Terms & Conditions
- Service/processing charges vary according to the purpose of the loan.
- 1% p.a. if the loans are not availed of within -30- days from the date of sanction.
- 1% of the Loan amount for theremaining period of the Loan will be deducted on prepayment
- The rate of interest normally applicable to FCNR Loans is governed by the circulars issued by International Division at Corporate Centre from time to time. At present the indicative rates depends on the credit rating of the party ie. For "AAA" rated customers it is 500 bps over 3 months USD LIBOR, FOR "AA' rated customers it is 550 bps over three months LIBOR & for "A" rated customers it is 600 bps over USD LIBOR.
- For the foreign currency denominated Term Loans, the maximum rate of interest is 4% over -6- months LIBOR
Documentation & Procedure
To avail of FCNR (B) Loan by earmarking the working capital facilities, the borrowers can approach the concerned branch where they are enjoying credit facilities.
The branch will arrange for the sanction of the loan from the competent authority of the Bank.
For all other purposes, the foreign currency loans can be granted after proper assessment of the requirement of the borrower and the sanction of the same by the Bank. For sanction of these loans, the borrowers required to provide all the information required by the Bank for sanction of credit facilities.
After sanction of the facilities, execution of documents as per the procedure of the Bank and compliance of all the terms and conditions by the Bank, the loans are disbursed at one of the Position Maintaining Offices (Link) of the Bank.
For further details, please contact the Bank of Baroda Branch nearest to you.