Having access to liquid funds is of tremendous importance when you face an emergency and need to arrange immediate cash. At such a time, your FD investment can come to your aid if your savings don’t fit the bill or investments are locked in for the long term. You can pledge your fixed deposit as security and avail of an affordable loan against it. Bajaj Finserv Loan Against FD offers you a range of advantages; it gives you access to short-term funds quickly and easily without having to break your FD. Here your fixed deposit continues to earn interest, thus saving you a substantial portion of the interest paid on your loan. So, you can access capital without the need to sell your FD investment at a discounted price.
Enjoy easy application and quick processing
To apply for a Bajaj Finserv Loan Against FD, you first must check if you meet the eligibility criteria. You can then fill in a quick online application and submit it. Once your application gets processed, you can expect to receive the money in just 24 hours. This feature helps you take care of any urgent cash needs.
Get access to a substantial loan amount
You can avail of this loan against a cumulative FD or a non-cumulative FD. Bajaj Finserv offers you a loan of up to 75% of cumulative FD and up to 60% of non-cumulative FD. For instance, if you have a cumulative FD of Rs. 5 lakh you can get a loan against FD for Rs. 3.75 lakh.
Ease your repayment with a nominal interest rate
The rate of interest charged on this loan is lower than the interest rate on other loans like personal loans. Although the interest rate is 2% higher than the rate at which you have opened a fixed deposit account, your FD continues to earn interest, and you get the remainder of the tenor to repay it at your convenience.
Avail of the loan with minimal paperwork
As you have an account already opened with your lender when starting your FD investment, your lender has access to all your documents and information. So, you only need to submit minimal documents when availing of a loan against FD. This makes the application process quick, easy and hassle-free. Documents that need to be submitted along with the application are your FD receipt, ECS mandate and a cancelled cheque.
Make the most of repayment flexibility
You do not have to hurry to repay your loan as the repayment tenor is up to the tenor remaining for your FD. The only thing that you need to keep in mind is that you can avail of this loan any time after 90 days since starting your investment.
No hidden charges
You are free to foreclose your loan or part-prepay it during the entire tenor and no charges or penalties will be levied on you.
Now that you know how easily you can benefit from taking a loan against an FD, proceed to apply for one at your convenience. Stay prepared for financial emergencies by checking your pre-approved loan offer from Bajaj Finserv to speed up and simplify your application.
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