Loan against Deposit

NRI Home Loan Car Loan Loan against Deposits

Over-draft against Deposits

Loan against Deposit

Overview
Features

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Loan against Deposits - NRI

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

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

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

Designated branches in India or at foreign office

Minimum Loan

No limit

No Limit

USD 25000
GBP 15000
EURO 20000

Maximum Loan

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

2.90% over 1-year MCLR (presently 1-year MCLR is 7.00%)

Interest rate on Foreign Currency loan

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)

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)

Interest rates applicable

Please click here for interest rates

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Last Updated On : Thursday, 11-07-2024

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SBI NRI Loan Against Deposit: Your Key to Financial Stability - NRI