Despite contemporary international migration, many Non-Resident Indians (NRIs) continue to hold deep emotional and financial ties to India. Personal loans for NRIs in India are a great way to cover unexpected expenses, remodel their homes, or for a family gathering.
Let’s take a look at the options, eligibility, documentation required, and frequently asked question: Can an NRI apply for a personal loan in India?
Can a NRI get a personal loan in India?
Yes, NRIs can apply for personal loans in India, but there will be limitations. NRIs cannot apply for personal loans from all banks and NBFCs and the eligibility requirements may be stricter than those for Indian citizens.
Eligibility criteria for NRI personal loan
Standard eligibility requirements include the following; however each lender has its own variation on the terms:
Documents required for NRI personal loan
The following must be provided as information, but lender requirements may vary:
In conclusion, for NRIs, personal loans in India can be a fast and flexible method of accessing funds for personal or family needs without the necessity of disposing of assets. With the right bank and co-applicant it can be an easy approval even though the process may involve a bit more paperwork.
Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
