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How To Get Loan Against NRI Deposits From SBI?
The applicant can leverage their future income, existing assets, and deposits as security for the loan.
Many banks in India offers benefits to NRI customers. Earnings of NRIs abroad can earn attractive returns back home with different accounts offered by both private and public sector banks. Apart from this banks offers loans for NRIs.
Know more about SBI NRI loan against NRI deposit:
SBI NRI loan
Country's largest lender State Bank Of India offers several loan products to help you the NRIs to buy a home or car for their family back in India. It also offers loan against your deposit with the bank to meet your financial needs. The applicant can leverage their future income, existing assets, and deposits as security for the loan.
Purpose
SBI NRI loan against NRI deposits can be taken to carry any business activities, for acquiring a flat/house in India or for meeting any emergency financial requirements. The loans will not be granted for re-lending or carrying out agricultural / plantation activities or for investment in real estate business.
Loan amount
The loan amount can be availed in Indian Rupees or Foreign Currency against the security of NRE / NRO / FCNR (B) deposit. The loan will be given to depositor only. It cannot be repatriated abroad. How To Open PPF Account In SBI? Few Things To Know
Interest rates
Interest for loan against NRI deposits will be charged at monthly intervals in both Indian Rupees and Foreign Currency loan.
Availability
These loans can be availed by NRIs from home branch in India or designated branches in India or at the foreign office. If the loan is availed from the branch in India, the documents should be executed by depositor himself/herself at home branch and not by Power of Attorney holder. If NRI loan against deposit is availed from overseas branch, documents should be submitted as per the policy for respective foreign office. How To Withdraw PPF Account For NRIs?
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