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

Quote:
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
Quote:
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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