NRI Personal Loan

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Updated: 25-10-2019 07:29:49 AM

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-

Documents required to apply for NRI personal loans
Advantages of NRI Personal Loans
Features of Personal loans offered by few major banks to Non Resident Individuals

Documents required to apply for NRI personal loans

  • Photocopy of passport and Visa of NRI applicant
  • Both Indian and international bank account statement for last six months
  • Salary certificate as a proof of salary details. The certificate should be in English carrying all the relevant salary details such as name of the employee, date of joining, amount of salary and designation at work.
  • If the NRI applicant is present in India at the time of submitting a loan application, the Power of Attorney needs to be attested or notarized locally. In case, the applicant is outside India at the time of submission of loan request, then the Power of Attorney need to attested by Indian Consulate of NRI’s resident country.
  • Non Resident Indian’s working in Middle East countries and also those who are employed in Merchant Navy may have to submit some additional documents such as CDC and labour card.
  • A copy of Non Resident Indian’s contract slip and appointment letter.

Some of the additional documents may have to be submitted depending on the loan amount and the bank that you are applying with. However, KYC documents, proof of residential status and the income proof are the basic documentary requirement in most of the cases.

Advantages of NRI Personal Loans

Some of the benefits of availing a NRI personal loan in India are-

  • Instant source of financing for immediate personal requirements
  • Can be easily availed from most of the big banks and non-banking financial companies.
  • Simple process with minimal documentary requirement
  • Easy, hassle-free and instant processing to quicken the process
  • NRI Loans in India can be availed by both salaried professionals and self-employed individuals.

Features of Personal loans offered by few major banks to Non Resident Individuals

ICICI NRI Personal loan

ICICI Bank provides personal loans for NRIs at a competitive rate with easy documentation and quicker process of loan application. Some of the interesting features of NRI personal loans offered by ICICI are-

  • No Collateral or security required
  • Maximum loan can be availed up to Rs.10 lakhs
  • Simple process of documentation
  • Competitive rate of interest on NRI personal loans
  • Applicant has to be Indian resident and co-applicant Non Resident Indian has be a family member or a close relative.
  • Quick and easy processing of loan application
  • Loan can be availed up to maximum tenure of 36 months

HDFC NRI Secured Personal Loans

HDFC bank provides secured personal loan to Non Resident Indians. Bank provides overdraft facility to NRI’s in the form of loan against securities and loan against fixed deposits.

  • Loan against securities- NRI can avail overdraft against his shares, mutual funds (Equity, Fixed maturity plans and debt funds), and Insurance policies, NSC, Kisan Vikas Patra and US64 Bonds. Loans against securities are provided along with safe document storage facility.
  • Loan against fixed deposits – Overdraft facility is offered to Non Resident Indians based on their fixed deposits (NRE FD/NRO FD/ FCNR deposits of both Indian and international currency). Loan limit will be set up in rupee savings account that is NRO account of the applicant. Overdraft limit can be-
  • 90% of the deposit amount for overdraft against NRE FD
  • 90% of the deposit amount for overdraft against NRO FD
  • 70% of the deposit amount for overdraft against FCNR Deposits

SBI NRI Personal Loan

State Bank of India provides many loan products to Non Resident Indians. Home loan, car loan and overdraft against NRI deposits etc. Personal loan can be availed against NRI fixed deposits. SBI also offers overdraft facility against NRI deposits through online mode also. Loans against NRI deposits can be availed in Indian as well as Foreign currency against the security of deposits. The loan amount cannot be repatriated abroad. Documentation is quite simple and process is quick and instant. Overdraft can also be availed through SBI internet banking. There is a maximum permissible limit set for such overdrafts by the bank. Rate of interest is 1% above the fixed deposit interest rate.

Federal Bank NRI Personal Loan

Federal bank also provides NRI loans to meet their personal requirement in a shorter period of time with their loan against fixed deposit facility. The maximum amount of loan can be availed is 90% of the fixed deposit amount, recurring deposit or cash certificate.

Conclusion

Personal loans can be availed by NRI’s in India from major banks in variety of way. Major Banks are offering the personal loans to NRI’s at a competitive rate with easy documentation and quick loan process. Choose the best personal loan that can offer you good rate with good re-pay facility. All that you need to do is evaluate your need for personal loan, compare and go it the right one as per your requirement.

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