5 Best Personal Loan Offers for NRIs from Indian Banks

There is a variety of personal loans that NRIs can get from banks in India. Major Banks are offering fantastic interest rates and tempting deals that will save you more money.

So, if you are a NRI planning to take a personal loan from a bank in India, make sure that you choose the best personal loan which offers you the best re-payment method of your loan.

Things to know for NRI before taking a personal loan in India:

Reputed name: There are a large number of lenders who provide attractive offers and it can be confusing to choose the best one out of them. You should remember to sift through the long list and pick the lender who has a good reputation.

Consider your needs: When you are applying for a personal loan, make sure that you know exactly what you need the money for. The usage of the loan money needs to be carefully planned in advance. It also important to consider the total amount that has to be paid back along with interest.

Never go for the maximum amount: It will be tempting if the lender offers you an attractive amount of money for a personal buy. However, you should always remember that it is best to choose the amount that you exactly need. It will make re-payment easier.

Always be clear: It is important to be clear about all the terms and conditions of the loan you are applying for. A solid plan is best, if you are planning to apply for a personal loan.

Have a Plan B: Unexpected situations can arise any moment and that is why it is crucial for you to always have a Plan B for re-payment of the loan.

Take one loan at a time: Many times, people make the mistake of taking multiple loans. This causes problems when the time for repayment is due, so always avoid taking more than one loan.

Related: Check out loan EMI calculators from top banks in India here.

Now that you know the things you need to keep in mind when you are taking a personal loan, here is a list of the top 5 personal loan offers for NRIs:

Citibank: The amount of money that you can apply from this bank is Rs. 1, 00, 000 to Rs. 15, 00, 000. The interest rate is 14.5 per cent to 18 per cent. The processing fee is 1.5 per cent to 2 per cent of the loan amount. The tenure is 1 to 5 years. The pre-closure charge is 3 per cent of the outstanding amount.

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HDFC: This bank offers personal loans from Rs. 50, 000 to Rs. 15, 00, 000. The interest rate is 14.25 to 22 per cent. The processing fee is 2 to 2.5 per cent of the loan amount. The duration is 1 to 5 years. The pre-closure charge is 3 per cent of the outstanding amount.

Standard Chartered Bank: The loan amount that you can take is Rs. 50, 000 to Rs. 15, 00, 000. The interest rate is 14 to 21 per cent. The processing fee is 1.5 to 2 per cent. The tenure is 1 to 5 years. The pre-closure charge is 4 per cent.

TATA Capital: This bank offers personal loans from Rs. 75, 000 to Rs. 15, 00, 000. The interest rate is 15.25 to 26.50 per cent. The processing fee is 1.5 to 2 per cent of the loan amount. The tenure is 1 to 4 years and the pre-closure charge is 4 per cent.

Axis Bank: Personal loans of Rs. 1, 00, 000 to Rs. 15, 00, 000 are offered by this bank. The interest rate is 14.25 per cent to 22 per cent. The processing fee is 1.5 to 2 per cent. The tenure is 1 to 5 years and for the pre-closure amount, partial payment is permitted.

India is progressing fast and this is the reason why NRIs can get the best personal loans at great interest rates at the moment. If you are considering taking a personal loan in the country, there is no better time than now. Consider all your options well and opt for the loan that will serve you best when it is time for re-payment.

South Indian Bank : 50% of the average annual remittance to their NRI account /spouse’s domestic account (excluding bulk remittance) subject to a maximum loan of Rs. 3.00 lacs.
Mode of Disbursement: By credit to NRO account only .
Security deposit: (a) for doctors (as mentioned earlier) and (b) SB account holders whose salary is credited to the account : Guaranty optional.
For persons going abroad on employment Up to Rs. 1.00 lac – one guarantor. Above Rs.1.00 lac – Property / acceptable collateral security for 125% of loan amount.
For others- at least one guarantor having NW not less than thrice the loan amount.

If you are looking for car loans, here is an article on top car loan offers from Indian banks.


Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life, through this blog. It’s read today by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story on who I am and why I blog. Connect with me on FacebookInstagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! 🙂

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13 Comments

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  • Hi i wanted a personal loan of 3 lacks. I am a nri holder of federal bank . But this bank is not giving personal loan . Which bank is giving loan in Kerala

  • Hi i wanted a personal loan of 20 lakhs for my wedding. Is it possible that i get a personal loan on my income and my father who is in IndiA can become my gurantor. So it becomes easier.

  • saras is correct.. I tried in many leading banks for NRI personal loan. But they are providing any personal loan to the NRI they are providing HOME Loans only. If you have any contact number to get Personal Loan to the NRI please give me. Thanks in advance.

    • Santhosh, Try South Indian bank. They have an online application too. Details of the loan and requirements are mentioned above. They have a limit of 3 Lacs Rs, publicly disclosed but contact them to see the actual rates.

      • Hello Sir I try twice with HDFC once with Axis Bank & Citi Bank but they directly say no Personal loan for NRI.

  • Is this a latest information? I checked with many banks in India but they are not offering any personal loans for NRI at this time.

  • Hi, I work on a Cruise ship and i would like a personal loan of 1200000 rupees for the tenure of 5 years and presently i m working on the ship so i would like to know is it possible to get the loan and how is it possible.
    Regards

    Rohinton Fernandes

    • That looks like a big amount, but if you have a guarantor and can provide additional details with an NRO/NRI account, I think a good part of that amount is possible via personal loan (may be not full). South Indian banks has their details and application form posted online. Check it out.(Details in article above)

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