Can NRIs get personal loans in India?

A personal loan is the most popular loan in the retail loan market that can be used for your immediate financial requirements. Non-resident Indians who work and live in foreign countries too can avail of personal loans from Indian banks for various purposes. Read on to know more about the details regarding NRI personal loan application.

Who is eligible for NRI personal loans?

Following are some of the common eligibility criteria that banks generally ask for giving out loans to NRIs.



Residential status 

Resident India with co-applicant being an NRI (who is a close relative) 


Minimum 21 years

Maximum 60 years

Employment status

Salaried or self-employed


There may be additional eligibility criteria based on the credit profile of the individual. It is better to contact the bank in person and ask for details.

What are the highlights of NRI Personal Loans?

Following are some of the common features and benefits of an NRI personal loan.

  • Flexible tenure up to 60 months
  • Attractive rate of interest
  • Speedy approval
  • Hassle-free application process
  • The maximum quantum of the loan is up to 10,00,000
  • Funds for immediate requirements like education, wedding, medical treatment etc.

What are the documents required for NRI Loans? 

The general documents required for getting an NRI personal loan are

  • International and domestic bank statements
  • Identity proof
  • Recent passport size photos
  • Address proof
  • Copy of visa and passport
  • Salary certificate in English with the inclusive of details such as name, date of joining and remuneration
  • NRI’s appointment or contract letter

The documents may differ for individuals based on their employment and country.

What is the procedure followed for NRI Personal Loan Applications? 

This is a multi-level process and takes a considerable time before your personal loan is disbursed into your account.

The first step is to check your credit score and know about your chances of getting a personal loan for a good deal. Secondly, you can contact a banking official and get comprehensive details of the NRI personal loan. Once you are satisfied with the rate of interest and tenure of repayment, fill the application form and proceed for submission.

The lender will now go through your documents and verify your background details. After the review and a personal discussion, the credit decision is taken with your consent. You will be signing the agreement and signing the post-dated cheques. Following this, the loan will be disbursed to your NRI account.


CreditMantri matches your credit and demographic profile to the lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan. Hence the chances of your Personal Loan application getting approved are higher. Click here to check your NRI personal loan eligibility.

FAQs for NRI Personal Loan

1. Does a person have to be a resident Indian to qualify for NRI personal loan?

A. Yes. Banks or other institutional lenders do not directly give the loan to any NRI. They require the primary applicant to be a resident Indian and the co-applicant can be an NRI.

2. Are the interest rates higher for NRI personal loans?

A. Yes. The risk of providing a loan to an NRI is higher hence the interest rate is slightly higher than rates for normal personal loans of the bank.

3. Are personal loans to NRIs short term loans?

A. The maximum tenure offered by most banks for NRI personal loans is 5 years. Many lenders provide loans for a shorter duration for example up to 3 years. Hence, like any other personal loans, NRI personal loans can be considered to be short term loans.