loans against the Fixed Deposit

The applicant can take the loan against the Fixed Deposits under the following schemes only:

  1. HUDCO REGULAR PLUS: PERIODIC INCOME SCHEME.
  2. HUDCO MULTIPLIER PLUS: CUMULATIVE INCOME SCHEME.

Features of the Scheme:

  1. The Depositor is entitled to a loan of 75% of the amount of deposit (i.e. principal amount and excluding accrued interest, if any).
  2. The Depositor can avail this facility only after 3 months from the date of commencement of deposit.
  3. The interest charged will be 2% above the Interest being paid on the deposit.
  4. Depositors of HUDCO REGULAR PLUS: PERIODIC INCOME SCHEME however has to deposit all the interest warrants issued to him and further no interest warrants will be issued to him and these warrants will be kept by the company and will be credited as payments into his Loan Account as and when these warrants become due.
  5. The period of the loan will be till the date of maturity of deposit.
  6. Depositor can pay any amount and adjust the loan before the maturity of deposit, however on the maturity date the maturity amount will be credited into the loan account and the loan will be adjusted and the balance amount if any will be refunded to the depositor.
  7. Deposits received u/s 80c are not eligible for loan against deposit facility.

How to apply?

It is very simple, depositor has to deposit Fixed Deposit receipt, endorsed in favour of HUDCO along with an undertaking at HUDCO Offices.