Loan Against Deposit

Unlock Financial Flexibility without Breaking Your Fixed Deposit: Loan Against Deposit by Bank of Maharashtra

A Fixed Deposit (FD) is a reliable way to save and grow your wealth over time. However, financial emergencies can arise unexpectedly, and you may need immediate funds without disturbing your long-term financial goals. That's why we offer a convenient Loan Against Deposit (LAD) facility, allowing you to leverage your existing Fixed Deposit (FD) for quick access to cash without the need to break it prematurely. Read below to explore the features, benefits, and how you can easily avail this facility using Bank of Maharashtra’s mobile banking app.

Features of Loan Against Deposit:

• High Loan Value: Get up to 90% of your FD's value as a loan, ensuring you have ample funds to meet your needs.
• Competitive Interest Rates: Benefit from lower interest rates compared to traditional personal loans, making this option cost-effective.
• Quick and Easy Processing: Enjoy a swift approval process, with zero documentation required and ensuring you get the funds when you need them.
• NIL Processing Fee.
• Immediate Access to Funds: Access funds quickly without having to break your FD, ensuring your savings remain intact and continue to earn interest.
• Flexible Repayment Options: Choose a repayment tenure that aligns with your financial situation.

Benefits of Loan Against Deposit During Emergencies:

• No Need to Break Your FD: Unlike prematurely withdrawing your FD, LAD allows you to access funds without losing out on the interest earned on your deposit. Continue to earn interest on your FD even while utilizing the loan amount, maximizing your returns.
• No Credit Check Required: since your FD acts as collateral, there's no need for a credit check, making it easier and faster to get the loan.
• Maintain Financial Discipline: A Loan Against Deposit helps you stay on track with your long-term savings goals while addressing immediate financial needs.
• Peace of Mind: Knowing you have a reliable source of funds in emergencies will provide a peace of mind to you.

How to Avail a Loan Against Fixed Deposit:

Getting a loan against your FD with Bank of Maharashtra is a straightforward process:

1. Log In to mahamobile plus: Open the Bank of Maharashtra mobile banking app and log in with your credentials.
2. Navigate to Deposits Section: Select the Fixed Deposit and Click on “Apply for Loans Against Deposit” link.
3. Fill in the Details: Enter the required details, such as loan amount and tenure.
4. Submit and Get Approval: Input your transaction PIN and submit your application. The loan amount will be credited to your account instantly.

Bank of Maharashtra’s Loan Against Deposit offers a smart way to meet urgent financial needs and empowers you to access liquidity while preserving your long-term savings plan. With easy application, attractive interest rates, and the convenience of mobile banking, it’s a win-win situation. Explore this option today and unlock financial flexibility!

 

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