The Kannur Dist. Ex-servicemen Multipurpose Co-op: Society Ltd. provides its customers with a wide range of facilities to meet their needs. Every facility has been meticulously planned and provided to ensure that they make the most of it. not to mention the efficiency with which these facilities are provided and implemented. Take a look at the services we provide:
Fixed Deposit Loan
If you do not meet the income eligibility criteria or have no other assets to pledge for a secured loan, you can borrow against your fixed deposit. Such loans have an interest rate that is 1% higher than the FD rate and can be repaid in up to 60 months. These loans are typically in the form of an overdraft or a demand loan.
Loan against FD (Fixed Deposit) is a type of secured loan where customers can pledge their fixed deposit as security and get a loan in return. The amount of the loan depends on the FD deposit amount. This can go up to 90% of the deposit amount.
Eligibility Criteria for Availing Loan Against Fixed Deposit–
To be eligible for a loan against an FD, the basic criteria is that you must hold a fixed deposit with the Society.
Documents required for loan
- To avail a loan against fixed deposit, you will need to provide the below-given documents:
- i. Application form duly signed
- ii. Duly signed agreement
- iii. Fixed/Term Deposit receipts duly discharged in favor of the bank
Benefits of Loan against FD
Lower interest rates compared to other types of loans like personal loans (1% above the applicable FD rate).
No need to break FD and go for premature withdrawal thus suffering a loss of interest on FD.
Can be repaid as a lump sum or in installments (not later than FD tenure)