A better Alternative than Personal Loan will be Loan against bank Fixed Deposit in form of OD...
Those facing frequent short-term cash flow mismatches may find availing a loan against FD, in the form of overdraft facility more beneficial than closing their FDs
Enjoy Overdraft Facility upto 90% of your Fixed Deposit @ +1.00% only. You just need to place the bank FD as collateral with the bank and avail a loan. The amount you get will be in the form of an overdraft (OD) against your bank FD.
This means, you do not have to break your FD and it keeps earning interest as per the contracted rate.
For example, if you have an 5 -Years FD of Rs 300000 opened 8.25% while currently, if the 5-year rate is 6%, the interest rate will be based on the contracted rate of interest. In such a case, the interest rate of the loan against FD will be 9.25%. Our bank do not charge processing fees on availing loan against FD.
Except in Double Term Deposits where OD will 70% of your Fixed Deposit @ +1.00% only