What is the method of repayment of the loan?
The repayment can be as a bullet repayment or as desired by the deposit holder but prior to the date of maturity of the FDR. Q6) What are the acceptable sources of repayment? A) The repayment can be as a bullet repayment or as desired by the deposit holder but prior to the date of maturity of the FDR. Q7) What is the rate of interest applicable for the loan? A) The rate of interest applicable are : • In case of loan against FCNR deposits the rate of interest is at PLR + interest tax i.e. presently 15% + 0.30% p.a. • In case of NRE / NRO accounts interest will be charged at 2% above the deposit rate + interest tax. • In case of third party facilities PLR + interest tax will be applied. • If the repayment is through local sources, PLR + interest tax will be applicable as ROI. Q8) How can a depositor apply for laon? A) The depositor can apply for loan directly to any of the Branches in India or through a branch in U.A.E. On receipt of request at Mumbai Branch necessary documents will be f
