SBI loan against FD: Do you want funds to be readily available when you want or need them? The demand for quick money can be due to a variety of reasons including a family wedding, vacation, your children’s school fees, or an unforeseen emergency like hospitalization etc.
With SBI, you can have quick loan facility at the time of your needs. SBI gives you the possibility of benefiting from a bank loan against your deposits. You can avail a loan against fixed deposit without breaking your term deposit. You can qualify for a loan of up to 90% of the value of your term deposit. For more details, visit the link https: //www.sbi.co.in/web/personal-banking/loans/loans-against-securitie ….
A term deposit is a type of deposit to a bank account that cannot be withdrawn before a fixed date or for which a withdrawal notice is required. it has an interest-bearing bank account that has a maturity date, such as a certificate of deposit (CD). Money in a term deposit must be held for a specified period of time to receive full interest. Usually, customers benefit from a higher interest rate from the bank on a long term deposit.
Important features of SBI loan against FD:
– The type of loan is Loan on sight and overdraft
– You can apply for the loan via Internet Banking. You can also visit the nearest SBI bank branch to get the loan
– You can benefit from a loan of up to 90% of the value of your term deposit
– On sight loan and overdraft facility according to your needs
– Interest rates are low. In addition, interest is charged on a declining daily balance.
– No processing fees and no prepayment penalties.
– The minimum loan amount (for online overdraft against fixed deposit) is Rs 25,000
– The maximum loan amount (for online overdraft against fixed deposit) is Rs 5 cr
– Margin: Take advantage of a loan of up to 90% of the value of your term deposit
– The loan is extended on your underlying term deposit
See Zee Business Live TV Streaming below:
– The loan interest rate is 1% above the relative term deposit rate