Foreclose your loan against fixed deposit
If you have surplus funds, you can foreclose your loan against fixed deposit without paying any additional charges. You can foreclose your loan online in our service portal or visit any of our branches.
When you close a loan against fixed deposit, you have to pay the principal and applicable interest amount. Your interest amount is calculated from the date of disbursement to the date of foreclosure. Once your loan is closed, you can continue enjoying the benefits of your fixed deposit.
Please note that when you opt for a loan against fixed deposit, you have to pay a 2% p.a. higher interest rate than your FD rate.
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Steps to foreclose your Loan Against Fixed Deposit
Visit our service portal and follow these simple steps to raise a request.
- Click on the ‘Sign-in’ button at the top of this page to go to Service Portal.
- Enter your registered mobile number and submit the OTP to sign-n.
- Verify your details by entering your date of birth and proceed.
- Tap on 'Service' and select your loan from the 'Relations' section.
- Click on 'Make loan payments' and select 'Full payment/Foreclosure'
- Select your preferred payment mode and click on ‘Pay now’.
Alternatively, you can click on the ‘Foreclose your LAFD’ option below to sign-in to the ‘Service’ section
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You can check your loan details or download your statement by visiting our service portal. Click on the respective link at the top of this page to know more.
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Check your LAFD details
Sign-in to our service portal to view your loan against fixed deposit details.
Frequently asked questions
The interest rate for Bajaj Finance Loan Against Fixed Deposit (LAFD) is 2% higher than your fixed deposit rate of interest (ROI).
For example, if you have an FD of Rs. 1 lakh for 12 months at an ROI of 7% p.a., then the ROI for a loan against fixed deposit will be 9% p.a..
However, the tenure for your loan will be the remaining period till maturity of your fixed deposit.
The maximum loan amount you can get against your fixed deposit is as follows:
- Loan of up to 75% of your fixed deposit amount for a cumulative fixed deposit
- Loan of up to 60% of your fixed deposit amount for a non-cumulative fixed deposit
The loan amount against fixed deposit will be credited to your registered bank account in 1 business day from the date of receiving request.
The benefits of getting a loan against your fixed deposit are as follows:
- Get a loan of up to 75% of your deposit amount for cumulative and a loan of up to 60% of your deposit amount for non-cumulative fixed deposit
- Minimal and easy documentation process with guaranteed loan approval
- No need to liquidate your investment
- No loss of interest earned on your fixed deposit.
- Loan disbursement within 1 business day with flexible repayment tenure
- No need to pay foreclosure charges on the closure your LAFD
