It is very easy to take a loan against Fixed Deposit (FD) from SBI. In this you will not need to do any kind of paperwork. You can also apply for this loan through internet banking, SBI’s mobile banking app YONO.
New Delhi. We all need money in emergency. In such a situation, we take loans from banks, but its process is very long and it also takes more time. We have brought you information about a loan from which you can easily take it. If you have an account with State Bank of India (SBI) and you have got Fixed Deposit ie FD (FD) in it, then you can take this loan.
The eligibility for availing loan against fixed deposit from SBI is also very limited. Any Indian citizen can take this loan. Apart from individuals, self proprietorship, partnership firms, associations and trusts can also take loan against FD.
What is special about this loan?
The most important thing about this loan is that your CIBIL score is not seen in this. From SBI, you can get up to 95 percent of the total value of your FD as a loan. Under this, you can easily take a loan of 75 to 90 percent of your FD. You will not have to pay any processing fee for this loan. In this, you get both demand loan and overdraft facilities. You can take a minimum loan of Rs 5,000 through online overdraft. You can take a maximum amount of Rs 5 crore from this type of loan.
How to get loan against fixed deposit?
It is very easy to take loan against fixed deposit from SBI. In this you will not need to do any kind of paperwork. You can also apply for this loan through internet banking, SBI’s mobile banking app YONO. Apart from this, you can also contact the branch of the bank.
How to apply through net banking?
First of all login to SBI Net Banking. Select the option of e-FD from the menu section. Then click on the option ‘Overdraft against FD’. The list of all the FDs you have got will come in front of you. Select any one of the active FDs out of them and request to apply for overdraft. Click on Proceed and verify the overdraft amount, applicable overdraft interest rate and expiry date. After this you will be asked to enter the password on your registered mobile number. By doing this, your application process for the loan will be completed.
When and how will I get the loan amount?
The loan amount will be credited to your account within a few days of applying for Loan Against Fixed Deposit. This amount will come in the same account to which your FD will be linked.
How much will the interest be?
Bank provides you this loan at very low interest rate. As you repay the loan, its interest rate will also decrease. Its interest rate will be one percent more than your FD rate. If you are getting 5 percent interest on FD, then you will have to pay 6 percent interest on the loan.
