A demand loan is sanctioned for different tenors and payable on demand. It is issued for various purposes to support the various customer requirements. A demand loan is a loan approved for a period of less than three (3) years and repayable on demand. The loan is disbursed by way of a single debit to the customer’s account.
The amount may be allowed to be repaid in lump-sum or in suitable installments, as per terms of the credit approval. This facility shall be permitted on a clean basis or against the security of the Bank’s own deposits and/or other readily marketable securities.
