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Know about what is a Personal Loan against FD

Personal Loan against FD

Before talking about best investment plans Throughout our lives, we could be confronted with several unexpected occurrences and unexpected emergencies for which we are not emotionally or financially prepared. When it comes to finding emotional support, we can always lean on our loved ones, but when it comes to finding financial assistance, a bank or a non-bank financial company often turns out to be our best bet.

In the circumstances like these, it is common to practice to apply for one of the many readily available personal loans; however, this isn’t always possible for a variety of reasons, including the inability to pay back a loan with a high-interest rate, a poor credit history, the absence of a steady source of income, or the absence of evidence of employment.

The money now sitting in your Fixed Deposit Account, considered one of the best investment plans, is yet another source of rapid cash you can access. Nevertheless, withdrawing that money before maturity typically results in a sizeable loss on the fixed deposit interest accrued. Thankfully, financial institutions across India recognize the gravity of the situation and, as a result, make available a fantastic alternative known as a Personal Loan against Fixed Deposit.

Overview of Personal Loan against Fixed Deposit Scheme

A personal loan against a amount invested in fixed deposit with high fixed deposit interest rate is a credit facility made available by all the banks in India. Because it is a secured loan, the interest rate on it is typically lower than the interest rate on other loans that are not secured. The banks’ lending standards will determine the total amount of the loan. In addition, this percentage varies from bank to bank, with the highest possible number being 95 percent of the total value of the fixed deposit. You have the option of applying for a personal loan against FD either online or offline. 

As far as best investment plans Most financial institutions now make it possible for their customers to apply for loans online by connecting to their internet banking accounts. On the other hand, if the bank does not have an online service, you can go to the branch office closest to you. The procedure is pretty straightforward and uncomplicated. You will only be required to submit a form in addition to the necessary papers. The application form and FD receipt are the documents that need to be submitted.

Benefits of Personal Loan against Fixed Deposit Scheme

  • Fixed Deposit, one of the best investment plans, has the advantage of helping in liquidity management because it ensures you get the necessary funds without breaking the fixed deposit.
  • A personal Loan against Fixed Deposits with the best fixed deposit interest rate can be obtained at a lower interest rate than other types of loans because they are secured loans.
  • In most cases, you will be able to get a loan where you already have a Fixed Deposit Account with the best fixed deposit interest rate with the same lender. When applying for a Personal Loan against Fixed Deposit, there are hardly any documents required since the lender has already verified your identity and has all the details you need.
  • There is no need to provide proof of income or employment to obtain a Personal Loan against a Fixed Deposit with the best fixed deposit interest rate, as the bank can fall back on your account in case of a default.
  • Since you offer collateral as a substitute for the loan amount, you can obtain a personal loan against a fixed deposit even with a relatively low credit score.
  • The commercial bank allows you to access the amount to your bank account through chequebooks, internet banking, online transfers, and by withdrawing cash from the bank.
  • Personal Loan against fixed deposits differs from Personal Loans in that they can be used for individuals, third parties, or even corporate bodies.

Final Thoughts

You should remember that once your application for a Personal Loan against Fixed Deposit has been approved, you will no longer have the right to withdraw money from your FD before repaying the loan. This is even though there are several benefits associated with this type of loan. In addition, if you cannot repay the loan, the lender may take legal action to seize your account to compensate for the lost money. Before deciding to get a loan against your fixed deposit, you need a well-thought-out strategy for how you will pay back the money.

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