Personal loan for NRI is available from major banks in India. In general, the public sector banks offer personal loans against fixed deposits or home loans to NRI customers while private sector banks provide NRI personal loans that may be unsecured. Personal loan for NRIs is a good option to receive quick financing for your different requirements.
NRI personal loans are designed to help Indian citizens living abroad to avail the benefits of a Personal Loan in India. As mentioned earlier, both secured and unsecured varieties are available, with the public sector banks usually offering secured loans while the private sector banks in some cases indulge in unsecured loans.
Most of the banks offer rupee loans or foreign currency loans to holders of FCNR/NRE term deposit accounts. These loans are available against the amount in the FCNR/NRE account at competitive rates of interest. Loans are available up to 90% of the amount in the deposit account with each bank having its own upper limit on loan amounts.
These loans have a wide range of features as discussed below:
NRI personal loans offer the benefit of instant financing and lots more, such as:
The documentation requirement for applying to these loans is decided on an individual basis as well as particular criteria of different banks. The following are some general documents required for NRI personal loans:
The following banks offer NRI personal loans, among others: