Loan Against FD Axis Bank

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. 

Features of Axis Bank Loan Against FD

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

Axis Bank Loan Against FD Interest Rates

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

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

Total no. of loan accounts

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.

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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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