How to get loan against fixed deposit in SBI?

Wondering how to get loan against FD in SBI online? Obtaining a loan against a fixed deposit in the State Bank of India is a straightforward process. This type of loan, also known as an overdraft or loan against FD, allows depositors to borrow funds by pledging their FD as collateral.

Here's a step-by-step guide on how to take loan against FD in SBI:

Any individual with a valid FD account in SBI, including joint account holders, is eligible for a loan. The FD must be a domestic term deposit, and even NRE/NRO FDs can be considered, subject to bank policies.

• Visit the nearest SBI branch with your FD receipt and KYC documents. Fill out the application form for a loan against FD.

• If you have an SBI net banking account, you can apply online. Log in to your account, navigate to the 'e-Fixed Deposit' section, and select 'Overdraft against FD.' Follow the prompts to complete the application.

• Minimal documentation is required since the FD itself serves as collateral. You may need to submit a duly filled application form, FD receipt, and KYC documents (like PAN, Aadhaar, etc.).

• Once the application is approved, the loan amount is disbursed, either credited directly to your account or provided as an overdraft facility.

• The loan can be repaid either in EMIs or as a lump sum before the maturity of the FD. The principal and interest can be paid periodically or adjusted from the maturity proceeds of the FD.

Upon repayment, the FD remains intact, earning interest until maturity. If not repaid, the loan amount and accrued interest are adjusted from the FD maturity amount.

• Quick Processing: Since the loan is secured against an FD, approval and disbursement are quick.

• No Impact on FD: The FD continues to earn interest as per the original terms.

• Flexible Repayment: You can repay the loan as per your convenience.

Taking a loan against an FD in SBI is an efficient way to meet short-term financial needs without breaking the deposit. Always ensure that the terms are clearly understood and comply with SBI's guidelines.

This is how to get loan against fixed deposit in SBI.

Read more

I wanted to avail of a loan to finance an urgent medical treatment. As I was having FD in SBI, one of my Banker friends introduced me to the SBI loan against fixed deposit. He told me that this would help me in availing loan against a fixed deposit without breaking the fixed deposit.

How to Take Loan Against FD in SBI Online?

The process of applying for a home loan against FD SBI was quite simple. I just had to click on the “apply now” button after visiting this portal,

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What are the Features of Loan Against FD SBI?

Let me share the features of this loan;

• Applicant can take advantage of a loan up to 95% of the fixed deposit's value.

• Low loan against FD interest rate SBI. Additionally, SBI charges interest on a daily balance reduction!

• No processing fees; and no penalties for prepayments.

• Minimum loan amount of Rs 5,000 for an online overdraft secured by a fixed deposit

• Maximum Loan Amount: Rs. 5 Crore for Online Overdraft Against Fixed Deposit

• This loan is available to customers (single or joint account holders) who hold SBI's TDR, STDR, RD, including NRE, NRO, RFC, and FCNR(B) Deposits. Through the Internet Banking platform, a single account holder can also apply for an online overdraft against TDR and STDR.

• For overdrafts obtained online, the maximum repayment duration has been set at three years for TDR/e-TDR and five years for STDR/e-STDR, respectively.

I hope this helps!

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State Bank of India is one of the trusted banks in India. They provide all types of loans against fixed deposits. Nowadays everybody requires a loan for education, a vehicle, a house, etc. And SBI offers loans to its customers on their fixed deposits without them breaking it. This is definitely a good scheme for customers as the rate of interest on the loan is quite low and people can easily avail of the loan. So, what are the eligibility criteria for loan against fixed deposit SBI.

• The age of the applicant should be above 21 and the applicant should have an SBI FD account with the bank.

• The FD should not be matured when applying for the loan.

• Applicants with TDR/STDR/e-TDR/e-STDR with SBI individuality can obtain this facility.

• The applicants who are registered in the bank for depositing RD/ e-RD/NRE/RFC/FCNR (B) may apply.

• The sole proprietor of a business can avail of the facility.

How to get loan against fixed deposit in SBI online?

• Go to the SBI portal online and log in using your credentials.

• Tap on ‘e-Fixed Deposits’.

• Select ‘ Overdraft against fixed deposits.

• The deposits will be displayed and you need to choose one of them.

• Tap on ‘Proceed’.

• Click on ‘Submit’.

• Fill in the high-security password to the registered mobile number.

• You will have access to your new account for a loan.

You must remember that you cannot break the FD after availing of the loan. And if the borrower fails to repay the loan the bank has the right to seize the FD account.

I hope you know the process to open loan against fixed deposit SBI now.

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