This plan is ideal for Non-Resident Indians seeking loans in Foreign Currency in India against their own FCNR (B) Deposits.

Key Benefits

• You can request up to 95% of the amount.
  
  

Terms & Conditions

• For purposes other than investment in India, repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India through normal banking channels.
  
  
• Facilities for loans/overdraft will be advanced against FCNR (B) Fixed deposits in USD, GBP,EUR or YEN.
  
  
• Margin will be 5% of present value of the deposit.
  
  
• Rate of interest: 2% p.a. over six months LIBOR as on the date of loan.
  
  
• Facilities for loans/overdraft against FCNR (B) Fixed deposits in Indian Rupees only.
  
  
• Interest charged to the loan/overdraft account must be credited promptly every quarter (March, June. September and December). In case of default of 2 consecutive quarters interest payment, the fixed deposit shall be prematurely withdrawn for liquidating the amount of loan/overdraft outstanding.
  
  
• Wherever the Fixed Deposit is under Half Yearly Interest Payment Scheme, the depositor shall direct that this half yearly interest be credited to loan/overdraft account only.
  
  
• Loan/overdraft amount do not enjoy the benefit of convertibility or cannot be repatriated or credited to accounts having the features of convertibility i.e. non-Resident External and Foreign currency deposit accounts.
  
  

For further details, please contact the Bank of Baroda Branch nearest to you.