NEWS & ADVICE : PERSONAL LOAN
Guidelines to apply for NRI Personal Loans
By Vaibhav Aggarwal
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NRI Personal loans are the most common source of finance which helps Indian citizens residing in foreign countries to avail personal loans in India. Almost all the major private and public banks offer NRI personal loans. There are two types of personal loans offered in India-secured loans and unsecured loans. Secured loans are loans wherein it is secured against an asset, be it home, car or any item of high value, whereas unsecured loans are those in which one does not require give in any security or collateral, the lender relies on the borrower's contractual obligation to repay the loan back.

If an NRI has to travel urgently or if any personal emergency situation rises up, then a personal loan can be their aid and it can help them to tide over the contingency in the short period of time. Similarly, if one is looking to buy any consumer durable but is in short of cash, a personal loan can help to finance the purchase. All one got to do is choose the right lender and then apply for a loan amount as required.

An NRI personal loan falls under the category of secured loans in which the borrower pledges his/her property or asset as collateral to the lender. Furthermore, the borrower is also expected to submit relevant documents for the application of the loan. The document requirement differs from person-to-person and it mainly depends on the profession of the prospective borrower.

Documents required for NRI Personal Loan

•A copy of your passport and visa.

•Salary certificate in English, specifying name, date of joining, designation and salary details.

•Both domestic (NRE/NRO/FCNR) and international bank statements for the last six months.

•If the applicant is not available in India when the application form is submitted, then a General Power of Attorney duly attested by the Indian consulate in the NRI's resident country needs to be submitted. If applicant is present in India then the Power of Attorney can be locally notarized.

•A copy of NRI's appointment letter as well as contract.

•In case the applicant is employed in the Middle East, then they need to submit a copy of their labour card/identity card that is translated in English and countersigned by the respective consulate.

•In case the applicant is employed in the merchant navy, then they need to submit a copy of their CDC as well as their contract slip with Income details.

Few major banks that offer NRI Personal Loans are:

State Bank of India

ICICI Bank

HDFC Bank

Kotak Mahindra Bank

Punjab National Bank

Axis bank

Citibank


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