5 Benefits Of Loans Against Fixed Deposits That You Should Know

Looking for a loan for your financial needs?

Do you have a fixed deposit?

Pledge your deposit as collateral and get a loan against it. Here are 5 reasons why.

#1 Easy availability

A loan against a fixed deposit is easily available. Just request your bank for the loan, pledge the FD and get the funds quickly.

#2 Cost-effective

The loan has lower interest rates compared to other unsecured loans. This gives pocket-friendly EMIs for affordable repayments.

#3 Avoids premature withdrawals

Withdrawing your fixed deposit prematurely incurs a penalty. The loan helps you avoid this scenario giving the desired funds.

#4 Minimal documentation

Since you are already a customer, very few additional documents are required and you can get the loan instantly.

#5 No processing fee

No need to pay any additional processing fee for the loan. This also reduces the loan costs and makes it a cost-effective option.

IDFC FIRST Bank offers an overdraft against your fixed deposits. Get a credit line and pay interest only on the amount borrowed.