Bank loans that could glitter for you
By Neelima Shankar
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Every loan has a security or a high ROI

There is no free lunch. This statement holds true in the banking sector. If you are a customer, then it’s important to remember that there is no loan without any reason or security. Hence, there is always a catch when banks say "you need furnish no reason or security."

Either the banks charge a high rate of interest, as in the case of personal loans, or they charge a security. However, if you have ever wondered as to why the interest rates charged by the banks are, generally, less in the latter case. This is because the bank's risk is lower- it can always sell the security to recover the dues in case of a default. A security presents a bank with an intangible asset, and hence, they have particularly no risk for losing the money given to the borrower.

Several categories of assets can be mortgaged to banks, including property, NSCs, KVPs, RBI bonds, etc.

NSCs or National Savings Certificates are certificates which are held for five years by an investor before being redeemed. No interest is paid over the five years. On redemption, all the proceeds are free of tax. If the certificates are redeemed early, the proceeds are tax free, but the effective interest rate achieved is fairly low. If the certificates are not redeemed after five years, they continue to accrue tax free interest but again at a fairly low rate of interest (referred to as the general extension rate).

Kisan Vikas Patra (KVP) is a saving instrument that provides interest income similar to bonds. Amount invested in Kisan Vikas Patra doubles on maturity after 8 years & 7 months. Kisan Vikas Patra are available in the denominations of Rs 100, Rs 500, Rs 1000, Rs 5000, Rs. 10,000 & Rs. 50,000. There is no maximum limit on purchase of KVPs. No income tax benefit is available under the Kisan Vikas Patra scheme. However, the deposits are exempt from Tax Deduction at Source (TDS) at the time of withdrawal.

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