Loan can be taken to carry any business activities, for acquiring a flat / house in India or for meeting emergency financial requirements. It cannot be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business. Loan amount cannot be repatriated abroad.
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
Loan can be taken to carry any business activities, for acquiring a flat / house in India or for meeting emergency financial requirements. It cannot be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business. Loan amount cannot be repatriated abroad.
Type of facility
Demand Loan
Overdraft
Demand Loan
Overdraft
Demand Loan
Overdraft
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
DL/OD in INR against FCNR(B)
5% Margin in case the residual tenure of Time Deposit is up to 36 months, as on the date of availing of loan.
10% Margin in case the residual tenure of Time Deposit is more than 36 months and up to 60 months as on the date of availing of loan.
15% Margin in case the residual tenure of Time Deposit is more than 60 months as on the date of availing of loan.
Residual maturity period of Deposit:
Margin
upto 1- year
10%
upto 2- years
20%
upto 3- years
30%
upto 4- years
40%
upto 5- years
50%
Margin
DL in Foreign Currency against FCNR (B) (in USD, GBP, EURO)
FCL Not available
Residual maturity period of Deposit:
Margin
upto 3- years
10%
Above 3-years and upto 5- years
15%
Interest rate on rupee loan
1.00% over the TDR/STDR rate
1.00% over the TDR/STDR rate
2.90% over 1-year MCLR (presently 1-year MCLR is 7.00%)
Interest rate on Foreign Currency loan
FCL Not available
FCL Not available
*150 BPS over applicable FCNR(B) deposit rate.
Facility for creation of Overdraft (OD) through Internet Banking
Available (Please click here to know features and other details of this facility)
Available (Please click here to know features and other details of this facility)
Not available
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)
