Overdraft Secured Loan
Unlock liquidity against your Fixed Deposits with flexible overdraft facility
Purpose
A type of secured loan where customers can pledge their fixed deposit as security and get a loan in return.
Eligibility
- To be eligible for a loan against FD, the basic criteria is that you must hold a fixed deposit with the bank you are availing the loan
- 90% of the fixed deposit amount will be sanctioned as Loan Limit.
- Borrower / Partners / Directors / Guarantors must be a member of the Bank.
Document Required
- Application form duly signed
- Fixed/Term Deposit receipts duly discharged in favour of the bank
- Duly signed agreement
- Shop Act License
Rate of Interest
FD ROI + 1%
Third Party Loan = FD Loan + 1.50% p.a
Credit Co Operative Society = FD Loan + 0.50% p.a
(This is for regular)Rate of Interest
FD ROI + 0.50%
Third Party Loan = FD Loan + 0.75% p.a
Credit Co Operative Society = FD Loan + 0.50% p.a
(Applicable for loan amounts of 1Cr and above)