SADBHAV NAGRIK SAHKARI BANK MARYADIT
FD Loan
Loan against FD (Fixed Deposit) is a type of secured loan where customers can pledge their fixed deposit as security and get a loan in return. The amount of the loan depends on the FD deposit amount.The Loan Sanction Amount is 80% of Fixed Deposit Amount.
Features and Benefits of Loan Against Fixed Deposit
- Lower Interest Rates:Since your fixed deposit acts as a security for a loan, the interest rate charged on these loans are lower. The interest rates on these loans are usually lower than the interest rates on personal loans by about 2% to 2.5%. Hence, the equated monthly instalments (EMIs) on these loans are also lower.
- Minimal Paperwork:Since banks already have your details which you furnished during the opening of your FD, the documentation required for availing the loan against your FD will be minimal. You will not be required to submit documents such as your proof of income, Income Tax Returns (ITR), etc.
- No credit score check:When you apply for any kind of loan, lenders will have a look at your credit score before they offer you a loan. However, in the case of a loan against FD, your CIBIL or credit score will not be considered while evaluating your eligibility. Hence, such loans can be a good option for people who have low or no credit score.
- The Loan amount will depend on the FD amount:If you have to avail a personal loan, the maximum loan amount that you can avail will depend on various factors such as your credit score, income, tenure, etc. However, in the case of loan against FD, the maximum loan amount will depend on the money you have invested in the FD account. This means that if you have invested a higher amount in your FD, you will be eligible for a higher loan amount.
- No Prepayment Penalty:When you prepay any loan, the banks lose out on the interest and hence, they will charge you a penalty for the same. However, in the case of a loan against FD, no penalty is charged as banks do not lose out on the interest amount. Instead, they profit from it as they do not have to pay you any interest on the loan amount.
Rate of Interest for FD Loan
The Bank is charging 2% higher interest from Fixed Deposit Interest Rate for FD Loan.
Documents and Details required for FD Loan are as follows:
- Aadhar Card
- Pan Card
- Voter ID
- Three (3) Passport Size Photos
- Mobile Number
- Email ID
- Nominee
- Nominee Age or Date of Birth
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