Question: I am an NRI but need to take up a loan against my fixed deposit. Am i eligible for such a loan?
Answer: As a NRI you can get a loan against securities as well as against any bank fixed deposits. You can get an overdraft against your NRE, NRO and FCNR accounts while still retaining ownership. Most banks offer an overdraft up to 90% of the deposit amount in an NRE or NRO account. You cannot however prematurely withdraw any deposits if there is an outstanding overdraft against them.
Question:
I am an NRI but need to take up a loan against my fixed deposit. Am i eligible for such a loan? Answer:
As a NRI you can get a loan against securities as well as against any bank fixed deposits. You can get an overdraft against your NRE, NRO and FCNR accounts while still retaining ownership. Most banks offer an overdraft up to 90% of the deposit amount in an NRE or NRO account. You cannot however prematurely withdraw any deposits if there is an outstanding overdraft against them. Source: CoolInterview.com
If you have the better answer, then send it to us. We will display your answer after the approval.
Rules to Post Answers in CoolInterview.com:-
There should not be any Spelling Mistakes.
There should not be any Gramatical Errors.
Answers must not contain any bad words.
Answers should not be the repeat of same answer, already approved.
Answer should be complete in itself.
Related Questions
View Answer
I am a NRI but seeking a home loan to buy a home in India. What is the maximum loan I can hope for?
I am a NRI working with merchant navy. The nature of my job is contractual and I am not on a 12 month payroll of my company. I need a personal loan but will I be applicable?
I am an Indian national but working overseas for the past two years. I am seeking a home loan to buy a residential property in India. Would I be eligible for home loan?