SBI FD Loan Process: Good news for SBI customers, now you can take loan against FD, know what is the process

SBI FD Loan Interest Rate: Every person suddenly needs money at some point or the other, so spend it from your old savings. We will explain how you can obtain a loan from your bank if you have a fixed deposit (FD). Which you can use in your time of crisis. If you have an account with the State Bank of India and you also have FD in this bank, then you can take a loan from here.

Trust can also take a loan
According to the SBI website, the eligibility to take a loan against FD is very limited. Any Indian citizen can get this loan. In addition to individuals, self-employed people, partnership businesses, associations, and trusts may also borrow money against FDs.

What is special
Let us tell you that the most important thing about this SBI loan is that your CIBIL score will not be visible in it. You can borrow up to 95% of the total amount of your FD from SBI. You can simply borrow between 75 and 90 percent of your fixed deposit.

No processing fee

Free of charge For a Loan Against FD in SBI, there are no processing costs to be paid. You have the option of an overdraft as well as a demand loan in this. Let us inform you that you are eligible to borrow at least Rs 5,000 using this online overdraft. You can take up to a maximum of Rs 5 crore from this type of loan.

How to apply
You do not have to do any kind of paperwork to take a loan from SBI on Fixed Deposit. Additionally, you can apply for this loan through SBI’s YONO mobile banking app or internet banking. Additionally, you can speak with a bank branch directly. After you apply for a Loan Against FD, the loan amount will be credited to your account shortly after.

Read More: FD Interest Rate: Money is getting double on getting FD in these banks, did you take advantage?

Interest will be charged
The interest rate will have to be paid 1 percent more than the rate of FD. You will be required to pay 6 percent interest on the loan if your FD earns 5 percent interest. There will be an extremely low-interest rate on this loan. As you repay the loan, the interest rate will continue to decrease.

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