For such loans, the CIBIL score is not checked. The loan is given on the basis of existing fixed deposit.
New Delhi: During a cash crunch or financial emergency, one can opt for a loan against their fixed deposit investments, without breaking the FD. With Loan Against Fixed Deposit, you can use your FD as collateral to secure the loan amount.
For such loans, the CIBIL score is not checked. The loan is given on the basis of existing fixed deposit.
Who can take loan against FD
- Resident citizens of India
- Hindu Undivided Family (HUF)
- Sole Proprietorship, Partnership Firm,
- Associations
- Trust
How much loan can be taken against FD
Banks provide loans against fixed deposits by charging some interest and the amount will range from 75% to 90% depending on the bank. You can take a loan for yourself by logging into SBI Net Banking by going to the e-Fixed Deposit option.
