Bank Of Baroda FCNR B

What are criteria required by any person who wants to applied for Foreign Currency Loan (FCNR B) from Bank of Baroda? Please give me official website of Bank of Baroda to get full details about Foreign Currency Loan (FCNR B)? Can I get details about interest rates also from its website?

I want to get the details of Foreign Currency Non-Resident (FCNR -B) Loan in Bank Of Baroda so will you provide me?

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Corporates can avail loans from Bank of Baroda. The Indian corporates/ firms are allowed to raise the funds through foreign currency loans at select Indian branches within the prevailing policy guidelines of the Bank/ RBI.

Foreign Currency Non-Resident (FCNR -B) Loans

FCNR (B) loans are beneficial to the corporates on account of following:

At times, it may entail lesser interest cost Rupee borrowings.

The borrower is not required to go to the International market for raising the funds as foreign currency funds are made available in India reducing the cost of raising such funds.

Broad purpose of loans-

Corporate are allowed to obtain foreign currency denominated loans in India under the above scheme for the following purposes:

For meeting working capital requirements in Indian Rupees.

By way of pre-shipment advances/ post shipment advances to the exporters.

Import of raw materials.

Import of capital goods.

Purchase of indigenous machinery.

Repayment of the existing Rupee Term Loan.

Repayment of any existing ECB's with the permission from RBI, Govt. of India.

The present guidelines for the different purposes of the loans are as under:

For meeting working capital requirements in Indian Rupees.

The loan can be granted after proper assessment and sanction of working capital requirements/ Maximum Permissible Bank Finance (MPBF).

The loan can be disbursed up to 90% of the MPBF limit.

Wherever borrowers are covered under the Loan system for delivery of Bank credit, bifurcation of MPBF limit into foreign currency loan, loan component in rupees, cash credit component and bill limit should conform to RBI guidelines.

The foreign currency loan amount is to be taken as a part of loan component provided minimum period of the loan is -6- months.

Foreign currency loan can be disbursed in -4- currencies viz US$, Sterling, Euro and Japanese Yen.

Minimum amount of the loan

US$, GBP, Euro: 100,000
Japanese Yen: 10 million.

Loan to exporters by way of Pre Shipment Credit in Foreign Currency (PCFC)/ Post Shipment Credit in Foreign Currency (PSFC)

The exporters can avail this facility by way of pre-shipment credit as well as post shipment credit in foreign currency.

Import of raw materials

The importers can take benefit of foreign currency loans for import of raw materials in lieu of rupee MPBF sanctioned to them.

The rupee equivalent of the foreign currency loan amount is to be earmarked in the overall sanctioned MPBF limit.

This loan can also be repaid in foreign currency.

Repayment of existing Rupee Term Loan

The Foreign Currency Loans can be utilised for the repayment of the existing Rupee Term Loan provided the duration of the foreign currency loan does not exceed the portion of the existing rupee loan which has not yet expired or 3 years whichever is less.

Contact

For all customers except PMJDY customers and other Financial Inclusion schemes
24 7

Toll Free Number

1800 22 33 44
1800 258 44 55
1800 102 44 55