Retail Banking - International Banking

Eligibility:

• Residency status: NRIs, having FCNR(B) deposits placed with domestic branches of SBI

• Entry Age: 21 years old and above; loan only granted for first party and documents executed at SBI domestic branches and other Foreign Offices / Representative Offices.
  Loan against Third Party FCNR(B) Deposit to an Individual can also be granted provided the deposit holder (third party) is co-applicant.

Type of product – Loan / Deposit / Remittance, etc.: Demand Loan / Overdraft

Currency of Loan: Respective currency of FCNR(B) deposit (USD, GBP, EUR, CAD, JPY and AUD)

Minimum amount:  USD 25,000/- or equivalent for other currencies

Maximum amount: No ceiling, subject to availability of applicable margin.

Margin : 15% Margin on (Principal + Accrued interest)

Security: Lien over FCNR (B) deposits with minimum remaining tenor of 3 months to maturity.

Processing Fee (Upfront) / Other charges: 0.10% of loan amount, minimum USD 100/-or its equivalent in other currency to be recovered upfront at the time of first disbursement.

Interest Rate(including reset clause): Fixed for loans up to 1 year tenor and floating rate for loans with maturity of more than 1 year. The floating rates will be linked to a suitable external benchmark for the respective currency. Interest shall be applied on a monthly basis. In the case of floating rate linked loans, benchmark rate will also reset on monthly basis. The interest rates will be published on IFSC Banking Unit, Gift City’s website: https://ifsc.statebank from time to time.

Disbursement schedule: Demand loan will be disbursed in one tranche. For OD, an OD account will be created, and customer can draw down the loan as and when needed. 

Repayment Period: 
For O/D: up to 12 Months
For DL: up to 3 years

• i) Repayment from maturity proceeds of deposit if loan is not liquidated before maturity date.

• ii) Monthly interest is to be serviced as and when applied.

• iii) In case interest is not serviced regularly and loan exceeds limit/DP for a continuous period of 45 days or more branches may invoke the lien on FCNR (B) deposit to close the loan account.

• iv) Maximum 3 years, in case of multiple deposits offered for single loan, any deposit maturing within the tenor of loan to be auto renewed. (For OD: Up to 12 months & For DL: Up to 03 years).

• v) The depositor should authorize Bank for auto renewal on maturity of the deposit till the tenor of the Demand Loan facility. Lien on the deposit shall be marked although.

Pre-payment penalty:  No prepayment penalty.

Overdue Interest: A penal interest of 2% above the rate charged for the facility on amount outstanding more than the approved limit, subject to a minimum of USD 20 or its equivalent.

Availability Period / Validity of sanction: Loan offers valid for 7 working days from date of sanction

Documentation: Standard Documents for the loan will be:

• a) Application Form

• b) Loan Agreement

• c) Demand Promissory Note and DP Note Delivery Letter

• d) Request for Outward Remittance from NRE / FCNR (B) Account.

• e) Form A2

• f) Outward remittance application form.

• g) Any other form as per applicable guidelines from time to time.

• h) Documents cannot be executed by POA holder in case of loan against third party FCNR(B) deposit.

• Prior to loan disbursement:

• i) Accepted copy of Sanction letter.Documents will be executed at any branch in India or abroad or representative office and the same will be forwarded to SBI IFSC Banking Unit.

Other Terms & Conditions: Standard Terms & Conditions applicable for the product.