In emergencies when we are stuck in some financial challenges, then we look for alternate options, one of them being Loan Against FD. A secured loan option through which you can borrow money by keeping your FD as collateral and get an instant loan app of about 90% of the deposit amount.
Benefits of Loan against FD
Loan Against FD can be availed by both salaried as well as
self-employed individuals. The benefits it offers include:
1. They are
available at Lower interest rates as compared to unsecured loans.
2. No
processing fee is charged.
3. Double
benefits, as one does not require to break their FD or opt for premature
withdrawal. So, you can enjoy loan along with interest on the FD.
4. The loan
Against FD is for both domestic as well as NRI FDs.
5. The loan
amount can be repaid in smaller instalments, making it easy for you to repay.
6. No CIBIL
check is required if you are opting for Loan Against FD.
7. As the
loan is offered on the basis offer your FD, the entire application process
becomes easy and simple with minimum documentation
Conclusion
Loan Against FD is a great financial tool which helps you
but makes sure that you check for the terms and conditions of the loan before
filling application form.
Additional Read:
Investing For The First Time? 5 Things You Should Do Before Investing Money
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