How to get loan against fixed deposit in SBI?

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.

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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