20 Dec 2021 | 5 min read
NRIs who are employed in foreign countries, always wish to buy a dream home and a car in India. This makes them a sharp rise in the demand for car loans from NRIs, as has been seen in recent times. It helps NRIs to fulfill their needs simply. As many lenders are offering NRI car loans and home loans at an attractive interest rate. Indian citizens residing abroad for a job or business can get an NRI Car Loan in India.
NRIs can avail of a car loan for purchasing a new car as well as a used car. The lenders have a list of approved countries, NRIs living in these countries can avail of a car loan through any lender based on the approval. Applicants living in the US, UK, Malaysia, Singapore, and other west Asian nations are commonly approved.
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There are some of the top banks providing a car loan to NRIs, such as State Bank of India, Federal Bank, South Indian Bank, Bank of Baroda, Federal Bank of India, and more.
State Bank of India offers a car loan to NRIs, but an NRI can’t have the vehicle registered in their name. The NRIs will be considered as the guarantor. Thus, the NRIs will be responsible to pay the EMIs for the car loan out of his NRI Bank account. Apart from this, the person whose name me the car is registered will be known as the co-applicant.
South Indian Bank provides a car loan to NRI customers for purchasing a new car, a second-hand car, or reimbursement for newly purchased cars. If the applicant is an NRI, one local co-applicant is mandatory whether earning or non-earning.
With Federal Bank, NRI Customers can avail of a car loan up to100% of the previous showroom price. You can avail of a car loan for buying a new car, used vehicle, and a new two-wheeler, and more.
NRIs can easily avail of car loans from the Bank of Baroda at low interest rates. The only thing they need to do is to add a resident Indian to act as a guarantor for the Bank of Baroda NRI Car Loan.
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Multiple ways help you to check the eligibility criteria of the bank. Some basic eligibility criteria vary from bank to bank for a car loan for NRIs:
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The guarantor should be an Indian resident, for an NRI Car Loan he/she should be a close relative of the NRI are listed below:
Listed below are the documents required for the applicants to apply for NRI Car Loans in India:
If you need to get a car loan in India, you can get in touch with Afinoz. We at Afinoz are here to help you out with complete details related to NRI car loans in India and other financial and legal services required for NRIs. You can also download the Afinoz app to connect with our experts and get end-to-end services related to NRI car loans in India. You can also click the button below and ask any query and visit our blog section at Afinoz.com.