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State Bank of India Loan against Time Deposit

In need of urgent funds, and have a time deposit? Thinking of tapping into the time deposit? State Bank of India will now provide you with a loan that allows you to keep your time deposit as is but take a loan against it. Now you don’t have to worry about the sudden medical expense or over think on the long due vacation.

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Purpose of SBI Loan against Time Deposit

Loan amount can be meant for any of your personal expenses, from any sudden medical expenses or taking a vacation with family, or even renovating your home, State Bank of India will provide you with the Loan against Time Deposit without you needing to break you savings.

Eligibility Criteria

Single or joint holder of State Bank of India’s DR/STDR / RD / including NRE/NRO/RFC and FCNR(B) Deposits
An account holder can also avail Overdraft against TDR and STDR online through Internet Banking platform.

What are the types of financing available?

State Bank of India (SBI) loan against time deposit can be given as per a Demand Loan or an Overdraft Facility

What is the maximum amount of loan I can avail?

The minimum loan amount will be Rs. 25,000 and the maximum amount will be Rs. 5 crores

The margin will be up to 90% of your time deposit

What is the rate of interest on SBI Loan against Time Deposit?

Interest rate for this loan will be 1% over the interest rate paid on your relative time deposit, example: If you have a RDfetching you an interest of 9.25% then the rate of interest for the loan will be 9.25% + 1.00% making it 10.25% interest.

What are the documents required for State Bank of India Loan against Time Deposit?

Documents required by the bank will be:

Completed loan application
3 Passport size photographs
Proof of identify
Proof of residence
Original Salary Certificate from employer - in case of salaried individuals
TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Dep’t - - in case of salaried individuals

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What are the terms for State Bank of India Loan against Time Deposit?

This loan will have a repayment schedule that will suit you, and will be determined on your repayment capability. The tenure for the loan against STDR/e-STDR will be 5 years and the tenure for TDR/e-TDR will be 3 years for Overdraft availed online.

How do I apply for this loan?

You can apply for State Bank of India (SBI) loan against Time Deposits either from the nearest State Bank of India branch or apply via their website. All you need to do is login with your details and then fill in the online application form

Can I apply for State Bank of India Loan against Time Deposit online?

Yes, you can apply for this loan via the State Bank of India website.

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