Loan Against FD521 views
- Get a secured loan against Federal Bank Fixed Deposits
- Know about the FD loan features and benefits
Yes, you can apply for the Federal Bank Fixed Deposit Loan in India. As you know Federal Bank offers a wide range of loan schemes. And one of them is a loan against FD. The customer can borrow 90% of the FD value. So, if your FD is of 4 lakh, you can get a loan up to INR 3.60 lakh from Federal Bank in India. The bank charges a lower rate of interest on your borrowed amount that is around 1%-2% above your FD interest rate. For example, if your FD interest is 6.25% then the loan interest would be 7.25%-8.25% per annum. If you don’t have any fixed deposit, you need to get it opened at any of the Federal Bank branch.
There is no processing fee on your Federal Bank Fixed Deposit Loan. You can apply for the loan at the nearest Federal Bank branch. So, you can fulfill your needs by borrowing against the fixed deposit of Federal Bank. You can pay the loan in Equated Monthly Installments (EMI). Use the payment services like electronic clearing service and auto-debit to pay your EMI on time.