SBI, one of the leading government banks in the country, offers myriads of banking products and personal loan is among one of them. The personal loan is an unsecured loan and is easy to avail as compared to other loan options. It can be taken to fulfill your aspirations such as vacation, holidays, buying a home appliance, marriage, etc. It has a simplified documentation procedure and is thus perfect in case of an emergency also. When it comes to approving loans to the NRIs, banks are a bit skeptical but SBI has been flexible enough to grant loans to the NRIs.
SBI has designed its personal loan structure for the NRIs so that they can easily avail the benefit of personal loan in India. When it comes to providing a loan, then most of the banks offer rupee loan or foreign currency loans to the holders of NRE/FCNR term deposit accounts. SBI grants loan for up to 90% of the amount deposited in the account. The upper limit, however, may vary.
Key features of SBI Personal Loan for NRIs
The following are the key features of SBI personal loan for NRIs:
One of the primary reasons that SBI has become a popular choice for those looking for the loan is that it offers simplified and easy loan procedures.
The documentation procedure for the NRIs is simple
Easy repayment options and the repayment tenure may vary from 12 months to 60 months
The loan is available for high limits as well
SBI offers a lucrative personal loan interest rate
Benefits Of SBI Personal Loan For NRI
It is easy to apply for a personal loan
Hassle free and quick processing
Easy validation and approval
Flexible repayment options
NRIs can get the loan for high limits
The loan is available for both salaried and self-employed NRIs
What are the documents that an NRI needs to submit for the SBI personal loan?
State Bank of India has kept things simple for NRIs. NRIs need to submit the following documents when they apply for a personal loan:
The applicant needs to submit a copy of passport and visa
Salary certificate and bank statement showcasing salary credited
Power of attorney attested locally and from an Indian consulate, if the NRI is applying for the loan from abroad
In case the individual is employed in the merchant navy, Middle East or any special employer then they need to submit additional proof like labor card or documents specified by the banks.
With this simplified procedure, the personal loan application process has become easy for the NRIs. Now you can apply for the loan in India while you are based overseas.
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