Loan Against ICICI Bank FD

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Loan Against ICICI Bank FD

One of the easiest ways to raise funds in times of emergency is through fixed deposits. You have two options for borrowing against your FD: apply for a loan from ICICI Bank or ask for an overdraft from ICICI Bank (OD).

Applying for a Loan Against FD ICICI bank is the most convenient and easy option that does not require any heavy process. Just some easy steps and the loan is passed without the need for any collateral. 

What is a Loan Against FD ICICI?

Due to the simplicity of investing, guaranteed returns, flexibility, and other benefits, a Loan Against FD ICICI bank is highly preferable.

This Fixed deposit can be used to earn interest while assisting short- and long-term financial needs. For example, you might take an overdraft or loan against a fixed deposit. The primary requirement is to have a fixed deposit in the bank. The procedure is easy, hassle-free, and straightforward.ICICI Bank, like many financial institutions, offers a loan against fixed deposits (FD) with specific characteristics. 

Characteristics of Loan Against FD ICICI Bank Interest Rate 

The following table will give you a quick overview of the key details you must know when applying for a loan against FD in ICICI Bank:

EligibilityAvailable for individuals with FDs in their name or jointly with a spouse.
Loan AmountUp to 90% of the value of the fixed deposit.
Loan TenureFlexible loan tenure with a maximum of 18 months.
Processing FeesNo loan processing fees.
Prepayment ChargesNo prepayment charges.
Credit History RequirementSuitable for those without a credit history.
Approval and DisbursementQuick, seamless, and hassle-free approval and disbursement process.

Eligibility Criteria for a Loan Against Fixed Deposit (FD) with ICICI 

  • Should be resident citizens of India
  • Belong to Hindu Undivided Family
  • Family trusts
  • Sole proprietorships, companies, and partnership firms, including group companies
  • Associations, clubs, and societies
  • Non-Resident Indians who have invested in fixed deposits such as Non-Resident External, Non-Resident Ordinary, and Foreign Currency Non-Repatriable deposits are eligible to apply for a loan against their respective fixed deposits.

Benefits of Taking a Loan Against FD ICICI Bank

  • There is no additional processing fee to pay, unlike with other loans. The overall cost of the loan is reduced.
  • Getting a loan against a fixed deposit is very easy. There is less paperwork to complete because you already have a fixed deposit account. Simply fill out the paperwork, and you can even apply online for a loan against a fixed deposit.
  • Many depositors may prematurely remove funds from their fixed deposit accounts to gain quick access to cash in emergencies and unforeseen occurrences. However, if you take out a loan against your fixed deposit, you can keep it intact while taking care of your financial needs. 

Comparison of Loan Against FD ICICI Bank with other Banks 

FeaturesICICI Bank Loan Against FDOther Banks Loan Against FD
Interest RateCompetitiveVaries among banks
Loan AmountUp to a percentage of FD valueSimilar percentage terms
Loan TenureLinked to FD tenureLinked to FD tenure
Processing FeeApplicableApplicable, may vary
Prepayment ChargesApplicable, check termsApplicable, check terms
Repayment StructureFlexible optionsVaries among banks
DocumentationMinimal documents requiredSimilar documentation
FD ContinuityFD continues to earn interestTypically continues to earn interest
Eligibility CriteriaFD holder, age criteria, creditworthinessSimilar criteria
  • What is a Loan Against Fixed Deposit (FD) from ICICI Bank?

  • How does a Loan Against FD ICICI Bank work?

  • What is the Loan Amount I can get?

  • What is The Interest Rate on a Loan Against FD from ICICI Bank?

  • Can I Still Earn Interest on my FD During the Loan Tenure?

  • How can I get a loan against my FD from ICICI Bank?