| Nature of Facility |
Demand Loan |
| Purpose |
To meet Visa, Travel expenses, purchase of foreign exchange for travel / emigration of persons going abroad for employment |
| Eligibility |
Individual(s) over 21 years of age and below 60 years of age going for employment abroad holding a valid Indian passport and employment Visa |
| Loan Amount |
Maximum of Rs.50,000/-. |
| Security |
Third party guarantee of two persons
Independently good for the loan amount and acceptable to the Bank,
Mortgage of immovable property. |
| Rate of Interest |
1.75% above SBH PLR i.e., 15.75%. |
| Credits / Repayments |
36 Months, including a moratorium period of 6Months. Repayment by monthly installments. The repayment of loan made by debit to his NRE (to be opened after qualifying for the status of NRI), NRO account or any already existing domestic accounts of the borrowers or out of their Inward remittances from overseas.
No penalty for pre-payment. |
| Others |
Loan amount should not be remitted outside India and not to be credited to NRE account. |
| Documentation |
- Documents applicable to Personal Loans to resident borrowers
- Passport and Visa
- Valid work permit
- Employment contract – English translation duly attested by employer /Embassy in case it is in any other language
- Post dated schedules for installment amounts.
- Proof of residence (driving license, utility bills, etc.)
- Declaration to be obtained that after he attains NRI status, he would open an NRE a/c with the branch and route all the inward remittances through the a/c.
|
| Disbursement |
The amount may be released on production of satisfactory evidences for purchase of travel tickets / Visa related payments / Release of Foreign currency as permitted under FEMA |
