Anyone with a fixed deposit in Citibank can avail a loan against their FD in times of need. This is helpful in times of a financial crisis or emergency. This can be done without breaking the deposit while also availing much-needed liquidity.
Loan against FD is similar to a personal loan that is secured. In this case, the loan is availed against a certain percentage of your FD amount, which in Citibank is up to 90% of the value of your fixed deposit.
There are several benefits to availing a loan against your Citibank fixed deposit, such as
Anyone who has opened an FD account with Citibank can avail the loan against FD. The following entities are eligible:
The application process for Citibank’s loan against FD is very simple by following the steps given below:
Step 1: Visit the bank’s official website or mobile application
Step 2: Navigate to the ‘'Loans’' section
Step 3: Navigate to ‘'Loans against Fixed Deposits’'
Step 4: Fill up the required details and a relationship manager will get in touch with you
Step 5: Choose the application form for either non-individuals or individuals as the case may be
Step 5: Download the form
Step 6: Fill up the form with the required details
Step 7: Submit the duly signed form along with the required documents to the relationship manager
You can avail a loan against your FD if it is a minimum of Rs.1 lakh deposit.
If the deposit is held by members belonging to the same household, then a loan can be availed against the FD.
Contact the bank or your relationship manager of the bank to know the interest rates for the loan against FD.
The markup on the interest rate is subject to 1% over the deposit rate.
Yes, the penal interest rate is 2% above the applicable interest rate.
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