Citibank Rupee Loans

A Rupee Loan is a secured loan against your NRI Deposits. It is an extremely convenient way of meeting your Rupee needs in India without breaking your Deposits.

Key Features

• Loans are available up to a maximum of INR 1 Crore in the form of overdraft lines and are priced at attractive interest rates
• Interest is charged monthly only on the amount of the line utilised by you
• They can be repaid in Indian Rupees or Foreign currency whichever is convenient for you
• They come with no processing fees and no pre-payment penalty charges
• If you have a business in India, then we can lend to your firm/company. The interest can then be paid by the borrowing entity

Collateral that will be accepted for Rupee Loans

You can offer the following securities with Citibank for Rupee Loans:

• NRI Deposits (FCNR/NRE/NRO)

Purposes for which the loan money can be used

Rupee Loans can be granted for the following purposes:

• Personal purchases like purchase of car, renovation of house, children’s education, medical expenses, etc.
• Purchase of property in India
• Business purposes viz. working capital, purchase of assets, equity contribution, etc.

The loan cannot be used for the following purposes:

NRI Rupee Loans are Non-Repatriable and cannot be utilised, either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely:

• The Business of Chit-Funds or Nidhi Company
• Agricultural or plantation activities or in real estate business*, or construction of farmhouses
• Trading in Transferable Development Rights (TDRs)
• Re-lending/Investment in shares/securities

* For the purpose of item (ii) of proviso, real estate business shall not include development of townships, construction of residential/commercial premises, roads or bridges.

Currency and due date for loan repayment

Time taken to obtain a loan facility

• The loan will be processed within 7 working days of receiving all documents at the Citibank NRI Service Center.

Please contact your nearest Relationship Manager or NRI Service Center for more details.