Loan against fixed deposit is a popular way of handling financial emergencies without adding additional financial burden. Yes Bank has been offering loans against their fixed deposit at competitive interest rates. So, if you are a Yes Bank customer, you can avail a Yes Bank loan against FD. Learn about its features, benefits, interest rates, and more.
What is a Yes Bank Loan Against FD?
Yes Bank FD comes with a lot of benefits, and a loan/overdraft facility is one of them. You can take a loan of up to 90% of the balance in your FD. Yes Bank doesn’t levy any processing fee for such loans. There is also no additional documentation required, which cuts down the hassle of other lengthy loan procedures.
Features and Benefits of Yes Bank Loan Against FD
There are multiple exclusive features and benefits of Yes Bank loan against FD. Let us take a look at some of them.
- You can make a lump sum payment without the need for EMI.
- The interest rate is 1% higher than YES bank FD rate.
- The tenure of the loan can be as long as the tenure of the FD.
- FD-backed loans have lower interest rates compared to personal loans.
- FD collateral ensures easy approval of loans.
- There is no need to interrupt the FD in case of sudden financial needs, allowing it to continue earning interest.
Yes Bank Loan Against FD Interest Rate
Yes Bank loans against the FD interest rates are 1% higher than the regular interest rates applicable to your FD.
Eligibility Criteria for Availing Loan Against Yes Bank FD
You must fulfil the following criteria to be eligible for Yes Bank overdraft against fixed deposit:
- An FD account holder holding a single savings account with the bank is only eligible.
- Fixed deposits should not have any liens. However, such FDs should have a residual maturity of at least seven days.
- Non-resident applicants need to keep a minimum balance of ₹10,000 and a maximum of ₹2 crores in their FD account.
- NRO fixed deposits must be held for at least 30 days, while NRE deposits require a minimum tenure of 12 months.
How Can I Apply for a Loan Against Yes Bank FD?
There are three ways in which you can apply for a loan against Yes Bank FD. The steps are given below:
1. Through YES Robot
Here’s how you can apply for a loan or overdraft against Yes Bank FD through YES Robot.
- Step 1: Log in to your account and click on “Loan Against FD.”
- Step 2: Choose an eligible FD against which you want to apply for a loan.
- Step 3: Specify the required amount and click on “Submit”.
2. Through Yes Mobile
The following are a few steps that you need to follow in order to apply for a Yes Bank overdraft against a fixed deposit through the Yes Mobile app.
- Step 1: Click on “Exclusive Offers” on the main page and log in to your account.
- Step 2: Choose an eligible FD.
- Step 3: Select the required amount and click on “Submit”.
3. Through WhatsApp
Given below is a stepwise guide on how to apply for the loan/overdraft against the FD facility in Yes Bank through WhatsApp.
- Step 1: Send “Hi” at +91 829-120-1200 on WhatsApp.
- Step 2: Type “FDOD”. A login portal will be displayed. Enter your registered credentials.
- Step 3: Click on your eligible FD.
- Step 4: Select the required amount and click on “Submit”.
Your Yes Bank loan against FD will be sanctioned within 1 working day after you complete your application through either of the procedures mentioned.
How to Repay the Yes Bank Loan Against FD?
The repayment of a Yes Bank loan against FD involves a hassle-free process, requiring no additional documentation or processing charges. Let us now discuss how to repay the Yes Bank Loan against FD.
- Step 1: Visit the nearest branch of Yes Bank.
- Step 2: Specify the required FD details to a bank representative.
- Step 3: Repay your Yes Bank loan against FD via lump sum payment. EMIs are not applicable.
How Much Loans Can I Avail on Yes Bank Fixed Deposit?
You can avail of a loan of up to 90% of the balance in your FD account. To illustrate, if you have ₹10 lakhs in your FD account, you can avail a loan of up to ₹9 lakhs against your Yes Bank fixed deposit.
Yes Bank loan against FD can prove to be beneficial at times of financial emergency. You need to be an existing customer of Yes Bank FD to avail of this facility and have a minimum balance of ₹10,000. Although a reliable choice, the terms and conditions associated with this facility are subject to change. Therefore, make sure to verify the interest rates charged against this facility and the eligibility criteria before applying.