Secured Loan Against Deposit


Loan against Fixed Deposit:
Many financila institutions like Bank, NBFC, Cooperative Societies in India offer loan against fixed deposit accounts. This helps you fulfill your financial requirements by providing funds depending on the value of your fixed deposit. Loan against fixed deposit is granted as demand loans or overdraft against deposits. In Human, we offer up to 50% of total deposit in Loan against FD. It helps in liquidity management. Loan taken against your fixed deposit account can help you get short term money for any kind of financial requirements without breaking your FDs. It also saves you from selling your assets at discounted value to fulfill your monetary needs. The most important advantage of taking a loan against fixed deposit is that you can get a loan at comparative and lower rates of interest than other personal loans as they are unsecured loans. Loans against FDs are secured loans with the underlying deposit in your FD account. You can access the loan amount with cheque book through your savings account only. Loans are available to self and third party individuals including corporate organizations.

Sl. No. Plan Rate Of Interest Per Month on Interest
3 Months 6 Months 12 Months 24 Months 60 Months
1. FS-3 2.99% 2.59% 1.99% 1.75% 1.50%
2. FS-5 2.99% 2.59% 1.99% 1.75% 1.50%
3. FS-7 2.99% 2.59% 1.99% 1.75% 1.50%
4. FS-10 2.99% 2.59% 1.99% 1.75% 1.50%
5. FS-14 2.99% 2.59% 1.99% 1.75% 1.50%

Loan Against Recurring Deposit:
Those who have a Recurring Deposit in Human Welfare Credit & Thrift Co-Operative Society Ltd (HWCTCSL), can avail loan against the deposit. In this case, the recurring deposit will be treated as a collateral by the bank and the depositor can avail maximum 50% of the total deposit value as loan amount. This will be a secured loan and any defaulted payment on the loan will be adjusted against the amount available in the recurring deposit account of the borrower. Interest levied on a loan against recurring deposit is below.

Sl. No. Plan Rate Of Interest Per Month on Interest
3 Months 6 Months 12 Months 24 Months 60 Months
1. RI-3 2.99% 2.59% 1.99% 1.75% 1.50%
2. RI-5 2.99% 2.59% 1.99% 1.75% 1.50%
3. RI-7 2.99% 2.59% 1.99% 1.75% 1.50%

Loan Against MIP:
For RI, FS and MIP plan, any registered member having deposit in these plans, can take loan up to 50% of his / her principal deposit before maturity and minimum loan amount will have to be Rs 5000.00/- for FS & MIP and Rs 3000.00/- for RI respectively. Member can avail this loan facility after 1 year from Policy Opening Date for MIP and FS plan and after 6 months of Policy opening date in RI plan. Members have to close his existing loan and will have to repay all his / her due installments of loan before taking maturity of the respective policy on which loan has been disbursed. Installments have to deposited within 30 days grace period of due date, either 2% of penalty charges per month will be applicable on due installment amount.

Sl. No. Plan Rate Of Interest Per Month on Interest
3 Months 6 Months 12 Months 24 Months 60 Months
1. MIP-3 2.99% 2.59% 1.99% 1.75% 1.50%
2. MIP-5 2.99% 2.59% 1.99% 1.75% 1.50%
3. MIP-7 2.99% 2.59% 1.99% 1.75% 1.50%