Loan Against Fixed Deposit

If you are looking for a secured loan that you can avail quickly,  the best option is a loan against FD or loan against fixed deposit.

What is a Loan Against Fixed Deposit (FD)?

A fixed deposit or FD is a popular avenue for saving and investing due to the risk-free nature of the investment. But did you know that an FD can work as security against which you can draw a loan? 

To avail a loan against a fixed deposit, you will need to pledge the FD with the bank/financial institution and get the loan against the safety of the deposit

Who is Eligible for a Loan Against FD?

Any person who has a fixed deposit either individually or through a joint account can get a loan against the FD in question. However, the only categories of fixed deposits that cannot be used as security are -

1. Fixed Deposits in the name of a minor

2. 5 yr Tax Saver Fixed Deposits

How to Get a Loan Against FD?

The procedure to avail a loan against FD is very simple as given below -

• All you need to do is approach the bank where you have a fixed deposit and ask for a loan against the same

• The fixed deposit will be pledged with the bank for the duration of the loan. The good news is that the deposit will continue to earn the same rate of interest as before

• This loan will be allowed as a one-time withdrawal or through an overdraft facility.

However, if this option does not work and you need a loan urgently, why not avail of a personal loan through Moneyview? With some of the top lenders in the market today, Moneyview offers advantageous loans that are disbursed within 24 hours of application approval. There is no need for collateral as well.

Visit the Moneyview website or download the loan app to apply today.