The NRI personal loan eligibility depends on which Bank you are applying to. However, there are a general set of rules that need to be fulfilled. I had taken an NRI personal loan from SBI to purchase a car so let me share their criteria here.
What are the Basic Personal Loan Eligibility for NRI?
The criteria that need to be fulfilled by an NRI applicant to apply for a personal loan are:
The salaried employee must be employed in the same company for at least a year. In the case of a self-employed, he/she needs to provide evidence citing the continuity of the business for 3 years or more
The applicant has to submit income proof
A local applicant is required and he/she must be a close relative of the NRI applicant. They can be an earning or nonearning individual
These are the general rules that need to be followed. If you are an NRI and want to apply for a personal loan, then you need to:
Have an Indian resident as a Guarantor or co-applicant
Both of your ages should be between 21-70 years old.
The loan must be paid fully before the applicant reaches 75 years of age
Income from the co-applicant can be considered for determining loan eligibility
The NRI must have a valid Indian Passport
The applicant must have a steady source of income
He /she should be employed abroad for at least 2 years
He/she should have a valid job contract
The applicant must maintain an NRI account with SBI for at least a year with a minimum balance of Rs 50,000 or open a new account with USD 5000
He or she must have a net monthly income of USD 1000
The top 5 banks where you can apply for an NRI personal loan are:
SBI
ICICI
Axis Bank
Kotal Personal Loan
IIFL Personal Loan
You can visit your desired bank’s website or branch to get the complete set of details.
Enjoy Max. Funding Upto 100%. Avail NoBroker’s NRI Loan ServicesRead More:
Which bank is best for NRI personal loan in India
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Authors Of The Question
What is NRI Personal Loan Eligibility?
Divyansh
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1 Answers
10 months
2024-02-19T08:15:53+00:00 2024-02-19T09:09:07+00:00Comment
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