Q: Can NRI give a loan to an Indian private limited company?
A: Yes, the Indian company can borrow under the automatic route (no requirement of RBI approval) for a loan up to UDS 500 million. NRI can give a loan on a non-repatriation basis by following ECB rules.
Q: Can loans be given to the third parties against the security of NRI deposits in India?
A: Loans to third parties are allowed against the collateral/ security of NRI deposits subject to fulfillment of certain formalities. Loans/ overdrafts cannot be given for carrying on agricultural/...
Q: Can loans or overdrafts be repaid in Indian rupees?
A: Yes. Commercial rate of interest as applicable is charged if the adjustment is done in Indian Rupees.
Q: I have PIO card issued in 2011like apassport type prints. is it valid to travel to India?
A: *The government of India has notified that all existing PIO card holders shall be deemed to overseas citizens of Indian cardholder (merger of PIO to OCI)
*Until applicants are in receipt of an OCI...
Q: Can loans be granted to NRI/PIO in INR against their own NRE/FCNR deposits?
A: Yes, loans can be granted to NRI/PIOs as well as to third parties in India against NRE/ FCNR deposits without any ceiling subject to usual margin requirements.
Q: Can loans be granted to NRI/PIO in INR against their own NRO deposits?
A: Yes, loans can be granted to NRI/PIOs as well as to third parties in India against NRO deposits without any ceiling subject to for meeting the personal requirements or for carrying on business...
Q: What are the prohibited purposes for which loans cannot be granted to NRIs/PIOs?
A: Loans cannot be granted to NRIs/PIOs for the following purposes:
b. Carrying on agricultural/ plantation activities.
c. Investment in real estate business. ( Real Estate business...
Q: Can NRIs obtain loans for buying a property for residential purposes from financial institutions providing housing finance?
A: Yes. The Reserve Bank has enabled certain financial institutions that deal in housing finance to grant housing loans to NRIs, subject to certain conditions.
Q: Can authorized dealer grant loans to NRIs for the acquisition of a flat/house for residential purpose?
A: Authorized dealers have been granted permission to grant loans up to non-resident Indian nationals for acquisition of house/flat for self-occupation on their return to India subject to certain...
Q: Can NRIs obtain loans for acquisition of house/flat for residential purpose from financial institutions providing housing finance?
A: The Reserve Bank has granted some general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc, and authorized dealers to grant housing...