Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

Loan Against FD

Finserv MARKETS offers a Loan Against Fixed Deposit to help you meet your cash needs without having to liquidate your fixed deposits. Take advantage of up to 75 percent of the value of your fixed deposit without losing interest or paying a penalty for breaking it. Please read the following information before applying for a Loan Against Fixed Deposit.

What is a Loan against FD?

The sum deposited in a fixed deposit account is locked and cannot be withdrawn when needed. If the investor requires money right away, he or she can decide for a premature withdrawal or break of the fixed deposit. Banks and NBFCs offer this option to help you avoid premature withdrawal of the deposit.

However, keep in mind that a loan against a fixed deposit is not the same as a bank's overdraft. Overdrafts occur when a bank permits a customer to take a large sum of money from his/her account, up to a specific limit. The overdraft credit limit may also fluctuate from time to time, depending on the customer's profile and credit score, among other factors. The interest charged on overdrafts is frequently higher than the interest paid on loans.

What are the Advantages of Taking a Loan Against your FD?

  • There's no need to break your Fixed Deposit.

  • Interest rates are low

  • It's possible to get it on any type of fixed deposit

  • There is very little documentation required.

  • There are no processing costs.

How to take a Loan against FD?

Before you ask for a loan against your FD, there are a few things to consider.

  1. Since this loan is secured by a savings account, you must first open one.

  2. Your FD must be worth the same amount as the loan you're getting. Those taking out a ₹1 lakh loan, for example, must have an FD worth at least as much.

  3. If you have a number of investments, applying for a loan against a fixed deposit may be a better choice. If you only have one cash-generating FD, putting it at danger is a bad idea. As a result, make sure you have a diverse portfolio of high-yielding investments before you submit.

  4. A fixed-income investment's tenor is the length of time it takes to attain maturity. The tenor of a fixed deposit loan is the amount of time you have to repay the loan. Your fixed deposit and loan must have the same tenor, and you must repay the loan within the fixed deposit's maturity time.

  5. Except in a few circumstances where you must visit the bank's nearest location, most lenders allow you to apply for a loan against fixed deposit online.

Documentation Required to Get a Fixed Deposit Loan

To get a fixed deposit loan, you'll need to supply the following documents:

  • Application form, duly signed

  • A legally binding agreement.

  • Fixed/Term Deposit receipts.

Please keep in mind that these may differ from one lender to the next.

Bajaj Finance Fixed Deposits Allow Quick Loan Facilitation

Bajaj Finance FD allows you to grow your savings while also providing easy liquidity, allowing you to use them as emergency money. Taking out a simple loan against your Fixed Deposits might provide you with more flexibility and consistent returns. To calculate how much FD interest one can earn, one can always utilise an FD calculator.

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