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.
Depending on the purpose of the NRI loan, the NRI applicants can avail of loans higher in amount with lump sum payout features.
On a monthly reducing basis, an NRI loan has several affordable and convenient interest rates with several deals only available to NRIs.
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.
Avail of advisory services in the residing country to help you perform better buying decisions and make a sound investment.
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.
Talk to advisories, get an unbiased professional opinion, submit your documents online, track application progress, and access funds from any part of the world.
Little to no prepayment charges on an NRI loan. LoanAxix offers you deals to escape those pesky charges that have been burdening your loan 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.
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
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)
--> Salaried: Minimum ~ 2 years of experience with 1-year experience in the current organization
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
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
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.