Many banks offers various types of loan to NRIs,Here we compile the information about the loans for NRI from Federal Bank.
Loans and overdrafts to NRIs are governed by the rules and regulations made by Reserve Bank of India. These are permitted only against NRI deposits, Resurgent India Bonds, shares, securities and immovable properties.
Loans/overdrafts against the security of NRE/FCNR deposits/Resurgent India Bonds are permitted for personal/business purpose and also for investment on non repatriation basis subject to the terms prescribed by Reserve Bank of India. Loans/overdrafts against the security of NRO deposits can be availed for purpose other than investments.
Loans/overdrafts can be availed for personal requirements and or for own business purpose against shares/securities, immovable properties
In one of the above case loans will be available for re-lending , carrying out agricultural/plantation activities investment in agricultural/plantation activities or farm house or in real estate business.
Types of LoanÂ offers by Federal Bank for NRIs
* Federal Personal loan
* Federal Mortgage Loan
* NRI Home Loans
* Vidya Loan
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