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 paying a penalty charge. So, instead of prematurely withdrawing your FD, you can avail of a Loan Against a Fixed Deposit from Bajaj Finserv. Not only will your FD remain intact, but you can also benefit from a high amount in your account within a day.
There are plenty of benefits to avail of from a loan against your FD. Read on to find the answers to questions that you may have about this finance option.
How to avail of a loan against FD?
Bajaj Finserv makes availing of 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. If you have a non-cumulative FD, you must also submit an ECS mandate and a cancelled cheque.
How much can be availed of as a loan by pledging your FD?
If you have a non-cumulative fixed deposit, you can avail of up to 60% of the value of your FD as a loan. This amount is higher, at 75%, if you hold a cumulative FD.
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 are 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 of 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 most significant advantage is that even if you have availed of 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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