Smart Loan Against FD
MBL has been forefront on bringing technological driven digital product and services to enrich digital journey of our Customer.
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Overview
MBL Smart Loan Against Fixed Deposit is a digitally enabled lending solution that allows customers to avail instant financing against their fixed deposits through the M-Smart mobile banking application. Designed for convenience, the facility offers a seamless, paperless, and efficient borrowing experience without the need to visit a branch.
Features of the product
1
Loan Limit: Up to 80% of the FD amount or NPR 300,000, whichever is lower
2
Currency: Nepalese Rupees (NPR) only
3
Tenure: Up to 1 year (loan maturity must precede FD maturity)
4
Interest Rate: FD coupon rate plus up to 2% premium or Base Rate, whichever is higher
5
Disbursement: Automatically credited to the customer’s principal account
6
Fee: Nil
Repayment
• Interest payable monthly or quarterly (as per FD terms)
• Principal repayment at maturity (bullet payment)
• Repayment is debited automatically from the designated account
Penal Charges
• 2% on overdue amounts, as per NRB directives
Security & Documentation
• Loan secured against the customer’s Fixed Deposit
• Application of terms and conditions during the request for a loan.
• No separate legal documentation.
Additional Features
• Fully digital and paperless process via M-Smart App
• Instant loan processing and disbursement
• Automatic adjustment/partial or full liquidation of FD in case of default