Can an NRI take a personal loan in India?

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Yes, NRIs can take personal loans in India. The NRI Personal Loans are available from various banks in India. Regardless of the purpose of the loan offer, there are many prominent banks that offer NRIs personal loans against fixed deposits, while private branch banks provide NRI personal loans that might be unrestricted. In fact, loans for NRIs are a reasonable alternative to get quick funding for a variety of conditions.

NRI personal loans are designed to help Indians living abroad to benefit from the advantages of a personal loan in India. Some of the best-known banks that provide loans to NRI are the State Bank of India, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank, Standard Chartered Bank, Citibank, etc.

  1. Eligibility:
  • There are some requirements that an NRI must meet to qualify for the credit process. They are:
  • The applicant applying for the loan should be an Indian citizen.
  • The applicant must also be at least 21 years old.
  • It is essential that the applicant is an employed person with a regular salary or to run a business and self-employed.
  • The salary or income of the applicant should be sufficient to qualify for the loan.
  • A set of documents which are required to be submitted as a formality.

In addition to all these things, there may be additional criteria that depend on the bank rules. The best to gain a better understanding of all the requirements, it is best to visit the website of your chosen bank and be clear about all the necessary information to obtain a personal loan.

  1. Documentation:

Regarding the documents required for NRI loans, the process is quite simple to obtain any other personal loans. When applying for a loan, salary details and KYC information must be provided. If a person is an NRI, it is crucial to have reports that confirm the status of residence. Other important things include a passport and a visa of the country where the candidate is currently located. Besides all these documents, there are some other important documents:

  • A photocopy of the candidate’s passport and visa.
  • A salary statement, in which the name, date of joining, designation and compensation details in English.
  • Bank statements of both domestic and international banks during the previous half-year.
  • If the candidate isn’t available in India when the loan application is submitted, then in such a case a General Power of Attorney should properly bore witness from the Indian Office of the NRIs occupant nation. In case the candidate is available in India, a power of attorney can privately legally approved.
  • A copy of the appointment letter of NRI just as the contract.

You may need to provide some additional documents. Therefore, it is best to review the formalities of the bank you have chosen for a personal loan.

  1. Personal loans for NRIs:

Many banks in India offer both rupees and foreign currencies personal loans to NRIs who have FCNR or NRE accounts. These loans are available against the total in the FCNR or NRE accounts at very competitive international interest rates. The loans are usually available up to 90% of the sum in the account with each bank having its maximum limit on loan amounts.

  1. Some highlights of personal loans are:

The NRI loans have a variety of highlights as described below:

  • The NRI loans are available for a higher amount of money.
  • The interest rates of these personal loans are quite competitive.
  • The repayment period for these loans is between one year to as long as five years.
  • An NRI can receive a loan to fulfill almost any purpose.
  1. Advantages of NRI personal loans:

The NRI loans offer many benefits for quick financing and many other things, such as:

  • Easy financing for individual credit requirements.
  • Personal loans can be obtained from many other banks of your choice. Each bank has its own rules and advantages.
  • Extremely simple documentation and the application process.
  • Trouble-free and fast preparation of all important applications.
  • The loans are available to both salaried employees and people who are self-employed.

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