The option of availing a Loan against your Fixed Deposit is offered by most banks operating in the country. Given the fact that a loan against the term deposit can be had at a low interest rate and also prevents you from breaking the fixed deposit, makes it a good option. It helps you in saving both time and money.
A loan against the Fixed deposit account opened with Punjab National Bank can be availed by:
Other Banks Offering Loan Against FD
The rate of interest charged for a loan against PNB fixed deposit is listed below:
The maximum loan period for loan against term deposit is up to 3 years or residual period, whichever is less.
To avail a loan against the fixed deposit, the term deposit account should have a residual period of up to 3 years. It must be noted here that you cannot avail a loan against a tax saver or capital gain FD.
|Maturity period remaining at the time of granting Advances||Margin|
|Up to 24 months||5%|
|24 months 1 day to 36 months||7.50%|
|36 months 1 day to 48 months||10%|
|48 months 1 day to 60 months||12%|
|Advance against third party deposits||25%|
|Advance up to Rs.3 lacs for members of Staff/honorably retired/voluntarily retired/ widow of Staff||5%|
|Advance above Rs.3 lacs for members of Staff/honorably retired/voluntarily retired/ widow of Staff||As applicable to public|
In case, you want to apply for loan against a FD account opened with PNB, you need to follow the steps mentioned below:
Yes, you can apply for a PNB loan against FD offline by visiting the nearest PNB bank branch along with all the relevant documents. A representative from the bank will help you with the application process.
No, partial withdrawal facility will not be allowed at a later date if you avail the loan against facility.
Yes, pre-mature closure of FD will be allowed provided that you have repaid the outstanding amount if any.
No, the minor cannot avail a loan against FD. A guardian on behalf of the minor can do so.
Yes, you can log in to the PNB mobile app using your credentials and apply for loan against FD. The process is extremely simple and hassle-free.
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