You can also take a loan on FD. You can take a loan on your FD, it will not disturb your FD and your needs will also be fulfilled easily.
Loans available on FD are a type of secured loan.
There are many times that we need money for a few days. In this situation, we take the help of our savings or investment etc., in which your FD is more useful. Often people use FDs at the time of need and use FDs before they complete maturity. But, do you know that if you need such money, then you can fulfill your needs even without closing the FD.
In such a situation, you can also take a loan against FD. You can take a loan on your FD, it will not disturb your FD and your needs will also be fulfilled easily. In such a situation, we know how to get loan on FD and how much interest is charged on it…
A loan on an FD is a type of secured loan, where the customer gives his FD to the bank as security. The special thing is that in this loan, you get a loan of up to 90 percent of your FD amount easily. You get a loan from the individual holder to the joint account holder through FD and you do not have to pay much interest either.
What is the benefit of FD loan?
By the way, FD loan is less interest than other loan. Although every bank has a different interest rate, but it is believed that you have to pay about 2 percent more interest than the interest you are getting on FD. The advantage of this is that you do not have to break FD and you continue to get interest on FD,
In such a situation, this interest seems quite low. Also, many banks do not charge any processing fees for this loan. The special thing about this loan is that you can also take it for a short time and can also deposit it simultaneously. If you do not give the loan installment, then the bank takes it from the FD.
How do you get this loan?
These loans on FD are given as overdraft facility by the bank to the customers. The overdraft or OD limit supported by a fixed deposit is less than the deposit amount, while the interest is higher than the applicable FD card rate. Also, there are different processes for taking such a loan, which you can find out by going to the bank. Loan against FD should be repaid before maturity of fixed deposit. Under no circumstances can it exceed the FD period against which the loan has been taken.
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