Loan against FD HDFC Bank

Let us learn more about this facility with features and benefits in this article.

What is Loan Against FD HDFC Bank?

Loan against FD by HDFC Bank is a loan facility provided to the Fixed Deposit accountholders. The customers can raise loans by guaranteeing their fixed deposits as collateral when in need of emergency funds for short-term.

HDFC Bank provides a seamless and fast loan facility with the need for minimum paperwork. When in need of emergency funds for situations like medical treatment or holiday expenses, Loan Against FD HDFC Bank is the best option for you.

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

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

VIEW PLANS

*For annual premium upto ₹5 Lacs

Features of HDFC Bank Loan against FD

Let us learn the main features of getting a Loan against FD from HDFC Bank in the following table:

HDFC Bank Loan against FD Interest Rate

The OD Account interest rates of HDFC Bank depend on the tenure of your FD scheme. 

The OD interest rate is as follows:

• Domestic FD Account: 2% above the normal FD interest rates

• NRO Account: 2% above the normal FD interest rates

• NRE Account: 2% above the normal FD interest rates

Eligibility Criteria for HDFC Bank Loan on FD

Here is the list of eligible customers who can get a loan against FD in HDFC Bank:

Eligibility for Domestic Customers:

• Resident Single and Joint Life citizens

• Hindu Undivided Families (HUF)

• Private limited companies

• Public Sector Units (PSUs

Eligibility for NRI Customers:

• NRO Account Fixed Deposit holders

• NRE Account FD holders

• FCNR Account Fixed Deposit holders

Note: The Loan against FD can be availed only if the applicant holds a Zero Balance Savings Account with HDFC Bank.

How to Apply for HDFC Bank Loan against FD

1. For Single Life Account Holders with HDFC Bank

   The Single Life Fixed Deposit account holders can get a Super Saver/ Loan against FD facility of HDFC Bank by applying through Net Banking with the steps mentioned below:

   Step 1: Log in to your account through Net Banking

   Step 2: Go to “Accounts” section and click on “Transact”

   Step 3: Select the “Overdraft against FD” section and fill in the required details to get an Overdraft against FD.

2. For NRI and Domestic Account Holders with HDFC Bank

   NRIs can apply to get a Loan against FD from HDFC Bank by following the steps mentioned below:

   Step 1: Go to the official website link of HDFC Bank

   Step 2: Select the option “Invest” and click on “Deposits” section

   Step 3: Choose the option “Fixed Deposit” and select “Loan against Fixed Deposit”

   Step 4: Click on the button “Apply Now”

   Step 5: Fill in the required details and click on “Submit”.

Advantages of Loan against Fixed Deposit of HDFC Bank

Let us have a look at the major advantages of taking a loan on FD from HDFC Bank in the list below:

• Pay Only for Loan Availed: You are levied interest only for the drawn amount of loan.

• Earn Interest on FD Amount: The remaining amount of your FD account continues to earn interest for you.

• Flexibility in Loan Repayment and Rollover Mode: You can deposit the loan on FD amount as per your suitability before the rollover deposit matures.

• Link FD with Savings/Current Account: The customer can choose to link their FD with either a Savings Account or a Current Account of HDFC Bank.

• Easy Cancellation of HDFC OD Account: The Single Life FD account holders can easily cancel their OD against FD through Net Banking.

Summing It Up

The Loan Against FD HDFC Bank is available only for FDs that are free of lien/ mortgage/ encumbrance. The customer must learn the terms and conditions and analyse their loan repayment capability before applying for a loan against FD. You cannot close the FD account after availing of the overdraft facility. But before taking investment decision in FD., it is suggested to use FD calculator to check out the FD returns.

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