SBI FD Loan Process: Good news for SBI customers, now you can take loan against FD, know what is the process..?

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SBI FD Loan Interest Rate: Every person needs money suddenly at some point of time, in such a situation, you spend from your old savings. We are going to tell you that if you have Fixed Deposit (FD), then how can you get a loan from your bank on it. Which you can use in your time of trouble. If you have an account in State Bank of India and you also have FD in this bank, then you can take loan from here.

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Trust can also take loan
According to the SBI website, the eligibility for taking a loan against FD is quite limited. Any Indian citizen can get this loan. Apart from individuals, self proprietorships, partnership firms, associations and trusts can also take loan against FD.

What is special?
Let us tell you that the most important thing about this SBI loan is that your CIBIL score will not be seen in it. From SBI, you get up to 95 percent of the total value of your FD as a loan. You can easily take a loan of 75 to 90 percent of your FD.

No processing fee
You will not have to pay any processing fee for loan against FD in SBI. In this, you get the facilities of both demand loan and overdraft. Let us tell you that in this online overdraft, you can take a minimum loan of Rs 5,000. You can take a maximum amount of Rs 5 crore from this type of loan.

Apply like this
You do not have to do any kind of paperwork to take loan against fixed deposit from SBI. You can also apply for this loan through Internet Banking, SBI's Mobile Banking App Yono. Also you can contact the bank branch directly. The loan amount will be credited to your account within a few days of applying for loan against FD.

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So much interest
In SBI, you will have to pay its interest rate 1 percent more than the rate of FD. If you are getting 5 percent interest on FD, then you will have to pay 6 percent interest on the loan. This loan will be available at very low interest rate. As you repay the loan, the interest rate will keep on decreasing.