You all must know about FD (Fixed Deposit). And if you don’t know much about it. Even then you must have heard its name. If you have got FD (Fixed Deposit). So if needed, you can also get your FD Loan (Fixed Deposit Loan) . Sometimes it happens that we need more money. But in such a situation if you break your FD (Fixed Deposit). So instead of getting profit, you only suffer loss. And if you want to take loan anywhere. So a lot of processing has to be done.
But if you take your FD Loan (Fixed Deposit Loan). Then your money problem also gets solved. And on the other hand your FD (Fixed Deposit) also remains. How can you take a loan against FD? What do you have to do for this? And what will be the benefit to you by taking a Fixed Deposit Loan ? Through this article, we are going to give you complete information about how to get loan against fd, loan on fd, how to take fixed deposit loan, fid loan, how to take loan from post office. For this you have to read this article till the last.
What is FD (Fixed Deposit)?
when a person fixes a certain amount of his money in a bank for a certain period of time. So it is called FD (Fixed Deposit). Customers get a lot of benefits in fixed deposits. Fixed deposit earns more interest than regular savings account. However, earlier interest was provided up to 15% on fixed deposits. But now it has come down to 7 to 10%.
Fixed deposit is done by almost all the banks nowadays. Almost all banks in India include SBI, PNB, BOB, BOI, IDBI bank, Canara Bank, ICICI Bank, Yes Bank etc. Through these banks, you can get Fixed Deposit Loan from 7 days to 10 years.
Benefits of taking FD Loan (Fixed Deposit Loan)
Low interest rates:
If you take your FD Loan (Fixed Deposit Loan). So you get a loan at a lower interest rate than other types of personal loans. Along with this, you do not have to pay anything to the bank as collateral to get a loan against fixed deposit. An FD of lakhs is kept as security. Therefore, you have to pay very little interest on this. Talking about the interest rate, usually the bank gives you the same amount of interest on your FD (Fixed Deposit). They provide you loan at one or two percent more interest than that.
FD (Fixed Deposit) will remain:
Suppose you need money. So you get your fixed deposit broken. This only harms you. But if you take a loan against your fixed deposit. So this also maintains your fixed deposit. And your money problem also gets solved.
Unlike FD Loan (Fixed Deposit Loan) if you want to get personal personal loan. So you have to go through a lot of process. But if you take a loan against FD. So that you get the loan in very short and easy process. And ignoring the personal loan, the processing fee for getting the loan is also very less. And its approval is also done very quickly.
Can increase or decrease the duration:
If you take FD Loan (Fixed Deposit Loan). So you can get the loan for more or less tenure as per the tenure of your FD. But if you take a personal loan. So its time limit is set by the banks.
Documents required for taking FD Loan (Fixed Deposit Loan)
- Identity card
- Aadhar Card
- PAN card
- Address proof
- Passport size photo
- FD Loan (Fixed Deposit Loan) and other bank related documents
- And along with all the original documents
How much loan is available on FD?
If you want to take a loan through your FD , then you should know how much loan you can take. You can also take a loan of up to 85%-95% of your FD . The loan amount varies from bank to bank. Some bank gives 85% loan to its customers and some bank gives loan up to 95% . If you have also got your FD done. On which you want to take loan, then you can apply for FD loan by visiting your bank branch .
How much interest is charged on FD loan?
Taking a loan from FD is a good option. Especially when you need money and want to retain your FD . The interest on loan taken on FD is 1-2 percent more than the interest on FD . Assuming you are getting 6% interest on FD, then you will have to pay 7% or 8% interest on FD loan . Whatever is your total FD amount. But interest is charged only on the loan amount.
How to get loan against FD?
For FD loan, first you have to go to any nearest branch of your bank. Where you have to submit the form for loan. After this, the bank takes complete information of the customer before giving the loan, such as the customer’s ability to repay the loan, can also check the customer’s bank account statement, so that the bank gets an idea of how much this customer deposits in his bank and how much. Credit , after checking all these, the bank sanctions the loan and a new account is opened in the bank from which the FD loan amount is deposited. The customer can withdraw and deposit money through this account. This is how one can apply for FD loan . The customer can also repay this loan ahead of time. There is no restriction on this loan that you cannot repay it ahead of time. Thus if you also If you want to take loan against FD, then you can apply for FD loan by visiting your bank branch. This is a good option. To meet your money needs by keeping your FD safe.
What are the features of FD loan?
Loan against FD is beneficial in many ways. Which is:
- Loan against FD is very easy to get.
- Not much documents are required for FD loan.
- FD loan does not take much time.
- Loan can be applied by visiting any branch.
- FD loan comes under the category of secured loan.
- No security deposit is required for this.
- There is no EMI option so that you can repay this loan anytime.
- The interest rate of FD loan is less than that of perl loan.
- You can take an FD loan even if you do not have any credit history.
- Loans are available up to 85-95 percent of the total FD amount.
- The facility of this loan is also given through internet and mobile banking.
- This loan can be repaid even before time, for this there is no need to pay any fee.
- You can use the FD loan wherever you want.
- Income proof is not required for this loan.
What are the things to keep in mind for FD loan?
Before taking a loan against FD, you should know all these things so that you do not have any kind of problem later.
- Taking a loan against FD is a good option, but you cannot even withdraw the FD money until you repay the entire loan.
- There is no EMI to repay the FD loan. That’s why many times customers default in paying it.
- You cannot close the FD prematurely after taking the loan.