Continuation of loans after residential status changes permits specified Indian bank account repayments and servicing of earlier overseas loans. Continuation of loans after a change in residential status is permitted subject to Reserve Bank terms and conditions. Authorised dealers or banks may ... Summary
Continuation of loans after residential status changes permits specified Indian bank account repayments and servicing of earlier overseas loans.
Continuation of loans after a change in residential status is permitted subject to Reserve Bank terms and conditions. Authorised dealers or banks may allow loans to resident borrowers to continue after they become resident outside India. Repayment of loans to lenders who become non-resident must be credited to an NRO or other specified Indian bank account. Where an NRI or OCI Cardholder lender becomes resident, repayment may be made to a designated Indian bank account. Resident individuals may service overseas loans previously obtained while resident outside India, subject to prescribed conditions and limits.
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