Hello Everyone,
Need your advice please.
I was thinking of applying for a loan via a Fixed deposit - do you recommend any particular bank in India ? I approached few banks and was surprised when Federal bank said they can give a loan sanction letter in 1/2 hour while another bank said it will require a minimum of 1 week to process the request.
Also, I was hoping to get your expertise on the interest rates . I gather that the FD rate= 9.5%, (all except education) loan on an FD will consume 1% additional interest , totalling it to 10.5% . But if the loan is taken for educational loan, then it takes a steep rise to 14% .
I must admit the banks are providing conflicting info so your view will be much appreciated as experience talks louder than words.
Thankyou
Need your advice please.
I was thinking of applying for a loan via a Fixed deposit - do you recommend any particular bank in India ? I approached few banks and was surprised when Federal bank said they can give a loan sanction letter in 1/2 hour while another bank said it will require a minimum of 1 week to process the request.
Also, I was hoping to get your expertise on the interest rates . I gather that the FD rate= 9.5%, (all except education) loan on an FD will consume 1% additional interest , totalling it to 10.5% . But if the loan is taken for educational loan, then it takes a steep rise to 14% .
I must admit the banks are providing conflicting info so your view will be much appreciated as experience talks louder than words.
Thankyou
. But 1/2 hour to nai ek do din lg jaate hain fd pe loan lene mein. Paper vagehra submit krwane hote hain. Fir ek to sign e boht hote hain. But fD PE loan lena is far better than loan on prop.