Loan Against Fixed Deposit features

Read on the know why our loan against fixed deposit is the best option for you.

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Features and benefits of our loan against fixed deposit

All you need to know about our loan against fixed deposit 00:40 ‌

All you need to know about our loan against fixed deposit

Watch this video to know more about the key features of our loan against fixed deposit.

  • Loan of up to 75% of deposit value

    Loan of up to 75% of deposit value

    Get loan against your fixed deposit up to 75% of deposit value in case of cumulative, and up to 60% of deposit value in case of non-cumulative. Minimum loan value of Rs. 3000.

  • No need to pay any EMI

    No need to pay any EMI

    After availing the loan, the borrower need not pay any EMI. The loan amount, and loan against FD interest rate, can be paid any time before the maturity date. If the amount is not paid by then, it will be adjusted from the maturity proceeds of the FD. NACH is not required.

  • Zero foreclosure charges

    Zero foreclosure charges

    No foreclosure charges applicable. You can visit any BFL branch for foreclosure of your loan.

  • LAFD at interest rate of 2% over FD rate

    LAFD at interest rate of 2% over FD rate

    LAFD at interest rate of 2% over FD rate

  • Flexible tenure option

    Flexible tenure option

    Get loan of minimum 1 month. The loan is available for a flexible tenure of 1 month to the tenure of your deposit.

  • Dedicated customer portal (My Account)

    Download your loan statement and manage your loan online with our customer portal – My Account.

    Offline loan through branches

    You can visit the Bajaj Finance Limited branches and get loan of more than Rs. 4 Lakh per deposit.

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More details

The conventional method of investing has been fixed deposits for centuries. We borrow money whenever there is an emergency by pledging different assets, but many of us are unaware that we can also get a loan against a fixed deposit. If you have a fixed deposit and can repay it within the loan agreement period, then look no further and consider using your fixed deposit as collateral for a loan. It's also a good idea to use this loan when you need less money than your FD is worth. However, it does not make sense to lien mark your entire FD if you need a loan that is up to 70% of the fixed deposit's value.

How to apply for a loan against fixed deposit

How to apply for a loan against fixed deposit 00:38 ‌

How to apply for a loan against fixed deposit

Watch this video to learn how you can apply for a loan against fixed deposit with Bajaj Finance Limited

Step-by-step guide to apply for loan against fixed deposit

Step 1: Click on ‘Apply’ to initiate your application.
Step 2: Enter your mobile number to Sign in and click ‘GET OTP’.
Step 3: Enter the OTP sent to your mobile number. On successful verification, you will be redirected to our customer service portal - My Account.
Step 4: Under “My Relations”, click on “View Details” below the deposit against which you wish to apply for a loan
Step 5: Click on “Get a loan against FD” under “Quick Actions”
Step 6: Enter the amount of loan you wish to avail
Step 7: Click on “Generate OTP”
Step 8: Enter the OTP sent to your mobile number and click “Submit”

Additionally, customer can visit our FD branches and apply LAFD Once your application form is submitted, our representative will get in touch with your further proceedings. The final loan amount shall be calculated basis your investment amount in the fixed deposit.

Frequently asked questions

What are the features of loan against fixed deposit?

A loan against fixed deposit is a type of loan offered by banks and financial institutions, where a borrower can pledge their fixed deposit as collateral to obtain a loan. Here are some of the features of a loan against fixed deposit:

  1. No EMI
  2. Zero foreclosure charges
  3. Competitive interest rate
  4. Flexible tenure option
  5. Higher loan offline through BFL branches
What are the benefits of a loan against fixed deposit?

A loan against fixed deposit is a type of loan that allows individuals to borrow money by pledging their fixed deposit as collateral. Here are some benefits of taking a loan against fixed deposit:

  • Lower interest rates: Since the loan is secured, lenders usually offer lower interest rates compared to unsecured loans. The interest rate is 2% over the FD rate.
  • There is no need to prematurely withdraw and break the FD.
  • There are no processing costs.
  • No EMI is required; the loan amount and all interest owing will be deducted from the FD maturity income.
  • Multipurpose use: The funds obtained through a loan against fixed deposit can be used for various purposes like funding a business, purchasing a property, financing education, medical expenses, etc.