Bank of Baroda with a wide global presence has a large base of NRI customers/ depositors, which translates into a large resource base of FCNR(B) deposits and thus is in a position to offer the Foreign Currency Loans in India under FCNR(B) Scheme at very competitive rates.
The foreign currency denominated loans in India are granted against the foreign currency funds the bank has on account of FCNR (B) Deposit. These loans are commonly known as FCNR (B) loans.
Key Benefits
FCNR (B) loans are beneficial to the corporations on account of the following:
- At times, it may entail lesser interest cost vis-à-vis Rupee borrowings.
- The borrower is not required to go to the International market for raising the funds as foreign currency funds are made available in India reducing the cost of raising such funds.
Terms & Conditions
- Corporations can raise FCNR(B) loans from the Banks who are authorised dealers.
- Bank of Baroda grants FCNR(B) Loans through its Integrated Treasury Branch at Mumbai.
- The Indian corporations/ firms are allowed to raise the funds through foreign currency loans at the selected Indian branches within the prevailing policy guidelines of the Bank/ RBI.
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