There are very few private banks available who offers personal loans to NRIs including both secured and unsecured personal loan.
When it comes to Personal Loan, you should not be left out just because you are an NRI. While most of the banks and financial institution ignore lending personal loan to an NRI, be it unsecured or even secured; However, there are very few private banks available who offers personal loans to NRIs including both secured and unsecured personal loan.
An eligible NRI can avail personal loan in India either in Indian Rupees or in a foreign currency, be it a salaried working in an organization overseas or a self-employed applicant running his/her business or working as self-employed professional.
Secured Personal loans are the ones that you take against any of your asset. You offer a collateral to the lender for a predefined period and get it released when you repay the loan amount in full including interest and all the other charges. This asset can be anything such as FCNR Deposit or NRO/NRE Accounts. An eligible borrower can avail as high as up to 95% of their deposit/account.
Unsecured Personal loans are the loans that you avail without offering any collateral to the lender. The interest rate for unsecured loans are usually high. Since this kind of loans are not secured with any asset or lien, most of the banks and financial institution avoid offering unsecured personal loans to NRIs.
|Bank/FI||Interest Rate||Processing Charges||Loan Amount||Tenure|
|ICICI Bank||15.49% Onwards||5.49% Onwards||Upto Rs. 10 Lacs||12-36 Months|
|South Indian Bank||11.45% - 11.55%||2% of loan amount||Up to Rs. 25 Lacs||12-60 Months|
|SBI||10.75% - 15.15%||Nil||No Max Limit||12-36 Months|
|Andhra Bank NRI Personal Loan||2% to 3% over Foreign deposit rate||2.75% of the loan amoun||Upto Rs. 20 Lacs||12-60 Months|
|BOB||10.30% - 13.30%||2% of the loan amount||Upto Rs. 10 Lacs||12-60 Months|
Personal Loan usually don't have margin money clause; However, it is applicable in case of personal loans to NRIs. An eligible NRI might have to pay margin money from 5% to up to 50% of the loan amount, depending upon if the loan is takes against NRO/NRE account or FCNR Deposit.