Personal loans are the loans that are availed for any personal purpose. Be it a foreign travel, buying household articles, purchasing high value consumer durables or a medical emergency, personal loan comes handy for everyone. Non-resident Indians are no different. They can also avail personal loans in India. For NRI’s, personal loan can be a common source of finance which can be availed in the home country in an emergency travel situation.
Many leading banks provide personal loans for NRI in India. Personal loans are offered in two ways. First one the secured personal loan, wherein the loan is provided against a collateral or security. Collateral can be home, any high valued asset and bank fixed deposit. Most of the public sector and private banks offer secured personal loans for NRI in India. Second type of personal loan is an unsecured loan, wherein loan is provided without any collateral or security. This is completely based on borrower’s income details and credentials to repay the loan back. In India, most of the banks provide secured NRI loans, wherein NRI needs to provide guarantor. Else, make a close relative or family member as a co-applicant to the loan. Loans are also provided against FCNR deposits.
Few of the leading Banks that provide NRI personal loans in India are-