All you wanted know about a Loan Against FD
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All you wanted know about a Loan Against FD

  • Highlights

  • Bajaj Finserv offers a loan up to 75% of your FD investment

  • Easy loan application process and minimal documentation

  • Get funds in your account within 24 hours

  • No part pre-payment or foreclosure charges

Fixed deposits (FDs) offer secure and guaranteed returns, allowing you to multiply your money faster than a savings account. However, making a premature withdrawal in times of need can result in you losing out on returns and result in pay a penalty charge too. So, instead of prematurely withdrawing your FD, you can avail a Loan Against a Fixed Deposit from Bajaj Finserv. Not only will your FD remain intact, but you can also avail a high amount in your account within a day.

There are plenty of benefits to availing a loan against your FD. Read on to find the answers to questions that you may have about this finance option.

How to avail a Loan Against FD?

Bajaj Finserv makes availing a loan against your FD an easy and hassle-free process. You get the required funds instantly and without any risk. All you need to do is submit an application form along with your fixed deposit receipt. In case you have a non-cumulative FD, you will need to also submit an ECS mandate and a cancelled cheque.

How much can be availed as a loan by pledging your FD?

If you have a non-cumulative fixed deposit, you can avail up to 60% of the value of your FD as a loan. This amount is higher, at 75%, if you hold a cumulative FD.

Loan Against Fixed Deposit

How soon can you receive funds and what is the cost of borrowing?

The loan is processed within 24 hours and disbursed straight to your bank account. Besides, you don’t have to worry about high interest rates. You only have to pay 2% above what you are receiving as interest on your investment.

What is the eligibility criteria to apply for a Loan Against FD?

You can apply for this finance option if you are:
- A resident citizen of India
- Hindu Undivided Family (HUF)
- Sole proprietorship
- Partnership firm
- Group company, club, association, or society
- Family trust

What is the tenor that you can avail a Loan Against FD for?

Repayment is easy with a flexible repayment window that extends up to the tenor of the fixed deposit itself, after 90 days from the start of the FD. Besides, to make repayment easier, Bajaj Finserv doesn’t levy any foreclosure or part pre-prepayment charges.

The biggest advantage is that even if you have availed a loan against your FD, you will continue to get an interest on it, which means that your money will continue to grow! Check your pre-approved offer and expedite the process further.

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