Let's discuss few features of NRI Personal Loans that are offered by banks: AXIS Bank Axis Bank's personal loan for NRIs is a very potent financial tool to tide over their short term cash crunch and some of the features of the loan are as follows: - Personal loans are available for both salaried individuals and self employed professionals. - Special loans for Doctors, Chartered Accountants, Engineers, Architects and CS are also available. - The amount available for Personal loans for NRIs can range from Rs 1 lakh to Rs 20 lakh. - Repayment tenure can vary from 12 months to 60 months. - Personal loans at higher rates can be transformed to Axis Bank with its Balance Transfer facility. - Simplified documentation required to avail the loan. - Simple procedure and quick approval of the personal loan makes it very suitable for the NRIs. Personal loan eligibility for Salaried Employees: Minimum age of applicant- 21 years Maximum age of applicant at loan maturity: 58 years Minimum Net Monthly Income: Rs 15,000 Maximum loan available: Rs 15 lakh. Personal loan eligibility for Self employed Professionals: Minimum age of applicant: 24 years Maximum age of applicant at loan maturity: 65 years Minimum annual Net Profit: Rs 2 Lakh per annum Maximum loan available: Rs 20 lakh for self-employed doctors. Documents required for NRI Personal Loan is identity proof, income proof, residence proof and a guarantor. Rate of interest charged by Axis bank can range from 15.00% to 24.00% and loan processing fees can range from 1.5 to 2% plus service tax as applicable. State bank of Hyderabad Eligibility: Individual(s) over 21 years of age with a steady source of income, who are 1.Non-Resident Indian (NRIs) holding a valid Indian Passport and maintaining NRE / FCNR account with us. 2.Holding a job for at least one year and having a net monthly income (NMI) equivalent to $1000 USD or net annual income (NAI) equivalent to $12,000 USD. Amount of Finance: Minimum of Rs 50,000 and Maximum of Rs 3 lakh (six times the NMI). Repayment: 36 EMIs, the repayment of loan may be made by debit to NRI/FCNR/NRO accounts of the non-resident borrowers or out of their inward remittance. No penalty for prepayment. Processing charges: 15% of the loan amount. Security: Third party guarantee of a person (including resident) worth the loan amount and acceptable to the bank.
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