Check the details of your Loan Against Fixed Deposit

A loan against fixed deposit is a great option to meet your urgent financial needs without premature withdrawal of your fixed deposit. It is also an easy and hassle-free process to get the loan approved. Once the loan is disbursed, it is important to keep a track of its details. Thankfully, it is easy to check the details of your loan against fixed deposit by visiting the customer portal of the bank. In this article, we will walk you through the steps to check your loan against fixed deposit details.

Step 1: Sign into the customer portal

To log in, provide your registered mobile number and your date of birth. Enter the OTP sent to your registered mobile number to sign in. If you have logged in via our app, simply navigate to the account section from the home screen.

Step 2: Select your loan account

Once you have logged in, find 'My Relations' section present in the dashboard of My Account. From the menu, select your loan account to see its details.

Step 3: Check your loan details 

After selecting the loan account, you can view the details of your loan against fixed deposit like the outstanding amount, rate of interest, deposit ID and more.

When an individual takes a loan against their fixed deposit, they are assigned a unique alphanumeric string called a loan account number (LAN). This code is used to monitor and manage all the loan-related information. By having a LAN, the borrower can easily track their repayment schedule, any outstanding amount, interest rates, and the period of the loan. It allows the borrower to keep a record of all the loan-related details and helps them stay updated on the status of their loan.

Regularly checking your loan details is a smart financial habit that can help you stay in control of your debt and avoid unnecessary stress. Here’s why it matters:

Avoid missing EMI payments: Timely reviews ensure you don’t miss due dates, helping maintain a healthy credit score.
Track outstanding loan balance: Monitoring helps you know how much is left to repay and plan accordingly.
Check interest accrual: Keep tabs on how much interest is being added over time to avoid surprises.
Spot any errors or discrepancies: Catching issues early can help resolve them quickly.
Plan finances efficiently: Better insight into your loan allows for more accurate monthly budgeting.
Monitor foreclosure or prepayment options: Stay informed about opportunities to close the loan early and save on interest.

Using an EMI calculator is straightforward but understanding the underlying process can help in appreciating its utility.

• Input loan details: Start by entering the principal loan amount, the interest rate, and the loan tenure into the calculator. These are the primary variables that influence the EMI calculation.
• Calculation formula: The calculator uses the standard EMI formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the number of instalments. This formula accounts for the interest rate's compounding effect over the loan tenure.
• Processing: Once the details are entered, the calculator processes these inputs using the formula to compute the monthly EMI. This step involves mathematical operations that are quickly handled by the calculator’s algorithm.
• Output: The calculator then displays the monthly EMI amount. Additionally, it often provides a detailed breakdown of the total interest payable and the overall repayment amount. This output gives a clear picture of the loan’s financial impact.

Find out more in detail about loan against FD.

Using an EMI calculator is an essential step in loan planning, offering accurate and quick estimations of monthly payments. It aids in comparing different loan options, understanding the impact of various factors on EMIs, and planning your finances more effectively. Whether you're considering a loan against FD or any other type of loan, an EMI calculator can help you make informed decisions, ensuring that your loan fits well within your financial capabilities. By leveraging the benefits of an EMI calculator, borrowers can achieve better financial management, avoid defaults, and ensure a smooth loan repayment journey.