NRIs can apply for personal loans to cover various personal needs. It is essential to comprehend the requirements before applying for a loan.
Most lenders require NRI personal loan applicants to meet a minimum income requirement, though this can vary from lender to lender.
Easy to apply
If you are living abroad and require urgent funds for personal needs, an NRI personal loan could be the ideal solution. These loans are easy to apply for and unsecured in nature.
Based on your credit history, income level, and loan tenure you can choose a lender offering competitive interest rates. These loans are often given to salaried professionals or self-employed individuals.
The approval process can be swift and painless if all necessary documents are submitted. Many banks and NBFCs have opened help desks specifically for NRIs to make applying easier for them.
Easy to repay
NRIs often move away from their home country for various reasons, such as work, education, better opportunities and family responsibilities. Furthermore, they might require financial support in case of unexpected expenses abroad or back home in India.
Banks and NBFCs are now providing hassle-free personal loans for NRIs who meet the eligibility criteria. These loans are easy to repay and can be used for various purposes like renovation, travel, medical bills, etc.
Personal loans for NRIs are unsecured, meaning they require no collateral. As such, lenders have more freedom to assess the repayment capacity of the borrower. Therefore, it is recommended to apply only when your needs are genuine and you are confident of repaying the amount within the agreed time period.
No collateral required
For NRIs who require financial support while away from home, an NRI personal loan may be the solution. These loans are offered by several Indian banks to meet your personal requirements while you’re away.
Receiving an NRI personal loan is simple and fast if you meet the eligibility requirements. You can apply for a loan as either a salaried employee or self-employed professional.
Salaried employees must have been employed at their current job for at least one year. Self-employed professionals generally need a minimum of three years’ business experience to be considered an expert in the field.
Most NRI personal loans require a co-applicant who resides in India, usually a relative. Applicants can contact the lender by phone or email, or request that someone from their family come visit them at the bank.
Flexible repayment tenure
When seeking a personal loan, it is essential to factor in the repayment tenure. Doing this will enable you to select an arrangement that meets both your needs and financial capacity.
NRI personal loans provide flexible repayment periods with low and affordable monthly EMIs. Furthermore, many lenders provide part-prepayment options which enable you to reduce your interest burden before the loan tenor expires.
If you have significant existing debts to repay, this could be a viable option. However, remember that skipping EMIs could negatively affect your credit score and potentially put off future financial decisions.
If you are an NRI looking to take out a personal loan in India, the application process is relatively quick and painless. You can apply either online or offline; the bank will verify your documents and then disburse the amount promptly.
When applying for a larger loan, some lenders may request collateral. Nonetheless, this is not always the case.
Most NRIs can obtain a personal loan without needing to pledge collateral or security. Furthermore, the repayment tenure is flexible as the lender assesses your capacity based on income and financial status.