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NRI

Loan Against Fcnr (B) Deposits

 
  • As per RBI Guidelines loans will be made available for personal purposes or for carrying on business activities except for the purpose of re-lending or speculative purposes or carrying on agricultural/plantation activities or for investment in real estate business.
  • Repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India
  • The loan can also be repaid out of local rupee resources in the NRO account of the borrower.
  • For acquiring a flat/house in India for his/her own residential use subject to the provisions of the relevant Regulations made under the Act of Reserve Bank of India.
  • As per current RBI guidelines in force, Rupee loans is allowed to depositor / third party without any ceiling subject to usual margin requirements

    For further details, please contact your nearest Bank of India Branch.
    http://www.bankofindia.co.in/english/branch_locator