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ICICI Bank offers loans against fixed deposit to customers who have deposit accounts with the bank. The bank offers loans against fixed deposits at its sole discretion. Loans are available up to 90% of the overall value of the deposit.
An applicant should have a fixed deposit account with ICICI Bank to avail this loan. NRI account holders with NRO, NRE or FCNR deposits can also apply for loan against fixed deposit accounts.
|Loan Type||Overdraft/Demand loan|
|Loan/Overdraft amount||90% of deposit value|
|Rate of Interest||At bank’s discretion|
|Repayment period||As per loan terms. Before maturity of the deposit.|
There are several benefits associated with ICICI Bank loan against FD.
The interest rate will be quoted by the bank. In general, loans against fixed deposits are available at 2-3% premium over the interest offered to the deposit.
Yes, you can apply for a loan up to 90% of the value of the deposit. The application will be processed by the bank on an individual basis and the loan will be disbursed if the bank is satisfied with the application.
Yes, if you have a rupee account (NRE or NRO deposit) or foreign currency account (FCNR) you can avail a loan of up to Rs.5 crores against this amount, as per the account balance. Third party individuals or corporates can also avail this loan on your behalf.
Repayments can be done through remittances from abroad or by adjusting against the balance of the FD.
The loan can be repaid through the local rupee account of the individual