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.
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.
State Bank of India (SBI) loan against time deposit can be given as per a Demand Loan or an Overdraft Facility
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
Interest rate for this loan will be 1% over the interest rate paid on your relative time deposit, example: If you have a RD fetching 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.
Documents required by the bank will be:
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.
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
Yes, you can apply for this loan via the State Bank of India website.
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