If you are an NRI with fat foreign currency deposits with Indian banks, you can avail of loans up to Rs 1 crore against them for purposes such as your child’s education or marriage, to buy property at home or abroad or to meet other exigencies such as medical expenses.
The Rs 1-crore cap fixed by the Reserve Bank of India in the recent money policy for loans against foreign currency non-resident (FCNR-B) and non-resident external (NRE) deposits is a five-fold increase from the earlier cap of Rs 20 lakh.
In fact, under the present guidelines, such loans can also be taken for third party (not the depositor), such as a relative, by pledging the deposit receipt, though such loans for another person would attract a higher interest rate. read full story here
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