Question: Can Indians take loan from foreign bank?

Not only an individual but an Indian company can also borrow from a foreign national or a Non- resident Indian (NRI). … The RBI is responsible for and overseas all lending and borrowing between residents of India and non- resident Indians.

Can Indian citizen get loan from foreign bank?

An individual and Indian company both can borrow the money from a foreign national/ NRI but only subject to Certain Conditions. Ministry of Finance and the Reserve Bank of India is regulating the lending and borrowing between residents of India and Non-Resident Indians.

Can I take personal loan from foreign bank?

NRIs can get the personal loan amount from the bank in their NRE or NRO accounts. Most lenders provide the loan amount in Indian rupees. However, some banks also provide these loans in foreign currency. You may check the lender to know about the mode in which the loan amount is disbursed.

Can Indians take loan from NRI?

A resident Indian or a company registered in India can avail loan from an NRI on repatriable or non- repatriable basis. 2. Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000, as amended from time to time.

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Can a foreign director give loan to Indian company?

Yes. A director can give loan to the company. There are no restrictions.

Can NRI take personal loan from SBI?

SBI offers personal loan to NRIs (Non Resident Indians) through either mode: offline as well as online (Internet Banking). As an NRI, you can opt for either term loan or OD against NRI deposit.

Can US citizen take loan in India?

Anyone who comes under the definition of the Foreign Exchange Management Act, 1999 (FEMA) can avail a home loan in India. … This means that an NRI home loan can be availed to purchase, construct, renovate a new or existing house. You can also take home loans to purchase a plot of land for residential use.

Can I take loan from my NRI friend?

A loan in foreign exchange can also be taken by resident Indians from their close NRI relatives. However, such loan cannot exceed US$ 2,50,000. The loan taken should be free of interest. The minimum period of repayment should be seven years.

Can foreign company give guarantee to Indian company?

As per Regulation 5(b) of the Foreign Exchange Management (Guarantees) Regulations, 2000, “a company in India promoting or setting up outside India, a joint venture company or a wholly owned subsidiary, may give a guarantee to or on behalf of the latter in connection with its business: Provided that the terms and …

Can a private company take loan from NRI?

No, The NRI can’t give loan to Indian Company either in foreign currency or in rupees.