This type of loan is suitable for people who have a low credit score and hence find it difficult to get an unsecured loan.
People who do not meet the income eligibility criteria of lenders can also opt for it The interest rate charged on them is usually in the range of 1-2.50 percentage points above the fixed-deposit rate The loan amount can go up to 95 per cent of the fixed deposit These loans are usually given as an overdraft facility Interest levied only on amount withdrawn .
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