Bajaj Finance Loan Against FD

What is a Bajaj Finance Loan Against FD?

The Bajaj Finance Loan Against Fixed Deposit (LAFD) provides immediate liquidity without requiring you to prematurely withdraw your FD. This ensures your deposit continues to earn its full interest, safeguarding your long-term savings growth while offering quick access to necessary funds. The LAFD is available starting 3 months after the deposit date.

Loans can be availed from a minimum of ₹3,000. The Bajaj Finance FD interest rates are set competitively at 2% per annum over the underlying FD interest rate, making it a cost-effective way to utilize your savings as collateral without sacrificing your returns.

Key Features of Bajaj Finance Loan Against FD

Bajaj Finance loan against FD has a lot of features that make it a practical choice for customers. Here are some of them:

• Up to 75% of FD Amount as Loan: Bajaj Finance will lend you up to 75% of the value of your cumulative fixed deposit and 60% of the value of your non-cumulative fixed deposit. The amount and type of your fixed deposit will determine how much the loan is worth.
• Flexible Tenure: You can choose the duration of your loan, which can be anywhere from one month to the full duration of your FD (That is, up to 60 months). This gives you the freedom to pay back when it's convenient for you.
• No Foreclosure Fees: A notable feature of the loan against FD is that it doesn't have any foreclosure fees. There are no extra fees if you pay back the loan early or in full. You can also foreclose your loan by going to any Bajaj Finance branch.
• Dedicated Portal for Customers: You can manage your loan online through Bajaj Finance's My Account portal. You can download the loan statements, see how it's going, and even make payments right from the site.

How to Apply for a Bajaj Finance Loan Against FD?

You can easily apply for a Bajaj Finance loan against an FD, either online or in person at a branch. This is how you can apply:

Online Application 

It's quick to get a loan against your fixed deposit with Bajaj Finance. Here's a step-by-step process of the online application to follow:

• Log in to Internet Banking: Go to the Bajaj Finance site and apply.
• Enter Your Details: Enter your mobile number and choose GET OTP.
• Click on Submit: Fill in the OTP and press Submit in order to enter the “My Account” portal.
• Go to My Relations: Open My Relations and view the details of the selected FD.
• In the category, Quick Actions, choose Get a loan against FD.
• Type the loan value and press Submit in order to finalise the request.

Offline Application 

You can also apply offline for loans above ₹4 lakh per deposit by visiting any Bajaj Finance branch.

• Visit the Bajaj Finance closest branch.
• Request the representative that you wish to apply for a loan against the FD.
• Give your ID documents and FD receipt.
• Select the FD with the assistance of the representative.
• Confirm the Loan on the FD, interest, and amount.
• Fill out and submit the forms
• The loan details will be processed and issued by the branch.

Who Should Consider the Bajaj Finance Loan Against an FD?

The Bajaj Finance loan against fixed deposit is easily available for Indian resident individuals over 18 years of age, Hindu undivided families (HUF), sole proprietorships, or partnership firms. A loan against FD from Bajaj Finance is suitable for the following credit profiles:

• Investors with Long-Term Savings: Long-term savers who do not want to close their FD can also use the facility to access liquidity.
• People in Immediate Need of Money: Customers can obtain an immediate, fast cash loan to cover all short-term needs, including but not limited to medical bills, tuition, etc.
• For small business owners and self-employed professionals: The loan on FD option will help small businesses and self-employed people who need enough working capital or are having trouble with cash flow.

Repayment Options for Bajaj Finance Loan Against FD

Repayment of the Bajaj Finance loan against a fixed deposit is flexible, with the following number of options available to you:

• Convenient Repayment Options: You may repay a Bajaj Finance loan against an FD via instalments, or choose to pay the full loan amount together with interest in a lump sum at the end of the term.
• Flexible Repayment Timeline: Since there is no fixed EMI schedule, you can repay it at your convenience.
• Adjustable at Maturity: In case you do not repay the loan before FD maturity, the outstanding loan amount is automatically adjusted from your FD maturity proceeds.
• No Additional Charges: There are no prepayment or foreclosure charges; hence, it can be an economical borrowing option for you.

Key Takeaways

Bajaj Finance provides a loan against your FD to a maximum of 75% of your FD value. EMIs are not available, and one can pay back at any time prior to the FD maturing with no foreclosure fees. The loan on FD has a flexible tenure of 1 month until the entire term of the fixed deposit at a low interest rate up to 2% above the FD rate. Application is easy and can be done online through the My Account portal or offline at the branches.