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BOB Loan Against Fixed Deposit

Home Fixed Deposit Bank of Baroda Loan Against FD

Bank of Baroda offers its customers the option to take a loan against their fixed deposit accounts. By providing funds up to 95% of the value of their fixed deposit, it allows customers to fulfill their financial requirements without having to liquidate their fixed deposit accounts. These loans are granted as demand loans or as overdrafts against the deposits.

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  • Safe & Secure FD, Insured by RBI

  • No Savings A/c Required

  • FD Starts from Rs 2000

  • Card Limit = 90% of FD

*Rates are subject to change as per the bank's discretion.

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Updated: 23-04-2024 07:23:34 AM

Features of Bank of Baroda Loan against FD

The following are the features that define the Bank of Baroda loan against FD, i.e. Loan against fixed deposit:

  • The loan can be opted in two ways, viz. demand loan and overdraft against term deposit
  • Up to 95% of the outstanding balance in the FD account is available for loan
  • Minimum of Rs. 25,000 to be taken as a loan against FD
  • Interest is charged as per the bank’s updated guidelines

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  • Card limit is 90% of FD Amount

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Benefits of Bank of Baroda Loan against FD Facility

The following are the points due to which opting for a loan against a deposit from Bank of Baroda is a preferable choice compared to breaking the FD:

  • Liquidity is not hampered as the depositor does not have to break the fixed deposit while catering to the cash requirements
  • Interest charged is lower as compared to unsecured loans as this loan is disbursed by keeping the term/fixed deposit certificate as a lien with the bank
  • The bank gives one of the best upper limits (up to 95% of the deposit amount) to avail the loan against the fixed deposit with the Bank of Baroda
  • On availing of the overdraft facility, depositors can borrow amounts simply by drawing a cheque, via ATM card, or using internet banking

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  • FDs of up to ₹5 lakhs insured by RBI

  • No hassle of opening a saving account

  • No documentation

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Who can apply for BOB Loan against FD

The process to avail a loan against a fixed deposit account at Bank of Baroda can take as little as a day of processing time, provided that the applicant meets the following eligibility requirements:

  • The applicant must be a citizen of India
  • The applicant should be able to produce a valid Bank of Baroda Fixed Deposit account

Documents Required to Apply for BOB Loan against FD

To make a successful application, the following documents must be submitted:

  • Fixed deposit receipts of your account with Bank of Baroda
  • Loan application form, duly filled and attested
  • The duly signed loan agreement

 

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