Loan Against Fixed Deposit

Quick Overview of Our Loan Against Fixed Deposit Policy

Avoid having to liquidate your fixed deposits by obtaining a Loan Against Fixed Deposit from Sova FinServ. Get up to 75% of the value of your fixed deposit without forfeiting interest or paying a penalty for early withdrawal.

You can access your money when you need it the most with our Fixed Deposit's simple loan against FD feature. In just a few steps, the procedure can be quickly finished. At the earliest possible time after approval, your money will be released into your account. On your loan against fixed deposit, there are no extra fees or penalties for foreclosing on your loan or part-paying it off early. By borrowing conveniently against your Sova FinServ Fixed Deposit, you can cover any financial exigencies.

Benefits and Features for a Loan Against Fixed Deposit

Enormous Loan Amount

For a cumulative and non-cumulative FD, you can acquire a loan of up to 75% and 60% of the FD amount, respectively.

Simple application process

This particular type of loan is quite simple to apply for. There is a minimum amount of paperwork required because you are the fixed deposit account holder already. You only need to complete the required documents, and you have the choice of applying for a loan against a fixed deposit online.

Choice of Flexible Repayment

Starting three months after your first investment and extending all the way to the remaining term of the FD, your loan has a flexible tenor that you can choose to repay.

No additional costs

On your loan secured by a fixed deposit, there are no foreclosure fees applicable. As is the case with other loans, there is no necessity to pay a separate processing charge. Thus, the overall cost of the loan has decreased.

Rapid Processing

Get the needed funds conveniently and promptly within 24 hours.

No need to break a fixed deposit

Unfortunate situations frequently force people to withdraw money from their fixed deposit accounts for a quick influx of cash. To keep your investment intact while taking care of your immediate financial needs, apply for a loan against your fixed deposit.

A loan against a fixed deposit is available to the following Sova Finance fixed deposit holders: The following are eligible to apply for a loan against an FD: resident Indians, sole proprietorships, partnership firms, corporations, Hindu Undivided Families, clubs, groups, societies, and family trusts.

Documents Required for Loan against Fixed Deposit

You must submit the following required documents in order to apply for a loan against a fixed deposit:

Application form
Fixed Deposit Receipt
Returned check (only for non-cumulative FD)

*The list is merely illustrative. It's possible that more paperwork will be needed while the loan is processed depending on your past banking history.

Loan against fixed deposit

FAQs

What is the Tenure of a loan against a fixed deposit?

The loan against the fixed deposit has the same tenor as the fixed deposit itself, which is an extremely crucial factor to keep in mind. Although the loan's tenure can be shorter than that of the fixed deposit, it cannot be longer than the deposit's tenure. For instance, if the fixed deposit has a five-year term, the loan's term may be either less than or equal to five years, but not greater than that.

What is the interest rate I will be required to pay?

The interest rate on the loan is determined by the fixed deposit interest rate that the bank is offering you. The majority of banks provide a rate that is 2% higher than the fixed deposit rate.