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: May 17, 2022
NIC Asia bank has established a history in the banking sector by establishing itself on 30 June 2013 as the first type of merger bank between the two commercial banks, NIC Bank and Bank of Asia. Since its inception, it has been operating successfully and has today become one of the largest private sector commercial banks in the country in terms of the capital base, balance sheet size, ATM Locations and the number of the branches. The Bank has 327 branches in Nepal, 102 extension counters, 64 branchless banks and 469 ATMs. The main focus of this bank is meritocracy, transparency, professionalism, team spirit and service excellency. The main vision of this bank is to be one of the most respectable and honorable banks in terms of financial performance. The mission of this bank is to become a leading bank in Nepal by providing complete financial solutions to its customers.
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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