If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    Car Loan for NRIs

    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.

    Car Loan for NRIs Reviews

    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with ICICI bank for long time, they have given me sufficient loan amount, and they have charged me nominal rate of interest in this loan , they have charged me up to 8.85% .And they have charged processing fee in this loan ,they have charged me up to 2000 rupees, overall experience was too good in this bank.Still the loan is running.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 22, 2019
    • SBI Car Loan
      "Car loan with lowest interest rate and easy repayment"
      0.5 5.0/5 "Blown Away!"
      I have bought my car loan from State bank of India. I have done the pre-closure and they have not charged anything extra money for that. I have got the loan in the year of 2018. They have provided me a car loan with the percentage of 9.25% and the documentation process was very easy.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 22, 2019
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Car loan was quite good and the loan amount which they had provided has been sufficient as well. The interest rate with them has been nominal when compared with the market rate and the charges which they had made has also been nominal as well. Their customer support team had also been helpful as well.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jan 22, 2019
    • Bank Bazaar Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have recently started using the services of Bank Bazaar to get my Car loan, and the process was simple. I came across their services while i was going through the internet and i had downloaded their mobile application which has a very good user interface. Their customer support team had also been responsive and was helpful at times.
      Was this review helpful? 0
      , goa
      Reviewed on Jan 22, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had chosen my Car loan from them since i was holding my Salary account from them. The process in getting this loan has been simple and the documentation was also simple. The loan amount has been sufficient and they had charged with an interest rate of 9.5% which is nominal with the market rate. The processing fee with this loan has also been nominal.
      Was this review helpful? 0
      , goa
      Reviewed on Jan 22, 2019
    • Capital First Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with my Car loan from them was quite good where the process has been simple. The loan amount has been sufficient and the interest rate with them has been nominal when compared with the market rate. There has not been any sort of charges which they had been making and the processing fee was nominal. Their customer support team had also been helpful as well.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jan 22, 2019
    • Bank Bazaar Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The experience i had with Bank Bazaar has been quite good and it was nice. They had been helpful for getting Personal loam, Home loans, Car loans and i had been using the mobile application of them which has been convenient in using. I had come to know about the services of them through advertisements and through my friends.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 22, 2019
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting loan was quite easy and smooth where it was not lengthy and they had collected the documents at the doorsteps. The loan amount which they had provided has been sufficient and the interest rate with them has been less when compared with the other banks. The charges which they had made has been nominal as well. Their customer support has also been responsive and was helpful.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 22, 2019
    • Bank Bazaar Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience with Bank Bazaar while i was getting Car loan through them, i had been using the services of them for the last six months. I came to know about them through internet and i had used their website which has been convenient as well. Their customer support has also been responsive and has been helpful.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process was easy in getting the car loan from them and the loan amount was sufficient as well. The interest rate with them was nominal when compared with the market rate and the charges which they had made where also nominal. Their customer support also was helpful and i had not faced any issues.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "24/7 available bank service"
      0.5 5.0/5 "Blown Away!"
      To approach the bank for my car loan is very difficult for me. I have done the documentation through online. I got the car loan with the minimum effort because with the help of bankbazaar. I was searching the various products like mutual funds, loan and i have been checking the bankbazaar website for all kind of financial product. I go through this website for any kind of investment plan.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Easy and affordable car loan"
      0.5 5.0/5 "Blown Away!"
      It was available with the car loan with the minimum documentation hence i have selected the HDFC bank for my car loan. I have got the interest rate of 9.5% and I'm satisfied with the. At the amount of Rs. 2500 they have charged as a processing fee. They have sanctioned the loan time.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Its Excellent"
      0.5 4.5/5 "Excellent!"
      I just explored about the car loan offers through Bank Bazaar. I got best deal from ICICI bank, then I selected that option. Bank Bazaar executive called me connected with the bank on time without any hassles or without approaching anyone i had received the loan on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of Bank Bazaar for the last three years and whenever i go in Google to check any financial products where i had come to know about the services of Bank Bazaar. The process in getting my car loan through them was very simple and everything was done online. Their customer support has also been responsive and had a good communication.
      Was this review helpful? 0
      , gorakhpur
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I had chosen to go with them since it would be easy in getting a loan through them. The process had went well and the loan amount which they had provided has been sufficient as well. The interest rate with them has been nominal when compared with the market rate. The charges which they had made has also not been high.
      Was this review helpful? 0
      , gorakhpur
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Its Customer friendly"
      0.5 5.0/5 "Blown Away!"
      One place to find all the financial banking offers and also I would say its easy to identify the best product. More over the site is nice to upload the documents for the loan products rather approaching the bank. Its a time saving website, the response is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Recommendable car loan"
      0.5 4.0/5 "Great!"
      My salary account belongs to HDFC bank, hence I thought go with the same bank for the car loan. I hope the interest rate is less for me and also paper work became very easy. Even my car loan got sanctioned within 3 to 4 days then I have purchased Tata Tiago car.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience with Bank Bazaar has been quite good and i had started using the services of them for the last couple of months. Everything has been done online which was easy and convenient. I had used their mobile application which has a very good user interface. Their customer support has also been responsive and was helpful.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Jan 21, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this loan was quite simple and easy and the loan amount which they had provided has also been sufficient as well. I had chosen to go with them since the charges where very less with them as well as the interest rate which they where offering has been less when compared with the market rate which was around 9.2%. The customer support team of them has also been helpful at times.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Jan 21, 2019
    • Bank Bazaar Car Loan
      "Good website"
      0.5 4.0/5 "Great!"
      Bankbazaar is good website and the overall process was easy. One of my friend has suggested me about the bankbazaar website. This is my first experience with bankbazaar. I have checked my credit score through bankbazaar website recently.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
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