If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Car Loan for NRIs

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.25% - 11.25% Fixed
    Up to ₹2,587 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Get Goibibo goCash worth Rs 5,000 Paperless approval option available
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    Eligibility Criteria
    14% - 15% Floating
    Up to 1%
    20,000 - 10L
    1-5 Years
    Response Time Within 30 minutes
    Paperless approval option available Get Goibibo goCash worth Rs 5,000
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    Eligibility Criteria
    9.50% - 10.75% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    100% ON ROAD PRICE FINANCED
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    9.65% - 15% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
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    9.85% Floating
    0 One time fee
    1L - 2Crs Women's Special!
    1-7 Years
    Response Time Within 30 minutes
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    Perks
    Fees & Charges
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    Eligibility Criteria
    9.75% Fixed
    0 One time fee
    50K - 2.5Crs
    1-5 Years
    Response Time Within 30 minutes
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    13% - 14.5% Floating
    0.75% One time fee
    ₹ 1.5L - ₹ 25L
    1-7 Years
    Response Time Within 30 minutes
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    9.95% Floating
    0 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
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    16% Fixed
    1.25% (Min. ₹ 5,175) One time fee
    50,000 - 15L
    1-4 Years
    Response Time Within 30 minutes
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    17% - 23% Floating
    1% One time fee
    50,000 - 15L
    1-4 Years
    Response Time Within 30 minutes
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    11.95% Floating
    0 One time fee
    1L Min
    1-3 Years
    Response Time Within 30 minutes
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    12% - 13% Fixed
    1% One time fee
    50000 - 10L
    1-4 Years
    Response Time Within 30 minutes
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    Car Loan BYTES FROM OUR KITCHEN

    Recent times have seen a surprising rise in the demand for car loans from NRIs. This has been attributed to two major factors: the tendency to buy high-end cars and the increase in frequency of visits to India. An Indian citizen who resides abroad and is a salaried professional or is self-employed in his country of residence qualifies as an NRI and is eligible to apply for NRI car loans.


    NRI car loans able for purchasing a new or a used car. All banks have a list of approved countries for this purpose, out of which US, UK, Malaysia, Singapore and West Asian countries are commonly approved.

    NRI Car Loan Eligibility

    • NRIs with a Resident Indian as a guarantor, can apply.
    • Both applicant and guarantor, should be at least 21 years old and not more than 65 years old.
    • Loan has to be repaid by the time the applicant is 65 years old.

    Documentation Required for a NRI Car Loan

    • Valid Indian passport
    • Proof of a steady source of income
    • Must be employed abroad for at least two years
    • Valid job contract or work permit
    • Has an NRI account with the Bank

    Features and Benefits of NRI Car Loans

    • Documentation: Documents can be submitted at the branch of the bank in your residing country, or it can be sent online or through your co-applicant.
    • Amount of loan: The loan amount that will be sanctioned depends on the concerned bank.
    • Loan to value (LTV): LTV is the ratio of the loan amount that can be borrowed from the bank to the actual value of the car or its ex-showroom price. Most banks offer 85-100% of the ex-showroom price as loan.
    • Tenure: Tenure of loan ranges between 5 to 7 years, from the date of purchase of the car.
    • Interest rate and other charges: There is no discrepancy in the interest rate for NRI car loans and that which is offered to resident Indians. E.g., interest rate for car loans from SBI is 10.45%, and this is applicable to both resident Indians as well as NRIs.
    • Repayment: Repayment can only be made through remittance made through normal banking channels/ remittance received from outside India / non-resident external accounts or out of income earned from a property in India. Resident Indians can repay loans on behalf of their NRI relatives.

    NRI Car Loan Interest Rates

    The car loan interest rates that are applicable to resident Indians are applicable to NRIs as well. There is no discrepancy in this regards. Taking SBI as an example, the interest rate for car loans from SBI is 10.45%, and this is applicable to both resident Indians as well as NRIs.

    How to Calculate EMI for your NRI Car Loan?

    The Car Loan EMI calculator is an easy to use tool which projects an estimate of the monthly installments that has to be paid out to the bank and the costs incurred. In order to use this, enter information such as principal loan amount, interest rate, loan tenure in years or months, additional monthly payments, if any, etc. Then click on "Calculate" to get comprehensive information on the repayment schedule.

    Top Banks Providing NRI Car Loans in India

    Some Indian banks provide car loans to NRIs and this includes Federal Bank Ltd, State Bank of India (SBI), State Bank of Travancore, etc.

    SBI NRI Car Loan

    NRIs who wish to avail a car loan from State Bank of India, cannot have the vehicle registered in his/her name and will only be treated as the guarantor. However, unlike a resident who acts as a guarantor, the NRI guarantor will have to pay the EMIs for the car loan from his/her NRI account. Thus, the person in whose name the car is bought will be treated as the co-applicant in the loan. Both the co-applicant who is a resident Indian, and the guarantor (NRI) should fall in the age group of 21-65 years.

    Federal Bank NRI Car Loan

    Federal Bank offers car loans only to existing NRI customers who have at least three-five years of banking relationship with the bank. This also ensures quick processing and less documentation for the car loan.

    State Bank of Travancore NRI Car Loan

    NRIs who have a net annual income of Rs. 3, 00,000 and above are eligible for availing a car loan from SBT. The loans can be taken in the name of a close relative. The bank stipulates that the vehicle should be hypothecated to the bank or a mortgage of property is to be made. Repayment have to be made in 84 Equated Monthly Installments.

    Bank of Baroda NRI Car Loan

    Bank of Baroda offers car loans to NRIs on the condition that a close relative of the applicant, who is a resident Indian, should act as the guarantor or co-applicant. The vehicle will be registered in the name of the applicant/co-applicant who has a local residential address proof.

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