The Oriental Bank of Commerce has been among the top banks in the country, offering its customers a wide range of financial products. Among them is the facility of Loan against fixed deposits . If an account holder requires a sum of money, he or she can choose to take out a loan against their fixed deposit account with the bank. This allows them the chance to take a loan without breaking their FD account and also pay back the loan at a lower interest rate compared to regular personal loans.
|Tenure/Type of Loan||Loan Amount|
|For self-deposits of less than 6 months||95%|
|For self-deposits of more than 6 months||90%|
|For any third-party deposits||85%|
Other Banks Offering Loan Against FD
|Details of deposit||Rate of interest|
|Advance against self fixed deposits||1.00% over the applicable interest rate on the fixed deposits|
|Advance against third party deposits||2.00% over the applicable interest rate on the fixed deposit with a floor of one-year MCLR|
You can apply for a loan against fixed deposit with the Oriental Bank of Commerce if you fall under these categories: HUFs, adult Indian nationals, companies, firms societies, trusts, associations of persons, and clubs.
The Oriental Bank of Commerce has set established limit of Rs.500 lakh.
You can get a maximum of 95% of the deposit amount as loan against fixed deposit.
No, Oriental Bank of Commerce does not offer this facility.
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