The minimum loan amount for availing online overdraft facility is Rs 25,000.State Bank of India or SBI customers can avail loan against fixed deposit (FD) account without breaking their FD account, according to lender's website- sbi.co.in.
Individual customers holding fixed deposit (FD) or special fixed deposit account with SBI in single name can avail this facility online.
Joint account holders can avail this facility at SBI branches.
The online facility is, however, restricted to only overdraft facility.
At branches, customers can avail demand loan, the lender said.Security lien is available on underlying fixed deposit.How to avail SBI loan against FDCustomers are required to visit SBI's website- onlinesbi.com and log in using userId and password.
Overdraft against FDis available under e-fixed deposit tab.
Alternatively customer can also approach the branch for availing the facility.Loan amountThe minimum loan amount for availing online overdraft facility is Rs25,000.
The maximum overdraft limit which can be availed online against fixed deposit is Rs.
5 crore.
There is no specific loan limit for advances at the branches, according to SBI.Interest rate and chargesInterest rate of 1 per cent above the relative FD is applicable.
SBI charges zero processing charges for providing loan against FD.MarginUnder SBI's loan against fixed deposit (FD), customer can avail 90 per cent of his/her special fixed deposit value and 75 per cent of his/her fixed deposit as overdraft facility online.
At branch level, the customer can avail 90 per cent of underlying security value as demand loan or overdraft facility.Repayment periodSuitable repayment schedule is fixed depending upon the repayment capacity of the borrower for loan taken through branches.
Maximum repayment period has been capped at 5 years against special fixed deposit accounts and 3 years against fixed deposit accounts respectively for overdraft availed online, according to SBI.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India.
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.