Loans can also be availed on FD

When most people are in need of money, the question that comes to their mind is whether they can get a loan against FD

If you have the same question in your mind then this news is for you.

Some people break their Fixed Deposit (FD) when they need money suddenly.

In such a situation, the question in the mind of many people is whether they can get a loan on FD or not?

Let us tell you that you can take a loan up to 90% of the FD value.

If the FD is worth Rs 1 lakh, you can get a loan of Rs 90,000.

To take a loan against FD, you have to pay 1 or 2% more interest than the interest you get on a fixed deposit.

If you get 5% interest on your FD, you can get loan at 6 to 7% interest rate.

If you need a loan in the future, instead of breaking the FD, you can meet the requirement by taking a loan on the FD itself

Different banks are offering different interest rates on different FDs

Read more

FD loan – Loan Against Fixed Deposit – Feature & Interest Rate