FDOD - Fixed Deposit Overdraft. Loan In 10 Seconds Without Mortgage.

 Hi Everyone, I am Vivek Kumar welcome everyone to my Blog zerobalanceacount.blogspot.com.

I am regularly getting question regarding loan without mortgage or loan against FD.

So, Today I came here to provide brief details about FDOD or Overdraft Facility against Fixed Deposit. Overdraft facility against fixed deposit is a very easy and smooth process to get loan within 10 seconds and you don't even need to visit any bank branch or even you don't need to submit any hard copy documents.

Most of the banks providing Overdraft facility against FD in online mode and process will complete in 4 to 5 steps.

So,let's start the blog and stay tuned with my blog and you can also join me on telegram and You can subscribe my YouTube Channel - https://youtube.com/c/ViralVivek

I have a Bank account in State Bank of India. So, I will share you FDOD process and ROI details on the basis of SBI,but you don't need to worry if you have bank account in any other bank. Like ICICI,HDFC,Axis Bank or any banking, because process of getting overdraft facility against Fixed Deposit is almost same in every bank.

Benefits Of FDOD or Overdraft against Fixed Deposit.

So,You have some Major benefits if you are planning to take overdraft facility against your Fixed Deposit or else you can say that its really beneficial if you are looking for Cash Loan in Cheap Rate and without any documentation.

Below I am mentioning some great benefits of FDOD.

1. Zero Processing Fee

2. Low Interest Rate

3. You don't need to break your FD for financial requirement.

4. Loan Disbursement in 10 Seconds

5. Easy Repayment process. You can opt monthly installments or lumpsum repayment.

6. Interest chargeable on utilized amount only.

So,Above I had listed out some major benefits of FDOD and Now I am going to explain you each benefits in details and I will try to explain each topic with example. So,that you don't need to face any problem in understanding of benefits.

So,let's Start.

1.Zero Processing Fee.

Almost all banks charge some amount as a Processing Fee for disbursement of loan, but Overdraft Facility against OD is totally processing charge free. Specially SBI is not charging any processing fee as of now for FDOD.

2.Low Interest Rate

SBI Charge +1% Extra Interest on Overdraft loan. Let me clarify this with an example.

Suppose You had created a FD in SBI worth Rs 1 Lakh and Bank is Providing you 6% return on your FD. Now if you want to avail overdraft facility, than bank will charge you 6+1% means 7% ROI on Overdraft and its almost same for most of the bank, but I will always suggest you that please have a look on official bank website for their current Rate of Interest.

3.Loan Disbursement In 10 Seconds.

As you are availing overdraft against your FD and Process is online.So,you don't need to submit any hard copy.You can easily avail this facility online and money instantly credit to your newly created overdraft account.

4.Interest Chargeable on Utilized Amount.

Yes You read absolutely correct and I will explain this point with example. So,your doubts will clear automatically.

Suppose you applied for Rs 1 Lakh Overdraft and you withdrawal Rs 25000 Only. So,you don't need to pay interest on entire Rs 1 Lakh. Interest will be chargeable on Rs 25000 Only.

I hope I had cleared your doubts now.