How Can A Person Avail Personal Loan For NRI? Read To Get Acquainted With Relevant Information!

Various banks and NBFCs look to attract NRIs (Non-Resident Indians) with beneficial personal loan offers as NRIs tend to pay back the loan in the concerned foreign currency – making it comparatively easy and convenient for the lenders to get timely repayment.

In this era when globalisation is at its peak, it is a very common affair for people looking for opportunities in foreign lands for upscaling their careers or expanding their businesses' presence. And as a result of this ever-increasing trend, we see that Indians are all over the world, making a great impact on the concerned countries' growth. Be it in India or overseas, people often come across monetary issues due to various factors like medical emergencies, any domestic commitment, repayment of debts, home interior renovation, or any personal work - making them needful of urgent money - and the best option to go for, in such case, is taking a personal loan for NRI.

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Taking an NRI personal loan has many benefits like attractive interest rates, convenient loan repayment tenure, and easy Equated Monthly Installments (EMIs). It must be noted that the eligibility criteria varies from bank to bank – and the loan approval criteria for salaried persons and self-employed individuals differ too. Later in this piece of information, we will go through the general criteria for both types of loan seekers. Also, in the case of Indian residents or NRIs, the banks or any recognized lending firm would definitely consider the credit score of the loan applicant as it reflects the creditworthiness of the loan seekers. As for the banks, lending is a way to generate revenue and conduct business, they consider the credit score as the most important barometer before taking the decision whether to approve the loan or not. Having said that, banks may also consider other specific factors of the loan application for approval in some cases – and this decision is entirely dependent on the banks/lending companies.

Personal loan for NRI: Criteria for Salaried Loan Seekers

For the NRIs who are working at a firm with a stable monthly salary, Indian banks and NBFCs can provide them personal loans – the nature of the loan (like interest rate, loan amount, EMIs, etc.) would be depending upon the customer profile. As personal loans are generally categorized as unsecured credit, no collateral is demanded against the availing of the loan. In the table mentioned below, we will come across the general criteria for an NRI to get a personal loan.

The aforementioned table demonstrates the general criteria only – specific criteria will vary from one bank to another.

NRI Personal Loan Criteria for Self-Employed/Business Owning Loan Seekers

Amid running a business, the need for monetary help can arise any time – often without warnings – and in such instances, the best way out to deal with this money crunch is by getting a personal loan through which you can meet the urgent financial requirements. A businessman or businesswoman may need financial help for any reason like maintaining a steady flow of cash for conducting the business smoothly, hiring new talents or resources for boosting the business further, setting up a beneficial infrastructure, expanding the business to bring a surge in brand growth, or making timely payments to the suppliers.

Let's look at the table below to know the personal loan criteria for self-employed persons.

The aforementioned table demonstrates the general criteria only – specific criteria will vary from one bank to another.

What are the documents required (generally) for applying for a personal loan?

The following list consists of the general documents to be submitted when applying for a personal loan:

• Passport-size photographs of the applicant (and maybe of the co-applicant)
• Income Proof or Business Stability Proof
• Residence Proof
• If the NRI is present in the country when the loan is to be applied, the Power of Attorney has to be locally notarized or attested.
• And, if the NRI is overseas, the Power of Attorney must be attested by the NRI's resident country's Indian Consulate.

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