Non-resident Indians or NRIs can pursue a loan from a variety of banks in India to fulfil various needs including unforeseen situations, expensive investments, etc. The NRI personal loans are either secured or unsecured, depending upon the scenario. These loans provide a flexible debt repayment tenure of up to 60 months. NRI loans can be availed by both the classes, that is salaried and self-employed. These kinds of loans are flexible in use because of the flexibility provisions in the loan repayment tenure.
Types of an NRI loan: NRI loans are categorized into two types:
Secured loans:- These types of loans are provided by the lender when you put some collateral to get a loan approved. Some commonly accepted collaterals are FCNR deposits and property owned by an individual. In India, most of the banks approved a secured loan to the NRIs with a close relative as a guarantor for the loan.
Unsecured loans:- These types of loans are provided by the lender when the bank/NBFC does not require any collateral to get a loan approved. Here the lender evaluates your salary, current outstanding debt, CIBIL score, etc. Generally, these loans involve a greater amount of risk for the lender.
Eligibility Criteria for opting such loan: Personal loan eligibility criteria needed to be fulfilled to get the loan sanctioned. The eligibility criteria are described below:
Salaried employee:- For a salaried employee, the age required to opt for a loan is in between 21 to 60 years. The minimum work experience in the current organization should be about 1-year.
Self-employed person:- For a self-employed individual, the age required to opt for a loan is in between 21 to 68 years and there should be a minimum of 2 years’ experience in the current business. Long term loans are ideal for self-employed persons.
Essential documents to apply for a loan: Below are some essential documents that are required to get a loan sanctioned:
- The NRI applicant should have a photocopy of their visa and passport.
- Identity proof is required for both applicant and the guarantor.
- Address proof is also required for both applicants and the guarantor.
- For income proof, both the Indian and international bank account statement of last 6 months is required. Besides this, salary slips of the past 6 months are also required.
- For employment proof, the NRI applicant requires the following appointment letter, job contract, and identity card if you are working in the Middle East.
- If the applicant current location is India at the time of applying, the power of attorney needs to be attested locally.
- An immaculate passport size photograph.
If you are shifting to India and want to settle a new business here, NRI loans are a great choice to move with. Further, you can go and check out the Axis bank personal loan.
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