What are the various loan options available to a NRI?
Loans to NRIs may be: • Foreign currency loan in India against the security of funds held in FCNR (B) accounts. • Rupee Loans against FCNR (B) and NRE fixed deposit funds. • Housing loans • Car Loans • Loan against the security of shares or other securities held in the name of the borrower or against the security of immovable property. • Rupee Loan against security of assets ‘other than shares and immovable property’. • Rupee loan granted by an Indian body corporate, to an employee who is a non-resident Indian or a Person of Indian Origin. The loan may be for personal purposes including purchase of housing property in India. • Loan in foreign currency granted by an Indian company to its employees in branches outside India. The loan must be granted for personal purposes in accordance with the lender’s Staff Welfare Scheme / Loan Rules and other terms and conditions as applicable to its staff in India and abroad.
