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Old 21st April 2013, 09:45   #31
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Default Re: Loan against FD

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I have a question about loan against FD. HDFC bank for example offers "Loan against deposit is available after three months from the date of deposit and up to 75% of the deposit amount".

Now do they mean 75% of the deposit, or depost+ 75% overdraft?

For example if I have 10 lakhs in an FD, are they going to give me a loan of 750,000 or 17.5 lakhs? I'm confused because their NRI deposits page mentions OD but the resident deposits site makes no mention of overdraft. I assume it's the same for other banks as well.
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Originally Posted by Evil View Post
Well that's just stupid then to pay interest on one's own money.
No, it works something like this :

In case you have a Fixed Deposit of 10 lacs, the funding you receive is only 75%. i.e., Rs. 7.50 lacs. The bank marks a lien on your FD till the loan is completely serviced, But you still gain to withdraw your interest earned on the FD.

Why and who needs a loan with a FD lien ...?

1) Those who have a bad credit history ( Any old loan / credit card default)
2) Those who don't have any income documents to submit.
3) Those who are just fresh into business/ job, and do not have much of credible business stability.

Basically there is nothing wrong with marking a lien on the FD to avail a loan.
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Old 21st April 2013, 10:08   #32
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Default Re: Loan against FD

Pavan Kadam has mentioned who needs loan on FD. One more scenario is where you have an FD for 5 years or more which will give tax benefits and you need some money for a short period of time. Instead of breaking the FD and losing interest and tax benefit, you can go for the loan against the FD.

The processing time and documentation will be easier as the bank won't need to verify lot of things if this was a fresh loan. Also the processing fee will be lower. You can negotiate with the bank and they may even give without any processing fee. Fresh loans (not against FD) can have processing fees anywhere from 0.25% to 1%.

OD and loan against FD are 2 different things. OD is available for non-NRE customers also. It has to be processed separately. The process will be lengthier and more intense as the bank has to make sure you are good enough as they are giving you something 'extra' or 'not your money' as OD.
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Old 10th July 2013, 17:29   #33
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Default Personal Loan Query

Any own has taken personal loan from Axis Bank? If so, please let me know your feedback. Looks like they are the only one with part-payment option. But interest rate is 15% and Processing fees is 2%. No pre-closure/part-payment charges.

I checked with ICICI/HDFC as well, the interest rate is 14% here but they don't offer part-payment option. The pre-closure charge is @4%
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Old 14th July 2013, 20:47   #34
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Default Re: Personal Loan Query

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Originally Posted by arun_josie View Post
Any own has taken personal loan from Axis Bank? If so, please let me know your feedback. Looks like they are the only one with part-payment option. But interest rate is 15% and Processing fees is 2%. No pre-closure/part-payment charges.

I checked with ICICI/HDFC as well, the interest rate is 14% here but they don't offer part-payment option. The pre-closure charge is @4%
I took a personal loan from AXIS last August. Overall experience was very good. Executive came to my house/office for all the paperwork. Loan was sanctioned in 3 days and I received the amount in my account in another 2 days. (Agent deposited it to my A/C). I am yet to do any pre payment though.
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Old 10th March 2014, 10:06   #35
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Default Re: All your Personal Loan Queries here.

I am in search for a personal loan. Anyone else currently in search of a personal loan? Can someone guide me to best personal loan currently available?
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Old 21st July 2014, 14:11   #36
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Default Re: All your Personal Loan Queries here.

A query on pre-closure charges. Recently come across an RBI mandate on pre-closure penalty waiver on personal loans. I inquired with HDFC, got info that they haven't received the mandate yet, and it currently practiced in nationalized banks. Any ways to check this with RBI to get more information? I'm planning to close my existing loan with HDFC in a month or so.
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Old 10th June 2015, 12:17   #37
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Default Re: All your Personal Loan Queries here.

Hello Bhpians,I am in the look out for a personal loan for marriage purpose.Can any experianced tbhpians suggest which bank I can approach? Tenure not more than 5 years. I somewhere saw Axis is good.
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