RBL Bank Loan Against FD

What is an RBL Bank Loan Against FD?

RBL Bank loan against fixed deposit or EasyGain Overdraft against FD is an easy way to access funds without closing your deposit. With this loan against FD, you can borrow money while your fixed deposit continues to earn interest. This facility allows you to meet urgent financial needs without affecting your savings, ensuring that your investment remains intact.

Key Features of RBL Bank Loan Against FD

RBL Bank loan against fixed deposit offers several advantages, making it an attractive option for customers. Some of the key features include:

• Low Interest Rate: Low Interest Rate: The loan is offered at an interest rate above the prevailing RBL Bank FD interest rates, with interest charged only for the period the loan is utilised.
• Interest Only on Used Amount: With the RBL Bank loan against FD, you only pay interest on the amount you borrow. This allows you to continue earning interest on your full deposit while minimising the borrowing cost.
• Flexible Eligibility: Available to customers with an existing CASA (Current Account or Savings Account) relationship or standalone fixed deposits. This excludes Recurring Deposits, Tax Saver Deposits, certain ACE deposits (non-callable deposits below ₹3 crore for non-individuals), lien-marked deposits, and Minor Deposits.
• No Fees: RBL Bank loan on FD comes with no processing, renewal, or foreclosure fees, making it a cost-effective option for accessing funds.

How to Apply for an RBL Bank Loan Against FD?

RBL Bank offers an easy application process for a loan against fixed deposit, which can be done online via Net Banking or offline at a branch. Here's how to apply:

1. Online Loan Application

   Applying for a loan against FD through RBL Bank's NetBanking platform is simple and fast. Just follow these steps:

   • Log in to Net Banking: Sign in using your customer ID and password.
   • Visit Fixed Deposit Section: Navigate to the Fixed Deposit section under the 'Deposits' menu.
   • Select the FD: Choose the fixed deposit you want to pledge for the loan.
   • Initiate Loan Request: Click on the option to apply for an overdraft against the FD.
   • Select Loan Facility: Choose the loan facility that fits your needs (Overdraft against FD).
   • Confirm and Submit: Review all the details and submit your application.

2. Offline Loan Application

   To apply offline, visit your nearest RBL Bank branch and follow these simple steps:

   • Visit the Branch: Go to your nearest RBL Bank branch.
   • Request the Loan: Inform the representative that you want to apply for a loan against your FD.
   • Submit Documents: Provide necessary KYC documents such as Aadhaar, PAN, and your FD receipt.
   • Choose the FD: Select the FD you want to pledge with the help of the branch representative.
   • Review Terms: Verify the loan details, including interest rates and loan amount.
   • Complete Paperwork: Fill out the required forms and submit them to the bank.

Who Should Consider an RBL Bank Loan Against FD?

An RBL Bank loan against FD is beneficial for a wide range of customers, including:

• Investors with Tax-Saving FDs: Tax-saving FDs have a lock-in period of 5 years. With this loan, investors can access funds without prematurely closing their FD.
• Individuals with Short-Term Cash Needs: Whether it's for medical expenses, education fees, or emergencies, individuals who need funds quickly can benefit from this facility.
• Small Businesses or Self-Employed Professionals: Entrepreneurs and small businesses can use this loan to manage cash flow and meet short-term financial requirements.
• People Looking to Avoid High-Interest Loans: This loan offers a lower interest rate than personal loans and credit cards, making it an ideal choice for those looking to avoid higher borrowing costs.

Repayment Options for RBL Bank Loan Against FD

The RBL Bank loan against FD comes with flexible repayment options, making it easier to manage your finances. The key features are:

• Repay Anytime: There is no fixed repayment schedule. You can repay the loan at your convenience, in part or full, without penalties.
• Multiple Payment Modes: Repay through NetBanking, NEFT, UPI, or by visiting the branch.
• Partial or Full Repayment: Repay the entire loan amount or make partial payments based on your financial situation.
• Physical Statement or Repayment Schedule: Available on request at ₹250 per instance.
• Automatic Adjustment on FD Closure: When your FD matures or is closed, the outstanding loan amount is automatically settled from the FD proceeds.
• Repayment from Other Accounts: Repay the loan from any other account you hold with RBL Bank for greater flexibility.

Key Takeaways

RBL Bank loan against FD allows you to access up to 90% of your fixed deposit amount while your FD earns interest. The loan comes with a low-interest rate and offers flexible repayment options. The process is available both online via NetBanking and offline at the branch.