A loan against fixed deposits is a type of loan that allows you to borrow money using your fixed deposit account as collateral. This means that if you default on the loan, the lender can seize your fixed deposit to recover the borrowed funds. This type of loan is typically offered by banks and can be a convenient way to access funds without having to break your fixed deposit. The interest rate on a loan against fixed deposits is usually lower than the rate on other types of loans, such as personal loans or credit card loans. However, it's important to carefully consider the terms of the loan and the potential risks before taking out a loan against your fixed deposit.
Topics cover are:
00:00 what is loan against fixed deposits
00:16 key features of loan against fds
01:07 Loan amount eligible for against fixed deposits
01:24 interest rate on overdraft against fixed deposits
02:20 maximum and minimum loan amount
02:31 processing fees
02:57 Prematurely break fd or take loan against fixed deposits
04:09 CIBIL Credit Score requirement
04:58 Loan tenure
06:36 types of fixed deposits not eligible for loan
07:19 fixed deposit cannot break during tenure of loan
07:44 documents required for loan
08:09 stamp duty does not depend on loan amount
09:00 how bank settle loan account in case of NPA
09:27 Foreclosure / pre-payment charges for loan closure
09:54 How you can avail loan against fixed deposit
Murari Garg
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