Securing a Loan against one's Fixed Deposit? @ 1% more than the Bank Interest?
Dear Forum,
I am in a situation right now where I want to invest in the Stock Market in a few scripts however do not have spare cash and most of my money is blocked in Fixed Deposits..
Now, I know taking a personal loan is not a worthy decision however taking a loan against one's own FD is it viable as the bank Canvasses that to be more economical for me as I would just be paying 1 % more than the given interest rate..
Can someone please throw some light on the same?
I want to do a comparison between a FD where i get a fixed amount over and above the principal amount as Interest to the payment of the loan as the Bank mentions that i will be paying just 1% more but I could not get any mathematical details.
One more thing, I would also be getting only to use 85% of my FD amount.. and the best part is that i can choose to pay it any time before or on during the maturity.
Dear Forum,
I am in a situation right now where I want to invest in the Stock Market in a few scripts however do not have spare cash and most of my money is blocked in Fixed Deposits..
Now, I know taking a personal loan is not a worthy decision however taking a loan against one's own FD is it viable as the bank Canvasses that to be more economical for me as I would just be paying 1 % more than the given interest rate..
Can someone please throw some light on the same?
I want to do a comparison between a FD where i get a fixed amount over and above the principal amount as Interest to the payment of the loan as the Bank mentions that i will be paying just 1% more but I could not get any mathematical details.
One more thing, I would also be getting only to use 85% of my FD amount.. and the best part is that i can choose to pay it any time before or on during the maturity.