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Old 14th June 2016, 23:07   #106
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Default Re: Car Loan against Fixed Deposits

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Originally Posted by adithya.kp View Post
On question on loan against FD. If i am not wrong, the amount will come to my account and then i will pay the dealer
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Originally Posted by Lobogris View Post
If it is legal money then why do you need to worry?
Hey Adityha, a late reply but nevertheless - as Lobogris had pointed, when you are clear about the genuineness of the source, then why bother?

Secondly, even if a question arises on the source of such fund, it can always be answered as your bank account would definitely be having your PAN details and the loan details would have automatically got linked to the PAN.
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Old 19th September 2016, 16:26   #107
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Default Re: Car Loan against Fixed Deposits

So to make this work with low FD rates today, I should open a FD with a bank having the least interest rate for 5 years. Assuming 2% additional charge, a 6.5% interest FD with Citibank will cost be 8.5%. I say way cheaper than any car loan.
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Old 12th January 2017, 23:02   #108
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Default Re: Car Loan against Fixed Deposits

Hi guys,

I am planning to take a loan against my FD.
Loan amount is 10L.
FD amount is 10L.
I am being offered a loan at 1% above what I am earning for my FD.
My question is whether this is a good option or should I opt to keep FD interest(compounded) and get a regular car loan?
Also, in a scenario where I pay back some of the principal amount, say 5L out of 10L within a year. Would my interest for the amount be less?
Thanks
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Old 30th August 2017, 21:33   #109
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Default Re: Car Loan against Fixed Deposits

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Originally Posted by renownedalmond View Post
Hi guys,

I am planning to take a loan against my FD.
Loan amount is 10L.
FD amount is 10L.
I am being offered a loan at 1% above what I am earning for my FD.
My question is whether this is a good option or should I opt to keep FD interest(compounded) and get a regular car loan?
Also, in a scenario where I pay back some of the principal amount, say 5L out of 10L within a year. Would my interest for the amount be less?
Thanks
Hello Renownedalmond,
All valid questions raised. Did you manage to get answers from the banks, etc.
Please share with the forum members and also if you went ahead or took some other option.
Thanks a lot
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Old 4th September 2017, 01:30   #110
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Default Re: Car Loan against Fixed Deposits

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Originally Posted by nikhil_pon View Post
Hello Renownedalmond,
All valid questions raised. Did you manage to get answers from the banks, etc.
Please share with the forum members and also if you went ahead or took some other option.
Thanks a lot
Hello Nikhil,

I had to opt for the FD loan option as the car loan option would have needed a lot of paperwork and time(according to the bank manager). And since there was only one car remaining in the showroom with the color that I wanted, I had to move fast.

But my two cents on the dilemma is that if you already have an existing FD(which I had) and would not need the money or the term of loan, then opt for the FD loan. If, on the other hand, you might require to use the money, then go for a normal car loan. Though the interest rates would definitely be higher than the 'FD option'.
Also, the loan allotted in the FD option would be 90% of the FD amount.
So, if you have an FD of 10L, then the loan amount would be 9L.
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