Loan against FD HDFC Bank

HDFC offers assured loan services on Term/Fixed Deposits (FDs) to its Resident and NRI customers for meeting their urgent household or business financial requirements. The customers holding a Domestic/ NRO/ NRE/ FCNR Fixed Deposit account can withdraw a Loan against FD HDFC Bank without breaking their FD investments.

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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.

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:

Features Details
Types of Loan on FD Overdraft (OD) on Demand
OD Interest Rate 2% above the normal FD interest rates
HDFC Overdraft Limit
  • Domestic Customers: 90% of OD against FD amount
  • NRE/ NRO Account: 90% of OD against FD amount
  • FCNR Account: 70% of OD against FD amount
OD against FD Amount Rs. 25000 and above
HDFC Overdraft Tenure Minimum Tenure: 6 months 1 Day
Fees & Charges No processing charges
Penalty on Early Repayment of Loan NIL
Repayment Mode UPI/ NEFT/ RTGS/ IMPS/ Remittances/ Debit Card
HDFC Bank Credit Card on FD Available
Channel to get OD against FD for Single Life  Net banking/ Website/ Visiting HDFC branch
Channel to get OD against FD for Joint Life/ Companies Visiting HDFC Bank branch

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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.

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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”.

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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.

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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.

FAQ's

  • Can I take a loan against FD in HDFC Bank?

    Yes, HDFC Bank provides loan against FD facility to its domestic and NRI customers. 
  • How can I take OD against FD in HDFC Bank?

    HDFC Bank FD Account holders can avail of the OD against FD facility by applying through the official website/ Net Banking/ visiting the nearest HDFC branch.
  • What is the interest rate for overdraft against FD in HDFC Bank?

    The overdraft against HDFC Bank FD is charged at an interest rate of 2% higher than the normal Fixed Deposit interest rates.
  • What is the maximum limit of OD against FD in HDFC?

    HDFC bank offers the facility of Loan against FD for a minimum amount of Rs. 25000 for a minimum of 6 months and 1 day.

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^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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