When you take a loan against fixed deposit (FD), you unlock funds instantly without breaking your savings. It’s a smart way to get liquidity while your FD continues to earn interest. However, once you’ve availed this facility, managing your loan well becomes equally important to ensure a smooth borrowing experience.
Tracking payments, checking balances, and knowing your outstanding amount can help you stay in control and avoid any surprises. Today, these tasks are easier than ever with online account access, allowing you to handle your loan against FD in just a few clicks.
What is a loan against fixed deposit?
A loan on fixed deposit lets you use your FD as collateral to borrow funds. You continue to earn interest on your deposit while repaying the loan at a slightly higher rate. This makes it one of the most affordable and convenient ways to handle short-term financial needs.
Unlike unsecured loans, your FD-backed loan does not require lengthy paperwork or a high credit score, making it a preferred choice for instant liquidity.
How to track and manage your loan account?
Keeping track of your loan against fixed deposit is simple with most financial institutions offering an online portal. Here is how you can manage it conveniently:
- Sign into My Account by visiting our website and clicking on the ‘Sign-in’ button or by using the app.
- Enter your mobile number and the OTP received on your registered mobile number.
- Once you have signed in, you will be directed to your dashboard, where you can track your loan details, including the outstanding amount, interest rate, and other related information.
- You can also download your Statement of Account and other related documents with just a few clicks.
- If you wish to close your loan account before its maturity date, raise a service request online or visit any of the branches to foreclose your loan.
Key benefits of a loan against fixed deposit
Monitoring your loan against securities online offers several benefits:
- 24x7 access: Check your loan balance or repayment schedule anytime.
- Instant statements: Download documents for easy record-keeping.
- Simplified requests: Foreclose or raise queries without visiting a branch.
- Transparency: Track your payments and due dates in real time.
Digital management tools bring comfort and clarity, ensuring you never miss an update about your loan against fixed deposit.
Conclusion
Managing your loan against fixed deposit is no longer a daunting task, thanks to My Account. Now you can efficiently monitor your loan account and take the necessary steps to keep it on track. Check your loan status, access your account statements, and even foreclose your loan online or offline at one of our branches. So, sign into My Account today and stay on top of your LAFD account.
