Loan Against Fixed Deposit Interest Rates- You can also apply online for a loan on FD. Most banks have given this facility online.
During a pandemic, someone’s job was snuffed out, one’s savings ended. Who does not need money in such a situation? If the needs are to be met, then the problem of money will also have to be resolved. In such a situation, only your savings can remove your problem. Fixed deposit (FD), Yes, if you have an FD in the bank, then you can meet the needs of your money by taking a loan against it. Many banks are currently getting loans at less than 6% interest on FD. Much cheaper than a personal loan. Let us know in which bank the loan is being given at an interest on FD.
What is the benefit?
The first benefit of taking a loan against FD is that it is cheaper than a personal loan. You can take a loan by paying only 1 or 2 per cent more than the interest on FD. Currently, the returns on FDs in banks range from 4 to 6 per cent. In such a situation, you can get a loan at an interest of 6-8 per cent. However, it should also be kept in mind that the loan amount will be decided on the basis of the value of your FD. That means you can take a loan up to 90% of the value of FD. For example, if the price of your FD is 5 lakh rupees, then you can get a loan of up to 4 lakh 50 thousand rupees.
How to get Loan against Fixed Deposit?
You can also apply online for Loan Against Fixed Deposit. Most banks have given this facility online. Apart from this, it can also be applied for by going to the bank branch. The good thing is that it is a secured loan and because of this, even banks do not hesitate to give it. Meaning, the loan is available on easy terms.
Which bank is getting a loan at what interest rate
| Bank | Rate of interest | Maximum loan |
| SBI | 1% above FD rate | Up to 90% of FD value |
| Punjab National Bank | 1% above FD rate | Up to 95% of FD value |
| Axis Bank | 2% above FD rate | Up to 85% of FD value |
| HDFC Bank | 2% above FD rate | Up to 90% of FD value |
| Bank of baroda | 2% above FD rate | Up to 90% of FD value |
| Indian Bank | 2% above FD rate | Up to 90% of FD value |
| ICICI Bank | 2-3% higher than FD rate | Up to 90% of FD value |
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