SBI: Loans against NRI Deposits
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
| 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 |
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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 | 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 |
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| Repayment of Loan |
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| Interest rates applicable | Please click here for interest rates | ||
