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Loan against FD Bank of Baroda |
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Re: loan against fd bank of baroda
BOB (Bank of Baroda) offers the option to take a loan against their fixed deposit accounts. By providing funds up to 95% of the value of their fixed deposit, it allows to fulfil financial requirements without having to liquidate their fixed deposit accounts. These loans are granted as demand loans or as overdrafts against the deposits. Eligibility To provide a loan against a fixed deposit account at Bank one must satisfies the following eligibility requirements: • One must be a citizen of India • One should be able to produce a valid Bank of Baroda Fixed Deposit account Documentation Required • Fixed deposit receipts of account with Bank • Loan application form, duly filled and attested • Duly signed loan agreement • Fixed/ term deposit receipts are to be made in favour of the Bank Features of availing loans Against Bank of Baroda Fixed Deposit Accounts • Type of loan– Demand loan/ Overdraft against deposit • Loan or overdraft amount – • Minimum amount: Rs. 25,000 • Maximum amount: No ceiling • The Applicable Rate of Interest – Based on the loan amount, the interest is generally around 1 – 4% over the fixed deposit rate • The loan may be for any tenure just as long as the time period does not exceed fixed deposits’ tenure. • Available to self and third party individuals. |
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