{"id":560,"date":"2017-06-22T09:10:44","date_gmt":"2017-06-22T09:10:44","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?p=560"},"modified":"2018-06-06T12:07:47","modified_gmt":"2018-06-06T06:37:47","slug":"loan-guides-nris-get-car-loan-india","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/loan-guides-nris-get-car-loan-india\/","title":{"rendered":"Loan Guides for NRIs \u2013 How to Get a Car Loan in India?"},"content":{"rendered":"<p>Let\u2019s consider the Case of Person A, who is working in Qatar. He wants to gift a car to his parents back home but doesn\u2019t have the sufficient funds to pay for it fully. What do you think, he can do?<\/p>\n<p>Well, if you are an NRI and facing a similar situation, then there\u2019s reason to cheer. A few Indian banks and other NBFCs have begun offering <a href=\"https:\/\/www.antworksmoney.com\/Car-loans\/\">car finance<\/a> for NRI. Some of the popular banks that offer loans in this category are State Bank of India, Federal Bank Ltd, State Bank of Travancore and many others.<\/p>\n<h5><strong><em>Reasons for Increase in Popularity of NRI Car Loans<\/em><\/strong><\/h5>\n<ul>\n<li>The aspiration to own a luxury vehicle back home to accommodate their travel during visits back home<\/li>\n<li>As a gift to aging parents or spouses living in India<\/li>\n<\/ul>\n<p>However, getting a vehicle loan in India as an NRI has a few restrictions. Check out the limitations and how to prepare for them, here in this article.<\/p>\n<h5><strong><em>You may not be able to buy the vehicle in your name<\/em><\/strong><\/h5>\n<p>For instance, if you avail an <a href=\"https:\/\/www.antworksmoney.com\/blog\/category\/car-loan\/\">auto loan<\/a> from SBI, then you can\u2019t register the vehicle under your name. Rather you act as the guarantor for the loan. Regular guarantors need not bear the EMI of the loan. However, it\u2019s the NRI guarantors who\u2019ll have to pay the EMIs. You\u2019ll have to fund the EMI from your NRO or NRE account.<\/p>\n<h5><strong><em>In whose name can you register the Vehicle?<\/em><\/strong><\/h5>\n<p>The eligibility criteria fixed by most banks is that both the co-applicant and the NRI guarantor should be between 21 and 65 years. Also, you have to include the person under whose name you are buying the vehicle as co-applicant in the loan forms.<\/p>\n<h5><strong><em>Existing Customers have an Advantage<\/em><\/strong><\/h5>\n<p>Most banks generally offer car loans only for existing NRI customers. This is because banks have a good relationship with them and believe that they\u2019re unlikely to default on their payments. So always approach your Indian bank first when applying for car loans.<\/p>\n<h5><strong><em>Country of Residence<\/em><\/strong><\/h5>\n<p>Different banks have a varying list of countries that they approve for auto finance. Generally, countries like the US, Singapore, Malaysia, the UK and West Asian countries are on the list of all banks.<\/p>\n<h5><strong><em>Main Features of NRI Car Loans<\/em><\/strong><\/h5>\n<ul>\n<li><strong><em>Documentation<\/em><\/strong> \u2013 You must submit the documents either online or submit it via your co-applicant. You can also submit it at the local branch of your Indian bank in your resident country.<\/li>\n<li><strong><em>Amount Sanctioned<\/em><\/strong> \u2013 This one varies from bank to bank. Approach your bank for the exact details. Most banks generally sanction around 85-90% of the ex-showroom price of the vehicle.<\/li>\n<li><strong><em>Tenure<\/em><\/strong> \u2013 The tenure varies anywhere from five to seven years from the day you purchase the vehicle.<\/li>\n<li><strong><em>Interest Rate<\/em><\/strong> \u2013 The interest charged for loans on cars for NRIs is the same as that for resident Indians.<\/li>\n<li><strong><em>Repayment of the Loan<\/em><\/strong> \u2013 Repayment is possible only through remittance via regular banking channels outside India or NRE or NRO accounts. Recently, RBI has approved resident Indian relatives to repay the loan on behalf of their NRI brethren.<\/li>\n<\/ul>\n<h5><strong><em>Factors to Consider<\/em><\/strong><\/h5>\n<p>Before you decide to apply for a <a href=\"https:\/\/www.antworksmoney.com\/\">car loan<\/a> in India, check out if it\u2019s easier\/cheaper borrowing the amount in your resident country. Comparing the interest rate and other transaction charges on www.antworksmoney.com \u00a0will give you a fair idea. You can then choose the one that works the best for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s consider the Case of Person A, who is working in Qatar. He wants to gift a car to his parents back home but doesn\u2019t have the sufficient funds to pay for it fully. What do you think, he can do? Well, if you are an NRI and facing a similar situation, then there\u2019s reason &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/loan-guides-nris-get-car-loan-india\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Loan Guides for NRIs \u2013 How to Get a Car Loan in India?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-car-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Loan Guides for NRIs \u2013 How to Get a Car Loan in India?<\/title>\r\n<meta name=\"description\" content=\"Are you NRIs? 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