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Can NRIs avail loans against their bank accounts in India? If yes, then for what purposes?

April 26, 2017avail bank accounts India Loans NRIs purposes yes

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Can NRIs avail loans against their bank accounts in India? If yes, then for what purposes?

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There are certain banks authorised by the Reserve Bank of India that are permitted to grant loans to NRIs holding NRE, NRO and FCNR accounts in India against their security of term deposits. NRIs can avail loans for the acquisition of flat/house in India against NRE or FCNR fixed deposits on repatriable basis, provided the amount to be repatriated is governed by Foreign Exchange Management Regulation (Acquisition and Transfer of Immovable Property in India).