Loan will be permitted on deposits for the remaining period of the deposit or one year, whichever is less — up to 90% of the deposit amount carrying interest @2% p.a. above the interest payable on such deposits.
You can avail a loan against the security of TDR / RD deposits without closing them prematurely.
Why Choose This Loan?
- Borrow against your existing FD or RD without breaking it prematurely.
- Continue earning interest on your deposit while the loan is active.
- Access up to 90% of your deposit value as an overdraft or demand loan.
- Available at the same branch where you maintain your deposit.
Loan Details
| Loan / OD Against Deposits — Key Parameters | |
|---|---|
| Eligibility | Term Deposit (TDR) / Recurring Deposit (RD) Holder |
| Amount of Loan | Up to 90% of accrued value of deposit |
| Margin | 10% on accrued value of deposit |
| Repayment | Flexible — maximum up to date of maturity of deposit |
| Interest Rate | 2% over the contracted rate for the Term Deposit / RD pledged |
| Prepayment | No prepayment charges applicable |
| Security | Pledge of Term Deposit / Recurring Deposit Receipt |
| Loan Type | Available as Overdraft or Demand Loan |
The outstanding loan together with interest shall be settled in one lump sum or shall be adjusted automatically on maturity of the deposit.
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