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 Zen Lyfe App & click on ‘Accounts’ option, given at the bottom of the screen
2. Select ‘Deposits’ option where you can see all your deposit accounts
3. Click on the three dots beside the deposit account details, against which you want to avail the loan
4. Select “Take loan against this FD’
5. Choose credit account number, enter the tenure & press “Continue”
6. Review the details & hit ‘Confirm’
7. Enter your TPIN & Submit​