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The Federal Bank's loan against fixed deposit option allows you to get quick access to funds by borrowing against your fixed deposit with the bank. This allows you to meet any financial emergency while simply paying low-interest rates on the loan.

Features and Benefits of Federal Bank Loan Against Fixed Deposit

Federal bank loan against fd has the following features and benefits

 

  • You can get a loan for up to 90% of the deposit amount.

  • Fixed Deposits, Cash Certificates, and Recurring Deposits are used to secure loans.

  • Loans are only made against deposits that are free of liabilities, restraints, or encumbrances, and that are not held in the names of minors.

  • You can also get a loan against a deposit held at another branch.

  • The deposit receipts/certificates must be given to the branch disbursing the loan at the time of application.

Interest Rates of Federal Bank Loan Against Fixed Deposit

A loan against your personal deposit or a loan against a third-party deposit are both options you can consider.

 

If the loan is availed against your own fixed deposit, the interest rate is calculated as-

 

Deposit Rate+2.00%

 

If the loan is availed against third party fixed deposit, the interest rate is calculated as-

 

Deposit Rate+2.00% or 12.50%, whichever rate is higher.

How to Apply for Federal Bank Loan Against Fixed Deposit?

  1. All you have to do to apply for a Federal Bank loan against fixed deposit is go to the branch where you opened your Federal Bank FD account.

  2. If you wish to get a loan from a different branch, you'll need to bring the relevant documentation with you, such as the fixed deposit certificate or receipt you received when you first opened the account.

Bajaj Finance Loan Against FD vs Federal Bank Loan Against FD

Bajaj Finance Loan Against FD allows you to avail loans upto 75% of your deposit amount. The interest rate charged is a mere 2% over the interest rate you're receiving on your deposit.

FAQs

  • ✔️What is the loan against deposit?

    Loan against Fixed Deposit is a sort of secured loan in which consumers can secure a loan by pledging their fixed deposit as collateral. The loan amount is determined by the amount in the FD.

  • ✔️What if I want to take a loan from another branch?

    If you wish to get a loan from a different branch, you'll need to bring the relevant documentation with you, such as the fixed deposit certificate or receipt you received when you first opened the account.

  • ✔️What are the benefits of a Federal Bank loan against FD?

    With Federal bank, you can avail loan against FD to upto 90% of your FD deposit amount. You can also avail loans against recurring deposits and cash certificates.