Foreign Currency Loans
a) In India (FCNR (B) Loans):
The foreign currency denominated loans in India are generated out of the pool of foreign currency funds of the Bank held in FCNR (B) Deposits etc. accounts as permitted by Reserve Bank of India. These Loans are commonly known as FCNR (B) Loans.
UCO Bank has a broad base of NRI customers/ depositors. Therefore, with the resource base of FCNR (B) deposits etc. UCO Bank is in a position to offer the Foreign Currency Loans in India to our customers as an alternative to loans in Rupees.
These loans are denominated in foreign currency such as US Dollars and are offered as short term loans. The interest is fixed with a reasonable spread over LIBOR.
UCO Bank also allows loans in foreign currency to NRIs against their FCNR (B) Deposits at the Indian/ Overseas Branches. The details are available in NRI Banking section.
b) From Outside India:
With presence at two major financial centres of the world, UCO Bank has foreign currency resources to arrange/ grant Foreign Currency Loans to Indian as well as multinational corporates at competitive rates.
The foreign currency denominated loans are granted by our Overseas Branches to Indian Corporates as per External Commercial Borrowing (ECB) policy of Govt. of India/ RBI.