Personal loan for NRI is available from major banks in India. In general, the public sector banks offer personal loans against fixed deposits or home loans to NRI customers while private sector banks provide NRI personal loans that may be unsecured. Personal loan for NRIs is a good option to receive quick financing for your different requirements.
Rupee/foreign currency personal loan for NRI
Most of the banks offer rupee loans or foreign currency loans to holders of FCNR/NRE term deposit accounts. These loans are available against the amount in the FCNR/NRE account at competitive rates of interest. Loans are available up to 90% of the amount in the deposit account with each bank having its own upper limit on loan amounts.
Features of Personal Loan for NRI
These loans have a wide range of features as discussed below:
Loans available for high limits. Competitive rate of interests. Loan repayment tenures available from 12 to 60 months. Loans are available for various purposes.
Benefits of NRI Personal Loan
NRI personal loans offer the benefit of instant financing and lots more, such as:
- Easy financing for personal credit requirements.
- Can be availed from a wide range of banks.
- Easy documentation and applying process.
- Hassle free and quick processing of applications.
- Available for salaried as well as self-employed people.
Documents required for NRI Personal Loan
The documentation requirement for applying to these loans is decided on an individual basis as well as particular criteria of different banks. The following are some general documents required for NRI personal loans:
- Copy of visa and passport.
- Salary certificate translated to English if in any other language.
- International and domestic bank statements.
- Power of attorney to be attested locally if applying from India and from an Indian consulate if applying from abroad.
- Specific employees such as those working in the merchant navy, the Middle East or other specified employers may be required to furnish additional proofs such as CDC or labour card.
Major Banks offering secured/unsecured personal loans for NRIs
The following banks offer NRI personal loans, among others:
- Axis Bank
- ICICI Bank
- State Bank of India
- Federal Bank
- Canara bank
- Standard Chartered