How to apply for a loan against FD – Watch the video tutorial
00:38
How to apply for a loan against fixed deposit
Watch this video to learn how you can apply for a loan against fixed deposit with Bajaj Finance Limited
Step-by-step guide to apply for loan against fixed deposit
- Step 1: Click on ‘Apply’ to initiate your application.
- Step 2: Enter your mobile number to Sign in and click ‘GET OTP’.
- Step 3: Enter the OTP sent to your mobile number. On successful verification, you will be redirected to our customer service portal - My Account.
- Step 4: Under “My Relations”, click on “View Details” below the deposit against which you wish to apply for a loan
- Step 5: Click on “Get a loan against FD” under “Quick Actions”
- Step 6: Enter the amount of loan you wish to avail
- Step 7: Click on “Generate OTP”
- Step 8: Enter the OTP sent to your mobile number and click “Submit”
Additionally, customer can visit our FD branches and apply LAFD Once your application form is submitted, our representative will get in touch with your further proceedings. The final loan amount shall be calculated basis your investment amount in the fixed deposit.
Frequently asked questions
If you have invested in a fixed deposit, you can apply for a loan against fixed deposit with Bajaj Finance. Against the fixed deposit you can get loan up to 75% of principal in case of cumulative, and 60% of principal in case of non-cumulative.
You can apply for loan against fixed deposit by clicking on the ‘Apply’ button on this page. Fill in your personal details, and the value of your investment amount. Accordingly verify your details through an OTP.
You can also apply for loan against fixed deposit offline through BFL branches.
A loan against fixed deposit (FD) is a type of loan that allows you to borrow money by using your FD as collateral. In other words, you can take a loan against the amount you have deposited in your FD without breaking it.
The amount you can borrow depends on the amount you have deposited in your FD. Typically, you can borrow up to up to 75% of principal in case of cumulative, and up to 60% of principal in case of non-cumulative.
The interest rate on the loan is usually lower than other types of personal loans because the FD acts as collateral, which reduces the lender's risk.
The tenure of the loan is usually the remaining period of your FD, and you can choose to pay back the loan in installments or in a lump sum at the end of the tenure.
If you are unable to repay the loan, the lender can use your FD as collateral and withdraw the amount owed from it. Therefore, it is important to repay the loan on time to avoid losing your FD.
Overall, a loan against FD is a convenient option for those who need immediate funds but do not want to break their FD. It is also a good option for those who may not qualify for other types of loans due to poor credit history or other reasons.
The minimum loan amount depends on the lender and the FD value. Generally, you can start with a small amount, often from a few thousand rupees, as long as the fixed deposit meets eligibility criteria.
Yes, most lenders allow you to apply for a loan against FD online. The process usually includes submitting basic details, verifying the FD digitally, and completing consent or documentation through internet or mobile banking.
Yes, senior citizens can apply for a loan against their fixed deposit. As the loan is secured against the FD, age limits are usually flexible, provided the applicant is the FD holder.
A lien on FD means the lender places a legal hold on your fixed deposit as security. You continue to earn FD interest, but the deposit cannot be withdrawn or closed until the loan is repaid.
Yes, you can usually pre-close or foreclose a loan against FD at any time. In most cases, there are minimal or no prepayment charges, but this depends on the lender’s terms.
Mandatory documents generally include identity proof, address proof, and fixed deposit details. Since the FD acts as collateral, income proof is usually not required, making the process simple and quick.
You can typically get up to 75% of your fixed deposit value as a loan. The exact amount depends on the FD type, tenure, and the lender’s loan-to-value policy.
