SBI Loan Against Time Deposit also known as SBI Overdraft facility provides instant funds between Rs. 5,000 and Rs. 5 Crores to borrowers whenever they desire or need, be it a sudden vacation plan with family, urgent funds required for medical treatment, or any other purpose. The SBI overdraft interest rate is currently 1% above the relative time deposit rate.
The key details of the overdraft facility in SBI are listed below:
|Maximum Loan-to-Value (LTV) Ratio||95% of Time Deposit’s value|
|Minimum loan amount||Rs. 5,000|
|Maximum loan amount||Rs. 5 Crores|
|Repayment tenure||Maximum 5 years against STDR/e-STDR & 3 years against TDR/e-TDR for Overdraft availed online|
|Rate of interest||1% above the relative time deposit rate|
|Security||Lien on underlying Time Deposit|
|Type of facility||Demand loan and Overdraft|
|Channels to Apply||Internet banking, YONO or bank branches|
You can also check different features and benefits of SBI Home Loan for Women
SBI Overdraft or SBI Loan against Time Deposit is a credit line facility offered by the State Bank of India (SBI) under which the borrower does not have to break their Fixed Deposit (FD) and has to pay the interest only on the utilized amount.
You can also check features, benefits and documents required for DDA Housing Scheme.
Following are the key features of an overdraft account SBI:
You can now check BOI MCLR Online
SBI Overdraft facility salary account interest rate is competitive. The bank charges interest on a daily reducing balance. The borrower does not have to break their Fixed Deposit (FD) to get this loan and has to pay the interest only on the utilized amount. SBI Overdraft interest rate for salary account is 1% above the relative time deposit rate.
You can also check SBI MCLR Rate History Online
Following are the eligibility criteria for SBI OD account:
Tip: Check Free Credit Score before applying for a loan
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
If you want to avail of SBI overdraft apply online by following the steps mentioned below:
No. Currently, the online facility is available only for Overdrafts. Customers need to visit the SBI branch to avail Demand Loan.
You can avail 90% of your e-STDR/STDR value and 75% of your e-TDR/TDR as overdraft loan SBI through the Internet banking platform. At the branch level, you can avail 90% of your underlying security value as a Demand Loan/Overdraft facility.
No. Currently, only customer who is holding TDR/STDR/e-TDR/e-STDR with SBI in a single name can avail of the facility online. Joint account holders are required to visit SBI branches to avail of this facility.
No. At present, the Online SBI Overdraft facility cannot be availed against the following: