One of the specialties of this facility of loan against FD of SBI is that the customer’s CIBIL score is not required for this. Since, the bank gives this loan on the FD of the customer, due to which there is no risk for him.
Sometimes we suddenly need money. When there is no money in the bank account, we think of asking for loans from friends and relatives. Many people hesitate in this. They are better off taking a loan on a credit card.
Some people take a personal loan from the bank. Both have an interest rate of at least 14-15 per cent. In such a situation, when the loan amount is high, a lot of money goes as its interest. If you have a Fixed Deposit (FD) in SBI, then you can easily take a loan against it.
Loan Against Fixed Deposit is beneficial for SBI customers in many ways. It is much cheaper than a personal loan or credit card loan. This means that its interest rate is much lower than other loans. This facility of second loan is available online. You can repay this loan whenever you want. The bank does not charge a prepayment charge for the same from the customer.
One of the specialties of this facility of loan against FD of SBI is that the customer’s CIBIL score is not required for this. Since, the bank gives this loan on the FD of the customer, due to which there is no risk for him. Banks show more interest in risk-free loans.
Loan can be taken up to 95 percent of the amount deposited in FD. This means that if you have a deposit of Rs 1,00,000 in your FD, then you can take a loan of up to Rs 95 from the bank. If you have an FD of Rs 50,000 in SBI, you can take a loan of up to Rs 47,5000.
There is a processing fee for personal loans and loans against credit cards. However, SBI does not charge any processing fee from the customers taking loan against FD. This reduces the overall cost of taking the loan. Since, this loan can be taken online, due to which the money gets instantly credited to the savings account of the customer.
The minimum amount for SBI FD loan is Rs 5000. The maximum amount is Rs 5 crore. A great feature of this loan is that its interest rate is 1% higher than the interest rate you get on your FD. This means that if you get 6 per cent interest rate on your FD, then you will get 7 per cent interest rate for taking the loan.
If you want to avail this facility of SBI online, then you must have netbanking facility. If you have this facility, then first you have to login to SBI net banking. After that you have to select the option ‘e-fixed deposit’ from the menu section. Then click on ‘Overdraft against Fixed Deposit’. After that select any active deposit from the list. After that click on Apply an Overdraft. Now click on ‘Proceed’. After this, you have to verify the overdraft amount, interest rate and expiry date. After that an OTP will come on your mobile. After entering it, the process will be completed.
