Loan Against FD Axis Bank

Axis Bank offers the facility of a loan against Fixed Deposit (FD) to its customers to avoid premature liquidation of their fixed deposits.

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This article will help you learn the detailed features and benefits of a Loan Against FD from Axis Bank.

What is Loan Against FD Axis Bank?

A loan against FD by Axis Bank provides a loan and overdraft facility to its FD account holders. The customers pledge their fixed deposits to raise loans at low-FD interest rates.

A loan on FD from Axis Bank helps its customers to meet any immediate financial commitments like medical treatment and holiday expenses. 

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Features of Axis Bank Loan Against FD

Let us learn the main features of Axis Bank Loan Against FD in the table below:

Features Details
Type of Loan on FD Overdraft (OD)
Axis Bank OD Limit 85% of the loan on FD amount 
Loan Amount Limit Rs. 25000 and Above
Penalties on Early Repayment NIL
Charges & Fees The charges are as follows:
  • Processing Fees: NIL
  • Penal Loan Interest Rate: NA
  • NEFT Charges: As decided by Axis Bank
  • RTGS Charges: As decided by Axis Bank
  • IMPS Charges:
    • For Less than Rs. 1000: Rs. 2.5 per transaction
    • For Rs. 1000-Rs 1 lakh: Rs. 5 per transaction
    • For Rs. 1 lakh- Rs. 2 lakhs: Rs. 15 per transaction
  • Other Charges: Same as normal Axis Bank Savings Account 
Loan Repayment Duration At least 3 months- up to FD tenure ends
Axis Bank FD Credit Card Available
Nomination Facility Provided
Apply for Axis Bank OD Account Net Banking/ Website/ Bank Branch

Axis Bank Loan Against FD Interest Rates

Axis Bank Loan Against Fixed Deposit is charged at the following interest rates:

Interest Rate
Axis Bank Overdraft Interest Rate
  • Up to Rs. 1 crore loan: 2% above FD/ Term Deposit rate
  • More than Rs. 1 crore loan: 3% above FD/ Term Deposit rate
  • For all 3rd party customers: 4% above FD/ Term Deposit rate
Loan Against FD Interest Rate Minimum 4.75%
Maximum 11%
Mean Interest Rate* 7.93%

*Mean Interest Rate= Total sum of interest rates of all loans on FD accounts

Total no. of loan accounts

fd return beater

Eligibility Criteria

A Loan against Axis Bank FD can be availed if you fulfil the following eligibility criteria:

  • Indian citizen

  • Holds a valid Axis Bank FD

Documents Required for a Loan Against FD Axis Bank

To avail of hassle-free loans against FD from Axis Bank, the applicant must prepare the following documents:

  • Duly filled Axis Bank Overdraft form

  • Fixed/ Term Deposit Receipts of their Axis Bank Account

  • KYC documents

  • Pledge for repayment of the loan

How to Apply for Axis Bank Loan against FD?

You can avail of the Loan Against FD Axis Bank facility in 3-steps mentioned below:

Step 1: Visit the official Axis Bank website and click on “Apply Now” in the Overdraft against Fixed Deposit section.

Step 2: Login by filling in the following details:

I: Login by entering your Mobile No. and PAN Number

  • Mobile number

  • Birth Date/ PAN Number

  • Press “Send OTP” button

  • Enter OTP sent on your mobile number to login

II: Login by entering your Debit Card details

  • Debit Card Number

  • Debit Card PIN no.

  • Enter Captcha details

  • Click on “Submit”

Step 3: Duly fill in the required details on the next page to apply for the loan on fixed deposits.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Advantages of Loan Against Fixed Deposit of Axis Bank

  • Funds in Emergency: Partial withdrawal from an FD account is allowed without losing on the benefits of FD investment.

  • Overdraft Facility on Demand: Offers facility of Axis Bank Overdraft against FD within seconds.

  • Zero Pre-Payment Charges: No charges are levied on early repayment of the loan amount.

  • Fair Interest on Loan: Loan interest is charged only on the loan amount utilized.

  • Renewal of Overdraft Tenure: The tenure of the overdraft account is renewable based on the remaining FD tenure.

  • No Credit History Required: Loan against FD can be availed without the need for an income limit or previous credit score.

  • Axis Bank Credit Card against FD: Axis Bank credit card is also issued for customers taking a loan against Fixed Deposits of a minimum amount of Rs. 20,000.

Disadvantages of Loan Against Fixed Deposit of Axis Bank

Let us have a look at a few of the Axis Bank Loan Against Fixed Deposit disadvantages in the following list:

  • The facility of loan against FD is not applicable for a period of lesser than 3 months.

  • Axis Bank can foreclose the FD account in case of default on loan repayment.

  • You can lose the benefits earned on the FD amount in case of seizure of the FD account.

  • The repayment period of a loan on FD cannot exceed the FD account tenure.

Summing It Up

Loan against FD from Axis Bank is one of the fastest and most seamless modes to get financial support when in a financial emergency. The Axis Bank Overdraft facility for customers comes with multiple features to make their lives free from financial worries. Also it is suggested to use FD calculator to check out the FD returns before taking investment decision in FD.

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FAQs

  • How to close an overdraft account in Axis Bank?

    Customers can close their Axis Bank overdraft account by filling out the Axis Bank OD Account Closure Form. You need to sign this form and submit it to the Axis Bank Branch Manager/ Office-in-charge. 
    You can get access to this form by visiting your nearest branch or online. All the accountholders need to sign this OD account closure form in case of a Joint Life FD Account.
  • What is an overdraft against FD in Axis Bank?

    Overdraft against FD with Axis Bank is a facility provided to its Fixed/Term Account holders. The customer can keep their FD as collateral to raise overdraft money for a short term in case of any emergency financial situations.
  • What is the maximum limit of OD against FD?

    There is no upper limit on Axis Bank Overdraft amount for getting a loan against FD. However, the customer must withdraw Rs. 25000 or more for a period of at least 3 months to access the OD facility.
  • How do I pay my Axis Bank overdraft amount?

    You can pay your Axis Bank overdraft amount by logging in to your account at the official website. Go to the “Loans” section and select the Loan Number. 
    Press the “Pay Overdue” option and Select Account number. Enter the Amount you want to repay and fill in the NetSecure Code sent to your registered mobile number.

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