A non-resident Indian (NRI) is a citizen of India who holds an Indian passport and has temporarily immigrated to another country for six months or more for employment, residence, education or any other purpose. NRI can avail loan of two types of Loan ie called as NRI Home Loan and NRI Personal Loan
A personal loan is a very potent financial tool to tide over from short term cash crunch as it requires less documentation and the end use of funds is not restricted.
NRI Personal Loan are the most common source of finance which helps Indian citizens residing in foreign countries to avail personal loans in India. NRI Personal Loan 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
Under the RBI regulations, the repayment of the Housing loan by NRI s can only be made by remittances from abroad through normal banking channels or through NRE/NRO account. The amount must be payable in Indian Rupees only.
The general factors taken into account while determining eligibility of NRI Personal Loan are Listed below:
1. Age (Min. 21 Year )
2. Maximum 58 age at time of closure of the loan for the salaried
3. Maximum 65 age at time of closure of the loan for the self employed
4. Total work / business Experience 3 yrs
5. Indian resident
Following are the list who can avail for NRI Personal Loan which is as follows:
Self Employed Individuals/Professionals
Proprietorship Firms / Proprietor
Partner in Partnership Firms
Director in Private Limited Companies
1. Identity Proof
2. Address Proof
3. Bank Statement (Latest 12 months)
4. 3 Months pay slip / Last 3 yrs ITR along with other relevant docs like Balance Sheet, P&L, Audit Report (Certified by a CA)
5. 3 years Form 16 / Business proof
6. All Loan Sanctions Letter
Please refer the complete list of documents on our website in the document section of Personal Loan.
Following are the list of the documents required for NRI Personal Loan:
• Sanctioning of the Loan
The Process may vary from bank to bank in which they will do your verification of documents, residence, office, and cibil check.
You just need to visit our website to upload the documents or call our professionals for your NRI Personal Loan. Creative Finserve gives you personalize solution and helps you to meet your financial requirement. In fact our professional team will suggest you the right product / services suitable to your requirements.
In NRI Personal Loan interest is calculated on a monthly reducing basis which means interest is calculated on outstanding principal amount left after payment of each installment.
In NRI Personal Loan no security/collateral is required. This is totally NRI form of lending where your eligibility is calculated on basis of your income.
For any loan your eligibility and credit history is taken in to consideration. So in NRI Personal Loan Your eligibility is calculated as per your income and the existing loan (obligation).
Generally in NRI Personal Loan no co-applicant is required, but if they ask for than any individual who has the ability to repay the loan as per the bank standards residing in the same city can be taken as co-applicant. This requirement varies from case to case and Bank to Bank.
In NRI Personal Loan you can repay it through PDC (post dated cheque's) or ECS which is termed as EMI (Equated Monthly Installments)
Yes you can pre-pay the loan after repaying a min. of 6 EMI's to 12 EMI's. Foreclosure charges would be applicable as per the banks term and condition.
In NRI Personal Loan the disbursement takes Approx 10 working days after all the documents are submitted. Since it is NRI form of lending it does not require valuation and legal and hence the process is very fast.
Comparing Personal Loan online depends on many factors such as your salary, company in which you are working, your obligation (existing loan) etc,. In online approach you will get general comparisons while you can get a personalize solution from Creative Finserve, which will help you with the best rate of interest and services for Personal Loan.
There is no process for applying online Personal Loan unless and until you have a relationship with the same bank. Creative Finserve gives you a personalized solution for Personal Loan, so why to confuse yourself with online approach if you can get better rate of interest and maximum eligibility through Creative Finserve.
Customers having online banking can approach their respective banks for Personal Loan through net banking and get information about Personal Loan. Appling online Personal Loan will give you information of your bank, and if you apply through us you will get information about other banks for better rate of interest, foreclosure charges, tenure and processing fees.
Appling online Personal Loan will give you information about particular bank. And if you apply through us our professionals will get exciting offers from other banks for better rate of interest, foreclosure charges, tenure and processing fees.
Personal Loan eligibility calculator is a mechanism where you can calculate your Personal Loan eligibility by sharing your information such as your salary/income. This loan eligibility calculator cannot get you the exact loan amount so we recommend you to get in touch with our professional team to serve you better.
Since Creative Finserve has immense experience and tied up with all multinational and private banks, we would be able to guide you and give you the best deal available in Personal Loan.
We professional at Creative Finserve puts our best effort to give you a complete personalized solution. We take the pain of coordinating with various banks for you to give the best offer and service available in Personal Loan.
Once your Personal Loan is sanctioned or rejected you will get a sms alert or call from the bank and if you have applied through us we will coordinate with the respective banks and inform you.
If you are a account holder or a credit card holder with multinational or private banks with good track record and healthy transactions banks might offer you a preapproved Personal Loan. Sometimes preapproved loans are costlier affair because banks offer you at higher rate of interest, so we recommend you to call us or upload your documents for personalized solution to get best offers on Personal Loan available in the market.