IndusInd Bank Loan against Fixed Deposit
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.
Eligibility Criteria to Avail of IndusInd Bank Loan Against FD
The following conditions should be fulfilled to avail of IndusInd Bank loan against FD:
- You should have a fixed deposit (alone or joint)
- You must be above 18 years of age
- You must possess valid documents like an Aadhaar card and Permanent Account Number (PAN) card
Features of IndusInd Bank Loan Against FD
Type of Loan against FD | Regular Loan and Overdraft Facility |
Interest Rate | 2% higher than FD interest rate |
Processing Fee | Nil |
Borrowing Limit | 90%-95% of the FD amount for Regular Loan 90% of the FD amount for Overdraft Facility Loan |
Prepayment Charges | Nil |
Benefits of IndusInd Bank Loan Against FD
- Low interest rates - IndusInd Bank charges an interest rate 2% higher than the interest rates on fixed deposits. These interest rates are significantly lower than the interest rates on other loans offered by banks.
- No prepayment charges and processing fees - There is no prepayment charge or processing fees levied on loans against FD.
- No need to break fixed deposit - During a cash crush, you can avail of immediate money by taking a loan against your fixed deposit without breaking it.
Other Banks Offering Loan Against FD
- Loan Against SBI Fixed Deposit
- Loan against fixed deposit HDFC
- Loan Against ICICI Bank FD
- Loan against Fixed Deposit Axis Bank
- Citibank Loan Against FD
- PNB Loan Against FD
- Loan against FD Canara Bank
- Federal Bank Loan Against FD
- IndusInd Bank Loan against FD
- Standard Chartered Bank Loan against FD
- YES Bank Loan against FD
FAQs on IndusInd Bank Loan against FD
- What is the processing fee for IndusInd Bank loan against FD?
IndusInd Bank doesn't charge any processing fee for loans against FD.
- What are the different ways of taking a loan against FD?
You can take a loan against FD either by opting for a regular loan or choosing the overdraft facility.
- What is the interest rate for IndusInd Bank loan against FD?
The interest rate for loans against FD is 2% more than the interest rate of your fixed deposit.
- What is the borrowing limit for an overdraft facility loan?
In case of an overdraft loan, you can get up to 90% of your fixed deposit.
- Is a fixed deposit account opened in a minor's name eligible for a loan against FD?
No, a fixed deposit account opened in a minor's name is not eligible for a loan against FD.
- Is there any prepayment charge for IndusInd Bank loan against FD?
No, there is no prepayment charge for IndusInd Bank loan against FD.
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