INSUBCONTINENT EXCLUSIVE:
Under this facility, SBI allows availing of loan without breaking the FD account.State Bank of India or SBI, country's largest bank on
basis of its assets, offers loan against fixed deposit (FD) account at lower interest rates than those charged on normal loans, according to
lender's official website- sbi.co.in
Under this facility, SBI allows availing of loan without breaking the FD account
Customers holding fixed deposit (FD) or special fixed deposit account with SBI can avail the facility online or by visiting the branch
The online facility is, however, restricted to only overdraft facility
For availing demand loan customers need to visit the branch, mentioned SBI on its website.How to avail the facilityCustomers can visit SBI's
Overdraft against fixed deposit (FD) is available under e-fixed deposit tab
Alternatively, customer can approach the branch for availing the facility, noted SBI.Amount of loanThe minimum loan amount for availing
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's website.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
At branch level, the customer can avail 90 per cent of underlying security value as demand loan or overdraft facility.Interest rate and
processing feesUnder this facility, interest rate of 1 per cent above the relative fixed deposit is applicable
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
