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

    We found 34 Car Loan for NRIs

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time Within 30 minutes
    Ad Paperless approval option available
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    9.10% - 13.25% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
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    Fees & Charges
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    Eligibility Criteria
    9.10% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
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    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time Within 30 minutes
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    9.15% - 11.6% Fixed
    Up to ₹5,150 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    PAPERLESS APPROVAL OPTION AVAILABLE
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    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time Within 30 minutes
    100% financing on car value
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    9% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
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    11.25% - 13.99% Fixed
    Up to ₹2,300 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Paperless approval option available
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    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time Within 30 minutes
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    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
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    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time Within 30 minutes
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    9.00% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
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    Car Loan for NRIs is Rated as "Excellent!" by 26249 Users

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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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  • Car Loan for NRIs Reviews

    • Cholamandalam Finance Car Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Currently, I am having the car loan with the Cholamandalam finance and the rate of interest is around 13.5%. Within three days of time, the loan amount got disbursed and there is no collateral. I have not seen any difficulties with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Tata Finance Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was smoother process for the my car loan from TATA FINANCE as i had a good relationship with them. Interest rate offered minimal and there was some processing fee . Minimal documents were collected and they took only just 2 days the loan amount I have opted for 5 lakhs and 2.50 lakhs I have done the down payment.
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • review Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Mahindra and Mahindra Car loan process was okay. The best part about this car loan was, when the loan was under process they hardly took around 3 days of time to provide the loan . I got the car quickly on time, the loan was processed during the year 2013 . Interest rate and processing fee was 4500
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      When I have applied for my car loan with Hdfc bank, they gave very prompt response and they have made very good follow up in concern to my car loan application. I have postponed my plan that was the reason I haven't got the car loan with HDFC bank. Overall the service is better with HDFC bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      No misses absolutely with bankbazaar nor any drawback on using their services and I am happy that the team was proactive in providing me with the details. The follow up process was also good and they were supportive in giving me updates as well. The website is user friendly and very much fast to browse through for the details
      Was this review helpful? 0
      , navsari
      Reviewed on May 24, 2017
    • Au Finance Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am happy AU housing finance have contacted me on time that too twice they did. They had explained me about the product very well & convinced me they loan amount I have applied for.the loan amount I have applied is 1.50 lakhs.
      Was this review helpful? 0
      , navsari
      Reviewed on May 24, 2017
    • Canara Bank Car Loan
      "Quick Service"
      0.5 4.0/5 "Great!"
      In 2015, I had taken a car loan with Canara Bank. The interest rate was of 11%. I went to the bank and discussed with the manager about the loan, immediately they gave me the application form and processed the loan within 30 minutes. Actually that was year end so they processed it as soon as possible.
      Was this review helpful? 0
      , salem
      Reviewed on May 24, 2017
    • ICICI Bank Car Loan
      "Good Response"
      0.5 5.0/5 "Blown Away!"
      In the year of 2014, I had taken a car loan with ICICI bank. There was no issues with the bank while taking the loan. I cleared the loan within one or two months and I got clearance certificate from the bank. When I went to the bank for the loan, they processed the loan within a day. I got such a good response from the bank.
      Was this review helpful? 0
      , salem
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.0/5 "Great!"
      I got good response from Bank Bazaar when I reached them to check about car loan in their website, I got a better experience. Recently I started using Bank Bazaar website its good and convenient. I am very fine with Bank Bazaar service and response I received proper followup calls and emails as well
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Axis Bank Car Loan
      "RESPONSE SHOULD BE QUICK"
      0.5 3.0/5 "Satisfactory"
      Due to the rate of interest , I had not taken the car loan with the Axis bank they have set a high rate of interest when compare to other resources I had postponed my car loan plan for now and they have contacted me later after 2 days again, I had check some other source whether my application has been sent to the bank or not, later the next day I received a call from the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got very prompt response from hdfc bank.I have applied for 2 laks rupees loan and the tenured for 7 years I have Pre closed it I have just used it 1.5 years Interest rate and processing fee were nominal.
      Was this review helpful? 0
      , bharuch
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar web portal is really good and informative. Also it is very easy to apply for any kind of loan on their site. Their executives are very supportive and I received regular followups from them on my car loan application. I am satisfied with Bank bazaar services.
      Was this review helpful? 0
      , bharuch
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I would state that the overall service provided by HDFC Bank is really good. Customer service is very good , Car loan application was postponement from my end I had planned to take it after 2 to 3 months. After applying within a weeks time I had received a call back from the bank.
      Was this review helpful? 0
      , bharuch
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan from HDFC Bank and the services was good and very quick. I got my loan within few days. It was a fast process overall with 2 days loan got approved and the rate of interest was 14.5% with was high compare to other banks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is useful, it plays a vital role in getting a loan or other financial products. Overall good experience with bank bazaar is very good. I got an immediate reply from them with in 2 to 3 hours after applying the loan.The site is also very good and user friendly.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Experience with the HDFC bank for the car loan was good, but my only cocern here is the rate of interest, as it is very high when compared with other banks its like 14.5% where other resources they give low Rate of interest and lower loan amount I had applied for a loan amount of 3.5 lakhs.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 4.0/5 "Great!"
      I am happy with bankbazaar as I got an immediate response when I was looking out for the loan. Their website is so simple to navigate and I did not find any issues with bankbazaar. The way they respond on my loan application is really great and simple with in one hour after applying the loan I have received the call from them and their communicaiton is excellent.
      Was this review helpful? 0
      , gulbarga
      Reviewed on May 24, 2017
    • Sundaram Finance Car Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I dropped my idea of taking the car loan. I did not go ahead with Sundaram Finance for the loan. The team was also not supportive in giving me details , later I told them clearly that I need a car loan for 7 years Initially they said ok later they had collected all my documents and after one month they are saying that only after 5 years its possible.
      Was this review helpful? 0
      , gulbarga
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good but need some sort of improvisation"
      0.5 4.0/5 "Great!"
      The car loan got approved and disbursed with HDFC bank. The process went very smooth I had faced a hassle because at one incident they have deducted the penalty amount along with the EMI amount, through ECS mode. The Hdfc executive need to inform the customer before they deduct the penalty amount. The rate interest is nominal with HDFC bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 23, 2017
    • Federal Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      Federal bank have provided the car loan with the rate of interest as 7% , also they have provided funds up to 95% of the cost of car. Response was really good one like the loan amount got disbursed within three days of time. Documentation procedures were really nominal one with them.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
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