It might not be easier for a person to apply for a loan for a higher amount than Rs 2 lakh because most of the banks for short term charges a higher EMI amount while people prefer to pay low interest rates . Most of the loan products charge a higher rate of interest more than 10 percent but the loan offered by Bandhan bank provides an option to the loan applicants to apply for loan within an interest rate of 1.5 percent to 2.2 percent . This has happened with the easy loan application product by Bandhan bank where the bank is offering loan against fixed deposit on the lowest rate of return.
What is loan against fixed deposit , what documents are required to apply for loan from bandhan bank against fixed deposit and what are the risk and benefits of raising loan against fd from bandhan bank is what all we have tried to explain in this article .
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Loan from Bandhan Bank – Is it Safe ?
Bandhan Bank is a bank recognised by Reserve Bank of India , while it is not nationalized bank but following rules and regulations of RBI , the bank holds a good clientele and is popular in the corporate sector offering a number of credit products at the lowest rates. Bandhan bank fulfiling the Individual lending needs also offers a number of financial products and loan schemes for easy application of loan with the least formalities .
Other than personal loan , loan against property , auto loan and commercial loan products and offers , Bandhan bank also offers the lowest interest rate product loan against fixed deposit to its customers and non-customers both . The loan product is being recommended by many and does not require much complications .
Loan against fixed deposit can be applied by any individual if he/she holds a fixed deposit with any of the bank recognized by the Reserve bank of India . The loan under this product option is provided for an amount upto 90 percent of the total fixed deposit amount .
What is Loan against Fixed deposit from Bandhan Bank ?
Loan against fixed deposit from Bandhan Bank is offered against the fixed deposit holdings by a person with the Bandhan bank or any other bank branch . The loan amount will be disbursed based on the value of fixed deposit made with the bank and the interest rate charged by Bandhan bank on loan against fd will be the interest rate provided + 1.5 to upto 2.5 percent in addition.
The EMI will be charged by the bank and the customer has to mortgage the fixed deposit in name of Bandhan bank where the interest amount will be charged by the Bandhan bank and also the EMIs are to be paid by the applicant every month provided by the loan agent of Bandhan Bank .
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How to apply for Loan Against Fixed Deposit from Bandhan Bank ?
To apply for loan against fixed deposit from Bandhan bank online , you have to follow the below procedure :
- Go to the Bandhan Bank Loan against fixed deposit application page.
- Click on ” Apply Now ”
- Fill in the form .
- Click on Submit .
The details of the requirement of the loan will be shared with the bank loan agent and the bandhan bank loan agent will contact back for loan processing .
What documents are required to apply for Loan from Bandhan Bank against Fixed Deposit ?
The following documents would be required for application of Loan against fixed deposit from Bandhan Bank :
- Filled Application form .
- FD Receipt issued in name of Bank
- Identity proof
- Address Proof
- ITR or Income Proof.
All these documents are to be submitted in offline format and is collected by the Bandhan bank loan agent self and you do not have to move to the bank for submission of the loan application .
Loan Against Fixed deposit VS Loan Against Gold
It is essential that before application of any loan product , you should know what is the difference the loan products in which you are offering a highly secure asset . There are two types of loans offered by banks where security is to be pledged with the bank , this includes :
- Loan Against Fixed deposit
- Loan Against Gold
The difference between both is that the price of the Gold fluctuates which makes it difficult for the bank to realize their loan amount so a higher interest rate is charged on loan against gold from Bandhan Bank even if the loan is taken by mortgaging loan where in fixed deposit, the amount remains intact and lower interest is charged by Bandhan bank for loan against fixed deposit.
Fraction of Loan provided against Fixed Deposit in Bandhan Bank
Bandhan bank for application of loan against fixed deposit , the fraction of amount of upto 90 percent of the total amount of fixed deposit as loan is offered to the customer . This amount does not include the interest payable by the bank on the fixed deposit.
The fraction of loan amount and interest rate charged on loan might subject to change based on the other documents provided by the applicant and the CIBIL Score calculated by the bank based on past financial transactions and loans applied.
Loan Against FD from Bandhan Bank Interest Rates
The interest charged by Bandhan bank for loan against fixed deposit certificate provided would be only interest rate + 1.5 percent to 2.0 percent in addition to the interest rate charged on the fixed deposit.
The interest rate determination will be done by the bank based on the fixed deposit rate and the Cibil score of the customer . While the entire EMI with the interest is to be paid by the customer if fixed deposit is not held with Bandhan Bank . If fixed deposit is created with Bandhan Bank , then only the additional interest is to be paid to the bank with the principal amount .
Calculation of EMI on Loan Against Fixed Deposit from Bandhan Bank
If you want to calculate the EMI Payable based on the loan applied against fixed deposit by Bandhan Bank :
- Go to the Personal Loan Bandhan Bank Calculator
- Enter the Amount of Loan
- Enter Repayment tenure is 3 Years
(Maximum ) - Enter Interest rate = Interest rate of Fixed deposit + 2.5 percent .
- Click Calculate your EMI.
Your EMI for loan against fixed deposit from Bandhan Bank will be calculated on the website.
Processing Charges on Loan Against Fixed Deposit from Bandhan Bank
There are no processing charges involved in application of loan against fixed deposit from Bandhan Bank.
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Is it better to take Loan Against Fixed deposit from Bandhan Bank rather than Personal Loan from Bandhan Bank ?
If you are holding a fixed deposit, then obtaining a loan against fixed deposit from bandhan bank is one of the best option . You can use the loan amount for construction or purchase of land plot also as per your needs . While if you apply for personal loan , if you are holding a security like gold or fixed deposit , then you will be charged a higher interest rate by bank.