OBC Loan Against FD

Features of Loan against OBC Fixed Deposit

1. The maximum loan amount would be Rs.5 crore depending on the amount in the fixed deposit.
2. For advance against self-deposits, the interest rate charged would be 1% over the applicable rate on the fixed deposit.
3. For the advances against third-party deposits, the rate of interest applicable would be 2% over the applicable interest rate on the FD with 1 year of the MCLR.
4. The facility does not require any processing fee.
5. A penal interest would be charged if the account is irregularly withdrawn.

Loan Amount Given Against FD

How to Apply for Oriental Bank of Commerce Loan Against Fixed Deposits

1. Step 1: Go to the Oriental Bank of Commerce website: https://www.obcindia.co.in/
2. Step 2: Choose 'Retail Loans in bank'.
3. Step 3: Select 'Other Retail Loan'.
4. Step 4: Click on 'Retail'.
5. Step 5: Key in your OBC Customer ID and enter your registered mobile number.
6. Step 6: Click on 'Verify'.
7. Step 7: Enter the required details and apply for the loan.

Repayment Options for Oriental Bank of Commerce Loan Against Fixed Deposits

1. The responsibility of repaying the loan is spread among all the holders of the deposit if it is a joint fixed deposit account. This lowers the burden of the primary holder of the account.
2. Every co-holder has to repay the amount of the loan.
3. The loan will be offered free from lien and restraint.
4. The penalty interest will be charged equal to the overdraft rate of interest for the period of irregularity or irregularly overdrawn.

Things to Remember Before Opting for a Loan Against FD

1. If a loan is taken against a joint FD account, all holders will bear the repayment of the amount.
2. No loans can be availed from the term deposits which are opened in the name of minors.
3. OBC will reserve the right to close the FD account if the borrowed amount isn't repaid.
4. The loan will be provided only against the fixed deposits which are free of mortgage or impediment.