The one word answer to the question above is YES!
Any Indian residing abroad can avail a personal loan in India. Most of the top Indian banks provide personal loans to NRIs. One can apply for an NRI personal loan from any cities of India including Bangalore. Availing personal loans is not a tricky task for NRIs too. The non residential Indians can avail a personal loan in Bangalore provided they satisfy the eligibility criteria. In this article, we will learn each and everything about personal loans for NRIs.
How To Prepare Yourself For An NRI Personal Loan?
The Amount of Money
The basic eligibility required for a personal loan is the income and the repayment capacity. If you have a very good income, you may be offered a high amount of loan. Here one has to be careful about. A high amount of money may be attracting for anyone. A loan is always nothing but a credit which has to be repaid with the applicable interest. So a high amount will attract a high-interest payment as well. You are to be very calculative while mentioning the loan amount in your loan application form.
Justify the Need For Money
The next comes the reason for which money is needed. One must have a rethinking of the purpose of the loan. A loan should be taken only if the purpose is worthy of taking a loan. Taking a loan for less meaningful purposes may make you regret your decision.
The Repayment Terms
The repayment of a personal loan is done by EMIs. The EMIs are the fixed amount which the borrower has to pay till the end of the tenure. One must be aware of the EMI amount before getting the loan sanctioned. One can increase or decrease the EMI by altering the tenure. One must be comfortable with the EMI amount.
The Cost of Borrowing
A personal loan is one of the costliest credit products of the present credit market. When you are planning to avail a personal loan, you must be aware of the fees and costs that the loan borrower has to pay in order to avail a loan. Be assured of checking the APR of the loan. Checking only the interest rate may not make you find the total cost of borrowing.
The Best Lender
There are many lenders with exciting offers on the personal loan for NRIs. One has to find out the best of all. The best lender does not only mean that they should provide a loan with a low-interest rate. Along with the interest rate, one has to check fees and charges, fines, terms and conditions etc too.
The Banks that Provide NRI Personal Loan
In India, there a number of banks those provide personal loans for NRIs. Here are the top lenders who provide personal loan for NRIs
HDFC NRI Personal Loan
HDFC bank provides personal loans to NRIs for the duration of 1 to 5 years. This is a secure personal loan which can be taken against securities and fixed deposits. One can avail a maximum of 90% of the deposited amount as a loan.
CitiBank NRI Personal Loan
An NRI can get a personal loan from Rs. 1, 00, 000 to Rs. 15, 00, 000 with CitiBank. The loan tenure is 1 to 5 years and prepayment is allowed after 1 year. The interest rate for CitiBank NRI personal loan ranges from 14.5 per cent to 18 per cent.
SBI NRI Personal Loan
NRIs can take secured personal loans from State Bank of India. This bank accepts future income, existing assets, and deposits as security for the loan. There is no maximum loan amount. The loan amount depends on the value of the collateral.
Axis Bank NRI Personal Loan
An NRI can avail a personal loan in Bangalore with Axis bank too. An NRI can avail a personal loan up to Rs. 15, 00, 000 at Axis bank. The prepayment is allowed here with zero foreclosure charges. The processing fee is 1.5 to 2 percent of the loan amount.
ICICI NRI Personal Loan
ICICI bank offers personal loans for NRI at the interest rate of 15.49% p.a. It is an unsecured loan and one can avail a loan amount up to 10 lacs. The maximum tenure for an ICICI NRI personal loan is 36 months.
The Documents Needed To Apply For NRI Personal Loan
Passport copy
Visa copy
Bank statement
Official e-mail ID or HR e-mail ID
Salary slip or salary certificate
NRE/ NRO bank statement for 6 months
Personals loans are handy and hassle-free not only Indian residents but also for NRIs too. NRIs can even apply for personal loan online too for a better convenience at any of the mentioned banks.