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An NRI (Non-Resident Indian) can be an individual,
NRI loan or a Non-Resident Indian Loan is a type of loan given to people who are not in the country (India) they are borrowing from. If you live in any country for an indefinite period, obtaining a loan from the residing country is complicated without a permanent resident card. Therefore, to meet unforeseen expenses, the Non-Resident Indian applicant can easily avail of an NRI loan to meet his capital requirements with the help of a personal loan for NRI in India.
The NRI loan is given by banks and other financial institutions to NRIs. They can be used for any purpose and repayment can be made in Indian Rupees or the currency of the country where the person is residing.
But first, according to FEMA (Foreign Exchange Management Act), the NRI carrying out financial transactions in India MUST maintain an NRI account from any of the following.
NRO (Non-Resident Ordinary): NRO is a type of bank account that is opened in the name of an individual who does not reside in India. NRIs, PIOs, and OCI holders are eligible to open an NRO account and manage their local earnings and expenses. The main benefits are that one can have multiple NRO accounts and there’s no time limit for deposits.
NRE (Non-Resident External): NRE is a type of bank account used to transfer external (foreign) earnings to India. The money deposited in this account is converted to INR (Indian Rupee) and can be used (maintained or withdrawn) by the Individual in the form of savings or fixed deposits freely without any end-use restrictions.
FCNR (Foreign Currency Non-Resident): FCNR allows NRI applicants to deposit funds or income in the foreign currency earned as an investment without any taxes or currency fluctuation losses incurred.
If you are a non-resident Indian (NRI), you should file an income tax return in India if you have taxable income in India. For example, if you earn income from a business or property in India, you will need to file a return. Additionally, if you have income from other sources such as interest on Indian bank accounts or investments in India, you may also be required to file a return. If you are unsure whether or not you need to file a return, you can contact the Indian tax authorities for clarification.
Remember, it is always better to err on the side of caution and file a return even if you are not sure whether or not you are required to do so. This will ensure that you are not penalized for failing to file a return when you should have.
High LTV
Depending on the purpose of the NRI loan, the NRI applicants can avail of loans higher in amount with lump sum payout features.
Affordable interest rates
On a monthly reducing basis, an NRI loan has several affordable and convenient interest rates with several deals only available to NRIs.
Quick disbursal
The application process for a personal loan for NRI in India is hassle-free with minimal documentation usually processed within 24 hours of submission. Once processed, the loan amount is quickly transferred to the applicant’s bank account.
Advisory services
Avail of advisory services in the residing country to help you perform better buying decisions and make a sound investment.
No end-use restrictions
There are no end-use restrictions on the NRI loan sanctioned. The NRI loan obtained can be used for any purpose the individual may deem fit, besides participation in illegal activities such as gambling and speculation.
Access from anywhere
Talk to advisories, get an unbiased professional opinion, submit your documents online, track application progress, and access funds from any part of the world.
No prepayment charges
Little to no prepayment charges on an NRI loan. Loanz360 offers you deals to escape those pesky charges that have been burdening your loan repayment.
Ease of repayment
An NRI loan can be repaid easily through several available banking channels or NRE/NRO accounts with flexible repayment tenures ranging from 5 years to 10 years, as discussed or applicable.
Secured Loan: Secured loans are loans obtained against collateral or security pledged to access funds.
Unsecured Loan: Unsecured loans do not require collateral to avail of a loan depending on several key parameters such as loan amount, creditworthiness, etc.
Loan against security: The borrower can submit collateral in Bonds / FD / Insurance / Debentures /equity shares to avail of an NRI loan.
LAP Loan: LAP or Loan against property is another type of collateral scheme where the borrower can submit a property or immovable asset(owned by him/co-applicant) such as a house or land as collateral against the loan acquired.
Loan against deposit: Gold/fixed/recurring deposits/NRE/NRO Term/FCNR can be submitted as a security against the loan.
Loan against shares: Loan Against Shares (LAS) offers a similar criterion as LAP to bring forth instant funds against Demat account shares without selling them.
Note: NRI loan has no end-use restrictions. Simply put, the NRI applicant uses the loan amount obtained for personal, business, or any other expenses as considered appropriate.
Age: 21 – 68 years (Conditions Apply)
Residential Status: NRI (Non-Resident Indian), PIO (Person of Indian Origin), and OCI (Overseas Citizen of India)
Type of Employment: Salaried/Self-Employed/Business Owner
Collateral: Loan against deposit/security/property/shares
Note: Only collaterals registered with the individual can be pledged. Not applicable to minors.
Co-Applicant: If requested.
Note: The requirement for a co-borrower will vary from bank to bank, lender to lender, and property pledged.
Income: Depends on the lender (Stable income and continual flow of money)
Credit/CIBIL Score: Any profile (Credit score ~ 650 or above has a higher chance of getting a quick and instant loan with high funding at lower interest rates)
Employment Stability:
Note: The eligibility criteria mentioned above are generic and may vary from lender to lender. Please reach out to us at Loanz360 for a personalized eligibility chart.
Applicable to both applicant and co-applicant.
Identity Proof: Passport/Voter ID/Aadhar/Driving License/PAN Card/Work Visa/Visa Card
Address Proof: Passport/Aadhar Card/Resident Permit verified by Indian Embassy
Income Proof:
Salaried: Copy of latest 6 months bank account statement/Form 16/ITR/POA Details/Employment Certificate/NRE(or)NRO(FCNR) statements/Last 3 months’ salary slips/Active work permit
Self-employed: Business Proof/ITR/Latest 2 years Profit & Loss Statements/ Copy of latest 6 months current & savings account bank statements/Balance sheet
Additional Requirements: Property-related documents (If applicable)/On-going debt details(If any)/Duly filled application form/Passport sized photographs (2)/Signature proof
If the applicant is submitting the loan application,
From India: Trusteeship or POA (Power of Attorney) provided should be locally validated.
From Abroad: Trusteeship or POA provided by an Indian consulate in the residing country should be legally documented.
CURRENT PERSONAL LOAN FOR NRI IN INDIA START @ 7.40% P.A ONWARDS. The interest rates are subject to change from bank to bank with parameters such as NRI loan scheme, loan type, income, pledged collateral, etc with capital support up to 75% to 90% of the expense value.
The maximum loan amount on shares is up to 10 crore in funds with monthly repayment schedules spanning over 1 – 30 years. The nature of the loan is an overdraft or term loan depending on the terms of the agreement. The Flexi loan option offers lenders an overdraft limit to utilize funds as they wish and repay only on the funds UTILIZED.
We are partnered with leading financiers such as Bajaj Finserv, Aditya Birla, IDBI, SBI, Kotak, IndusInd, Tata Capital, Axis, ISFC, HDFC, and 20 more banks and NBFCs to bring you the best deals on your personal loan for NRI in India with a low or zero fee guarantee.
Note: Our financial partners are not limited to the above-mentioned banks. Contact Loanz360 to discuss options. The interest rates may vary subject to conditions.
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