• Loan Against Fixed Deposit in Singapore

    Sometimes, personal finance planning gets very difficult. You may get into a financial crisis any time if you fail to manage your liquidity. Under such circumstances, you may be pushed to sell your assets at a much lower price. When you have a fixed deposit account with any bank in Singapore, it means you are backed up with collateral and you are eligible for a loan against that fixed deposit. This facility is a saviour for you to get you out of such bad situations. It is quite easy to get a loan when you hold a fixed deposit account. This is called a secured overdraft against a fixed deposit account.

    What are the advantages of taking a loan against fixed deposits?

    • Get a loan at a lower rate of interest as compared to other personal loans.
    • Easy documentation and loan approval process, since you already have an FD account in the same bank.
    • The repayment amount per month is lower as compared to other loans. And the repayment tenure is generally longer.
    • You can get a loan up to 100% of your fixed deposit amount.
    • You can get cash immediately in case of emergency situations.
    • You don’t have to specify the reason for this type loan.
    • Your credit rating is not considered for this loan.
    • No minimum income is required.

    Banks that facilitate loans against fixed deposits

    OCBC Secured Overdraft:

    • Get funding for approved credit limit.
    • Access extra funds without withdrawing your fixed deposit.
    • Interest will only be charged to the used amount.
    • Interest rate depends on the deposit investment or on the collaterals pledged.

    Maybank’s Secured Overdraft:

    Maybank also provides this facility for getting funds by pledging your assets.

    • No minimum income is required.
    • Loan amount can be equal to the value of your deposited amount or assets pledged.
    • This is facilitated through ATM card or a cheque book.
    • Interest rate varies depending on the type and value of asset pledged. But the interest is applicable only to the actual amount used.

    RHB Personal Secured Overdraft:

    • Rate of interest is up to 4.7% p.a.
    • No monthly repayment.
    • Zero processing fees.
    • Interest depends on the utilised amount on a daily basis.
    • Get up to 100% of your fixed deposit.

    HSBC Secured Overdraft:

    • Interest rate is charged on utilised balance of credit limit p.a.
    • No minimum income required.
    • Flexible repayment option – No minimum monthly repayment required.
    • Competitive interest rates.

    CIMB Portfolio Financing:

    • Wide range of collaterals are accepted such as approved unit trusts, structured deposits, stocks and shares, and fixed deposits.
    • Interest rates are tied to SIBOR and LIBOR.
    • Get up to 100% value of your deposit amount.
    • No processing fees.
    • Singapore citizens, Permanent Residents and foreigners, can apply for this loan.
    • The age required is 21 years and above.

    DBS AssetLine

      • Flexible cash management facility and repayment.
      • No fees applicable for early repayment of the loan amount.
      • Get funds through withdrawing from DBS/POSB ATMs worldwide or iBanking.
      • You can apply for this loan by visiting the branch or speaking with your relationship manager.
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