Loan against Deposits - NRI
Loan against Deposit
Overview
- 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 | ||||||||||||
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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 |
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Currency | Indian Rupee | Savings, Current, Fixed Deposits (TDR/ STDR) and RD |
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Period of Loan | Up to the remaining period of maturity | Up to the remaining period of maturity |
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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 |
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Maximum Loan | No limit | No limit | No limit | ||||||||||||
Margin | DL/OD in INR against FCNR(B) |
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Margin | DL in Foreign Currency against FCNR (B) (in USD, GBP, EURO) | FCL Not available |
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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 |
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Repayment of Loan |
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Interest rates applicable | Please click here for interest rates |
Last Updated On : Wednesday, 13-07-2022
Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above