Can NRIs apply for personal loans in India?
Accepted Answer ✓ Accepted
Yes, NRIs (Non-Resident Indians) can apply for personal loans from select Indian banks and NBFCs. Eligibility: Must be an Indian citizen residing abroad, age 21-60 years, minimum 2 years overseas employment, salary credited to NRE/NRO account, valid work visa/residency permit. Required documents: Valid passport with visa, overseas address proof, employment contract/letter, last 6 months salary slips, bank statements (NRE/NRO account), PAN card, Aadhaar (if available). Loan features: Amount up to ₹50 lakhs, tenure 1-5 years, interest rates: 12-18% p.a. (higher than resident loans), processing fees: 1-3%. Banks offering NRI loans: HDFC, ICICI, SBI, Axis Bank. Loan can be for personal or property purposes in India.
Suggested Answers
Yes, NRIs can get personal loans from Indian banks if they have an NRE/NRO account, valid overseas employment, and necessary documents like passport and work visa. Interest rates are usually higher than for resident Indians, and the loan process may take longer.
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