SBI Loan against FD: Want quick loan against deposits? Here is what you can do

SBI Loan against FD: Do you want funds readily available to you whenever you desire or need? The requirement of quick money can be because of a variety of reasons including a family wedding, a vacation, tuition fees of your children or some unplanned emergency like hospitalisation etc.

With SBI you can have a quick loan facility at the time of your needs. SBI gives you the option of availing a bank loan against your deposits. You can avail loan against the Fixed Deposit without breaking your Time Deposit. You can avail a loan up to 90 pct of the value of your time deposit. For more details visit the link https://www.sbi.co.in/web/personal-banking/loans/loans-against-securitie....

A time deposit is a type of deposit in a bank account that cannot be withdrawn before a set date or for which notice of withdrawal is required. it has an interest-bearing bank account that has a date of maturity, such as a certificate of deposit (CD). The money in a time deposit must be held for the fixed term to receive the interest in full. Usually, the customers are benefitted with a higher rate of interest from the bank on a long term deposit.

Important features of SBI Loan against FD:

-- The type of loan is Demand Loan & Overdraft

--  You can apply for the loan via Internet Banking. You can also visit the nearest SBI Bank Branch to get the loan

-- You can avail a loan up to 90 pct of the value of your Time Deposit

--Both Demand Loan and Overdraft Facility as per your need

-- The interest rates are low. Moreover, the interest is charged on a daily reducing balance

-- Zero processing charges and no prepayment penalties.

-- Minimum amount of Loan (For Online Overdraft against Fixed Deposit) is Rs 25000

-- Max mount of Loan (For Online Overdraft against Fixed Deposit) is Rs 5 cr

-- Margin: Avail loan up to 90% of your Time Deposit value

-- Loan is extended on your underlying Time Deposit

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-- Interest Rate of the loan is at 1 pct above the relative time deposit rate