NRI Personal Loans - Eligibility & Interest Rates

NRIs or Non-Resident Indians are citizens of India who do not reside in India. When a person ceases to live in India for a certain number of days as per government rules, then they can be trimmed as NRIs. NRIs have many reasons to move and live abroad like education, job opportunities etc. Most NRIs also have some relation back home, whether it is their family, relatives or other financial connections like owned property, home etc. The process of getting a personal loan may differ slightly for NRIs, but you definitely can get a loan even if you live outside India.Let us look at a few more details of personal loans for NRIs.

• Salaried and self-employed NRIs are both eligible for an NRI personal loan . Salaried individuals are typically required to have been employed in the same company for at least one year. Applicants are required to submit proof of income for the same.
• For self-employed individuals,proof of continuity of business is required. The business must be in operation for at least 3 years. Additional documents like audited financials, profit and loss balance sheets etc., may be required.
• Lenders also have minimum monthly income criteria for personal loans. This criterion may be different from lender to lender. Additionally, the minimum income required may also be different for NRIs based on the country that they reside in.
• Most NRI personal loans also require a co-applicant that resides in India. A co-applicant must be a close relative, and they can either be an earning or a non-earning relative.

• Photocopies of valid passport and visa
• Bank statements for the last 12 months
• Proof of identity and proof of address
• Income proof like salary slips for salaried individuals and profit and loss balance sheets for self-employed applicants.

• A personal loan may be easy to get, but do remember that they are unsecured loans that do not require any collateral. For this reason, they attract higher interest rates than secured loans. Hence it is always advisable to go for a personal loan only when it's not possible to get funding from other sources.
• If you’re currently outside India, you can inquire about an NRI personal loan via phone or email with the lender. Alternatively, you can also request a family member residing in India to visit the lender's offices and inquire about a loan.
• Lenders may disburse the loan in Indian or foreign currency based on their own policies. You can inquire with the lender regarding the disbursement currency.
• Personal loans for NRIs usually require a co-applicant residing in India who must be a close relative. If you do not have such a person, then getting a personal loan may prove to be difficult. The lender will take the final call in this regard. Enquire with the lender regarding their policies for co-applicants for personal loans.

As an NRI currently located outside India, approaching a lender based in India may be tricky, but there are still plenty of ways that can help you. Banks and NBFCs have NRI help desks where you can enquire about NRI services. You may also contact the lender via their helpline or email for a loan. Yet another option is to send a relative to a branch in India on your behalf to enquire about a personal loan. If you have an existing relationship with the lender, then getting a personal loan may be easier and quicker. Visit the lender’s website and get all the details on how to apply for a personal loan for NRIs.