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Home > Loans > Loans against NRI Deposits

Loans against NRI Deposits

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Loans against NRI Deposits

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Overview:

  • Loan can be taken to carry any business activities, for acquiring a flat / house in India or for meeting your emergency financial requirements. It cannot be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business
  • It can be availed in Indian Rupees or Foreign Currency against the security of NRE / NRO / FCNR (B) deposit
  • Loan will be given to depositor only
  • Interest is charged at monthly intervals in both Indian Rupee and Foreign Currency loan
  • Premature withdrawal of underlying:
    • NRE / FCNR deposit is not permissible
    • NRO deposit is permissible but outstanding Principal and Interest will be settled first

Features:

Deposit NRO TDR/STDR/RD NRE TDR/STDR/RD FCNR (B) TDR/STDR
Purpose Personal purpose (including acquisition of flat / house in India for own residential use) or for carrying on business activities except for re-lending or carrying out agricultural/ plantation activities or for investment in real estate business.
Type of facility
  • Demand Loan
  • Overdraft
  • Demand Loan
  • Overdraft
  • Demand Loan
  • Foreign Currency Loan
Currency Indian Rupee Savings, Current, Fixed Deposits (TDR/ STDR) and RD
  • Indian Rupee
  • USD
  • GBP
  • EURO
Period of Loan Up to the remaining period of maturity Up to the remaining period of maturity
  • Rupee Loan: Up to the remaining period of maturity
  • Foreign Currency Loan: Up to 1, 2 or 3 year or up to the remaining period of maturity with a minimum of one year.
Loan can be availed from Home branch in India Home branch in India Designated branches in India or at foreign office
Minimum Loan No limit No Limit
  • USD 25000
  • GBP 15000
  • EURO 20000
Maximum Loan No limit No limit No limit
Margin 10%
(Principal and accrued interest)
10%
(Principal and accrued interest)
10% on notional rupee value of Foreign Currency Deposit and accrued interest
Interest rate on Foreign Currency loan Not available in India Not available in India 1.50 % over prevalent FCNR (B) deposit rate for the relative period at the time of processing the loan
Execution of Documents
  • If availed from branch in India: To be executed by depositor himself / herself at  home branch and not by Power of Attorney holder
  • If availed from overseas branch: As per the policy for respective foreign office
Repayment of Loan
  • Adjustment of underlying deposit
  • Fresh inward remittance
  • From other NRO account
  • Adjustment of underlying deposit on maturity only
  • Fresh inward remittance
  • From other NRO / NRE account (The repayment from NRO account will be within the cap of USD one million per financial year)
  • Adjustment of underlying FCNR (B) deposit on maturity only
  • Fresh inward remittance
  • From other NRO / NRE account (The repayment from NRO account will be within the cap of USD one million per financial year)
Interest rates applicable Please click here for interest rates
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