Canara Bank Loan Against FD
Opening a fixed deposit with Canara Bank has never been so beneficial. Now customers can take a loan against the fixed deposit account opened with Canara Bank. Fixed deposits come with assured investment returns with attractive interest rates, as compared to regular savings account.
When it comes to fixed deposits offered by different banks, Canara Bank's term deposit is ideal.
Eligibility Criteria for Applying for Loan Against Canara Bank Fixed Deposit
The eligibility criteria for applying for a loan against the fixed deposit offered by Canara Bank, include:
- Must be a citizen of India
Key Features of Loan Against Canara Bank Fixed Deposit (FD)
Listed below are the main feature of HDFC Loan against Fixed Deposit:
Loan Type | Overdraft |
Loan/overdraft amount | Minimum - Rs. 1000 Maximum - No ceiling |
Rate of Interest | Competitive/attractive |
Period of Deposit | Minimum: 15 days (7 days in case of deposit of Rs 5 lakh and above. Maximum: 120 months. |
Premature withdrawal | Allowed. |
Facility for Nomination | Available |
Benefits of Loan Against Canara Bank Fixed Deposit
There are a number of benefits of taking a loan against your Canara Bank Fixed Deposit. Here are a few of the perks:
- The customer can earn attractive interest rates on the loan availed against fixed deposit.
- The customer can opt for monthly, quarterly, half-yearly or annual interval payments, according to his choice.
- Premature withdrawal of deposit can be done, provided there is an outstanding overdraft against the deposit.
- Loans can be applied online
How to Apply for a Loan Against FD Canara Bank
Online
- Use your credentials to log in to the Canara Bank net banking portal.
- Click on 'New Account' under the 'Term Deposit' page and choose the type of deposit account.
- Provide all the relevant information such as your name, payment, maturity instructions, etc.
- Verify the details by clicking on 'Open Deposit'.
- Click on 'Confirm'.
Mobile App
- Download the Canara Bank mobile app on your smartphone and use your credentials to log in.
- Click on 'New Account' and choose the type of deposit account.
- Provide all the relevant information such as your name, payment, maturity instructions, etc.
- Click 'Open Deposit' to verify the information provided by you.
- Click on 'Confirm'.
Customer care
You can also call the customer care numbers 1800 425 0018/ 1800 103 0018/ 1800 208 3333/ 1800 3011 3333 if you are a resident of India and wish to avail a loan against fixed deposit. If you are an NRI and wish to avail this facility then you will have to call the number +91-80-22064232. A customer care executive will get in touch with you and will help you with the process of applying for a loan against fixed deposit.
Offline
You can visit the nearest Canara Bank branch along with all the relevant documents to apply for a loan against your fixed deposit.
Repayment of Canara Bank Loan Against Fixed Deposit
Generally, the repayment tenure remains the same as the tenure of your fixed deposit account. The maximum repayment tenure offered can be up to 10 years. However, it may differ depending on the loan amount and various other factors. Do get in touch with the bank to discuss the repayment tenure before availing the loan against facility. You must note that you will be allowed to avail up to 90% of your fixed deposit amount.
Loan Against Canara Bank Fixed Deposit Interest Rates
The bank offers attractive rates of interest on its loan against fixed deposits. The interest rates charged by the bank on loans against fixed deposits are subject to change, as per the bank's discretion.
FAQs on Loan Against Canara Bank FD
- What is the maximum loan amount offered against fixed deposit by Canara Bank?
The bank offers up to 90% of the total value of your deposit as loan.
- What duration does Canara Bank follow while paying interest on loan against fixed deposit?
The interest is paid on a monthly, quarterly, half-yearly, or annual basis. The depositor can choose when he wants to get the interest.
- Does Canara Bank accepts online application for loan against fixed deposit?
Yes, Canara Bank accepts online application for loan against fixed deposits.
- Can i withdraw the fixed deposit prematurely in case of an economic emergency?
Yes, the bank allows premature withdrawal of fixed deposits, provided there is an unpaid overdraft against your deposit.
- Will there be interest applicable on the remaining deposit?
Canara Bank allows part withdrawal of deposits in multiples of Rs. 1000. The rest of deposit that remains with the bank earns a contracted rate of interest.
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