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 personal loans from Indian banks for various purposes. Read on to know more about the details regarding NRI personal loan application.

Eligibility Criteria

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

  • You must be an Indian citizen.

  • The average age limit is between 21 to 60 years.

  • Should be salaried professional or self-employed individual

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.

Features and Benefits of NRI Personal Loan

Following are some of the common features and benefits of 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 lakhs

  • Funds for immediate requirements like education, wedding, medical treatment etc.

Documents Required to Avail an NRI Loan

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.

Procedure Followed in NRI Personal Loan Application

This is a multi-level of 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.

End Note

CreditMantri matches your credit and demographic profile to 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 is higher. Click here to check your NRI personal loan eligibility.