Dhanlaxmi Bank Loan Against FD

What is a Dhanlaxmi Bank Loan Against FD?

Dhanlaxmi Bank loan against fixed deposit enables you to access money while keeping your FD as security. To avail of this facility, a minimum FD of ₹10,000 with a tenure of at least 12 months is required. The loan against FD facility allows you to meet your urgent financial requirements without compromising on your investment since your FD is still earning you interest. 

Key Features of Dhanlaxmi Bank Loan on FD

Dhanlaxmi Bank loan against fixed deposit has various benefits, and thus it is a feasible option for Investors. Some of its main characteristics are:

• Low Interest rate: Interest is normally charged at 1% to 2% above the current Dhanlaxmi Bank FD interest rates on the loan against FD. It is only applicable during the utilisation period of the funds.
• Pay Interest on Utilised Amount: In Dhanlaxmi Bank’s loan against FD, interest is charged only on the amount utilised, and not on the complete sanctioned credit limit for customers. This will enable you to save on borrowing expenses.
• Wide Eligibility: Loan against FD from Dhanlaxmi Bank is available to residents, Hindu Undivided Families (HUF), and business companies, including both privately and publicly owned entities.
• Repayment Anywhere: You can repay the loan on an FD at any place, anytime, without extra fees.
• Tax-saving FD: It is not possible to get loans against tax-saving FDs because the lock-in period is required to be 5 years on these FDs.

Who Should Consider a Dhanlaxmi Bank Loan Against an FD?

Dhanlaxmi Bank loan against FD is applicable to a broad range of customers, such as:

• Investors with Short-term cash requirements: You can avail short-term cash requirements, whether to cover medical costs, school fees, or even emergencies, without having to open an FD.
• Small Business Owners or Self-Employed Professionals: The loan can support entrepreneurs and self-employed individuals in meeting their working capital or short-term funding requirements for business needs.
• Those who have an Existing FD: In case you have an FD with Dhanlaxmi Bank (apart from any tax-saving FD), you can apply it as collateral to borrow a loan.

How to Apply for a Dhanlaxmi Bank Loan Against FD?

Dhanlaxmi Bank has online and offline loan against FD application facilities. Here is how you apply the process:

Online Loan Application

To borrow a loan over an FD online, follow these simple steps:

• Log in to NetBanking: Log in to NetBanking using your Customer ID and password.
• Visit the Deposits Section: Visit the Deposits section and choose the Fixed Deposit.
• Select the Fixed Deposit: Choose the FD in which you intend to take the loan out now.
• Choose Loan Against FD: Select the option to pledge the FD for the loan.
• Review Loan Details: Choose the loan against FD.
• Apply for the Loan: Review and apply the loan request.

Offline Loan Application

To apply for a loan against FD offline, you may go to the nearest branch of Dhanlaxmi Bank and proceed as follows:

• Visit the Nearest Branch: Kindly go to a Dhanlaxmi Bank branch nearest you.
• Notify the Representative: Advise the representative of your loan request.
• Submit ID Proof and FD Receipt: Submit ID proof and FD receipt, connected to your savings account.
• Select the FD for the Loan: Choose the FD to obtain the loan with assistance from the bank representative.
• Review Loan Terms: Read the loan information, such as interest rates and loan amount.
• Finalise the Paperwork: Prepare the paperwork and submit it for processing.

Repayment Options for Dhanlaxmi Bank Loan Against FD

Dhanlaxmi Bank loan against FD has the following options of repayment, which are flexible and easy to manage your money:

• Repay at Anytime: You can repay the loan at any time, either in full or through instalments, depending on your convenience and preferred repayment method.
• A number of Payment Modes: Repayment can be done by NetBanking or net transfers, UPI or a branch visit.
• Automatic Adjustment on Closure of FD: Upon the maturity or closure of the FD, the outstanding loan amount is automatically adjusted using the FD proceeds.

Key Takeaways

Dhanlaxmi Bank loan against FD offers you a loan of up to 90% of your fixed deposit, and, at the same time, you will receive interest on your FD. This facility offers an affordable borrowing option, which has a minimum deposit of only ₹10,000, and the loan interest rate is just 2% more than your FD interest rate. It is easy and convenient, and can provide immediate access to money either via NetBanking or by going to your nearest branch.