Loan against fixed deposit is a secured loan where you can pledge your deposit as collateral and get a loan in return. In case of a financial emergency such as medical expenses or paying off for marriage, people tend to look out for loans from a lot of sources to meet their needs.
Last Updated Date: March 21, 2022
Nepal Rastra Bank issued Mega Bank its Operating License on 4th Shrawan, 2067 and it commenced banking operations from 7th Shrawan 2067. It lies under class “A” commercial bank which has achieved Nine years of operations and is on its way to realizing the aspirations of 2,396 promoters who incorporated chiefly from middle-class households spread over more than sixty three Districts of Nepal. Mega Bank has merged with Paschimanchal Development Bank and Tourism Development Bank. Banking Services of Mega Bank Limited are dedicated to the whole monetary strata of the Nepalese society from “Halo” to “Hydro”. Mega Bank Nepal Limited is currently trading in Nepal Stock Exchange with symbol MEGA. MEGA has provided a dividend return of 7.85 percent in the fiscal year 2074/75. Mega Bank Limited has appointed Nabil Investment Banking Limited as it’s share registrar. Mega Bank is dedicated to supplying financial options to not just the pinnacle middle or backside of the Pyramid.
Loan against FD (Fixed Deposit) is a type of secured loan where customers can pledge their fixed deposit as security and get a loan in return. The amount of loan depends on the FD deposit amount. This can go up to 90% – 95% of the deposit amount. During a cash crunch or emergency, people tend to look for loans from a lot of sources. One of those sources can be getting loans against fixed deposits (FD) from banks. This is a time-efficient way of getting a short-term loan. Instead of breaking the FD prematurely, depositors can easily apply for a loan against their FD with the bank. When availing loan against fixed deposit, banks keep customer’s FD as the collateral. This makes the loan thus raised secured. Since it’s a secured loan, interest charged for the same is cut short. In case the loanee is not able to repay the loan amount, the bank can easily procure it from the FD amount. Usually, this amount is settled at the time of maturity.
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