Cash woes? A personal loan to the rescue!

    SBI Secured Overdraft Review: An Answer for Your Short-Term Cash Needs

    Need cash for a big-ticket purchase or to pay for utility bills? If you’re already holding a term deposit with SBI, why not make it work instead of letting seat idly? The SBI Secured Overdraft loan offers you this option. You can continue to borrow from this secured overdraft credit facility until the term deposit matures. You’ll also enjoy attractive interest rates on this loan, which means you could enjoy higher savings. Go through the following section to know more about the product features in detail.

    ATM Card, Multiple Currency Options: Does This Loan Merit Your Consideration?

    If you are wondering why this loan should feature on your list of similar loan products, knowing the following features could help:

    Available in Multiple Currencies: Once your application is approved, you could instruct the bank to disburse the loan funds either in Singapore Dollars (SGD) or US Dollars (USD).

    Multiple Financing Options: SBI offers two financing options with this loan. You could either ask for same or alternate currency financing.

    ATM Cards Offered: If you opt for an SGD loan account, you’ll be given an ATM card. It could make accessing your loan funds much more convenient.

    Tenure Linked to Maturity of Deposit: The tenure of this loan is directly linked to the tenure remaining on the pledged term deposit. It could give you a time long enough to enjoy the loan and repay it before the expiry of the tenure. Since you’re only pledging the asset, you can also avoid any fears related to notional or real losses that come with premature liquidation.

    Interest Charged Only on Utilised Funds: Enjoy low interest rates with this loan. Interest will be charged daily on the outstanding balance only. This means that no interest will be imposed on the unused credit.

    No Processing Fee: You’ll be charged no upfront processing fee with this SBI loan. Coupled with low interest charges, it could play a crucial role in ensuring that your loan burden remains manageable.

    Exclusive Promotions: Keep an eye out on the bank’s website to stay informed of promotions that it may launch from time to time. Promotional interest rates or joining bonuses such as cashback could offer more bang on the buck.

    Enjoy Greater Savings With Moderate Fees: We have already informed you that the bank charges no processing fee on this loan. If you, however, overdraw your account, you’ll be charged a default fee. The fee will be 2% above the overdraft interest rate, subject to a minimum of S$20.

    Think About the Following: Original Documents Required for Face-to-Face Verification

    The following are some of the important points that you should consider before you submit the loan application:

    • Without original supporting documents, you may not be able to apply. That’s because original documents will be required for verification purposes.
    • This overdraft credit facility is offered to first-party applicants only. That means, you won’t be allowed to apply on somebody else’s behalf.
    • ATM cards aren’t offered with USD loan accounts.
    • The bank may not accept valuables other than SGD/USD term deposits held with it, as collateral for the loan.
    • The bank may not accept a term deposit as pledge if it is about to expire in less than 3 months.
    Also Check: SBI Personal Rates

    Want to Know If You Are Eligible for the Loan?

    To ascertain your eligibility and to learn more about the supporting documents required, click here.

    Planning to Apply? This Is How You Could Proceed

    The process of application is simple and hassle-free. Walk into an SBI branch in Singapore and consult a relationship manager. He/she will help you complete the formalities and take the process forward.

    This overdraft facility could be a great option to borrow short-term funds for those who have term loans in USD or SGD currencies with the bank. It gives you liquidity almost instantly without deluging you with high interest charges. However, shop around and do your research well. Click here for details on similar products.

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