All the nationalized banks and private banks, even individuals offer loan against NSC Bond Pledging.
Not only NSC bond, any other bonds you have which is authorized by Government.
I get a secured loan within two days from a Nationalized bank for low interest compared to personal loans or private bank loans.
By getting secured loan from Nationalized Government bank, I am relaxed even when I defaulted in my EMI one or two months and resume the EMI.
If it is a private bank or private person, I would have tortured by Collection executives or ‘Gundas’ or ‘Loan Recovery Rowdys’.
Here are the steps for Pledging NSC Bonds.
1) Get the NSC bond Pledging Form from the post office issued your NSC Bond. Number of Forms will vary for number of Bonds you have, Please consult at the post office.
2) Approach the Branch Manager of the Bank where you have Savings Account and seeking secured loan.
3) Get the NSC Bond details filed in the form.
4) Get the Manager Signature with seal in the form where it is mentioned. I remember there are two places required Bank Manager’s sign with seal. If you miss out anything in the form especially Bank Branch Managers sign and seal, you will be bounced back from post office to bank again.
5) Go to Post Office. Pay Rs.5 as processing fee for each NSC bond slip you pledge
6) Submit the NSC Bonds, Filled Form, and the Receipt of Processing fee paid to clerk or officer who takes care of Bonds in Post office.
7) Clerk will note the pledging in their record book. They will put the seal “Pledged to So and So Bank” in the NSC bonds.
8) Return to bank and submit the NSC bond to the Branch Manager. You have to fill the loan application form. Which is normal procedure for all loans issued by Government Bank
9) Within one or two days the loan amount granted to you will be credited into your S/B account.
The above steps may be seems to be easy. But in practical this will not be easy for an average citizen of India, who does not have influence in society.
Post Office Level
You need to rush to Post Office early in the Morning. If you report to Post office after 11am or 12am, your job will not be get it done on the same day.
You should be at post office at sharp 9:30am and stand in the Q, though the post office staff report by 10AM.
I was asked to come several “next days”. Later I realized the secret. I went to post office by 9:45am and I was the first man in the counter, and get the things done in the same day.
Bank Level
You must know the Branch Manager in person or you must know somebody who knows the Branch Manager in Person or You should be having high volume transaction or deposits to be recognized by the Bank Branch Manager.
The above is the easy way to get loan from Nationalized Government Banks. Otherwise you will have to face “several next days” or lots of evasive answers.
I took a my family friend who is working in Bank to influence the my Branch Manager.
Moreover, every bank has their rule for issuing secured loan against Bonds. Like, the NSC bond must be 3 years old, 2 years old, etc.
Know the period of your bank to pledge your NSC Bond to get easy secured loan.
Luckily the Bank where I pledge my NSC bond needs 1 year old NSC bond to issue secured loan.
Here I shared my experience in getting a Secured Loan from a nationalized bank by pledging NSC bond.
You can pledge your properties or any assets to get Secured Loan apart from Bonds.
Though it is difficult to get loan from Nationalized Bank compare to Private Bank, you are in peace once you get it.
If you are taking secured loan by pledging something, always get it from Nationalized Banks.