The State Bank of India- one of the leading public sector back in India offers loans against its fixed deposit or term deposit accounts. You can accomplish a variety of personal tasks by taking a loan against your SBI Fixed Deposit. You don't have to break your fixed deposit to avail a loan.
The eligibility criteria for applying for applying for a loan against your SBI Fixed Deposit are-
Mentioned below are the key features of SBI Loan against Fixed Deposits:
|Loan Type||Both demand loan and overdraft loans are available against FD.|
Minimum : Rs 25000
Maximum: Rs 5 Crore
|Rate of Interest||Lower and attractive rates of interest.|
|Margin||Up to 90% of your time/fixed deposit value.|
|Security||Lien on fixed/time deposit.|
Minimum :3 years against TDR/e-TD
Maximum: 5 years against STDR/e-STDR deposits
Listed below are the major benefits of availing a loan against SBI Fixed deposit:
The State Bank of India charges competitive rates of interest on its loans offered against fixed deposits. Currently the bank charges 1% over the relative time deposit rate. However, these interest rates are subject to change without notifying you in advance.
Yes, SBI accepts online application. You can apply for a loan against your FD online. However, currently this online facility is limited to overdraft only. To avail a demand loan, customers need to visit the branch manually and apply.
You can use online banking or visit your nearest SBI branch to apply for a loan against your SBI Fixed Deposit.
No, you don't have to pay any processing fees to apply for a loan against FD.
Yes, a joint account holder can also apply for a loans against their SBI FD.
No, you cannot use the online overdraft facility against Tax Saving Deposits and Recurring Deposits.
Yes, they can avail loans against their fixed deposit schemes opened with SBI.