If you are facing a financial emergency, you can pledge your fixed deposit as security to avail of a loan. IndusInd Bank offers loans against FD with zero processing fees. You can get a loan instantly without having to break your FD prematurely.
The following conditions should be fulfilled to avail of IndusInd Bank loan against FD:
|Type of Loan against FD||Regular Loan and Overdraft Facility|
|Interest Rate||2% higher than FD interest rate|
|Borrowing Limit||90%-95% of the FD amount for Regular Loan 90% of the FD amount for Overdraft Facility Loan|
No, a fixed deposit account opened in a minor’s name is not eligible for a loan against FD.
IndusInd Bank doesn’t charge any processing fee for loans against FD.
You can take a loan against FD either by opting for a regular loan or choosing the overdraft facility.
The interest rate for loans against FD is 2% more than the interest rate of your fixed deposit.
In case of an overdraft loan, you can get up to 90% of your fixed deposit.
No, there is no prepayment charge for IndusInd Bank loan against FD.
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