NRI Personal Loans: 10 Best Banks with Competitive Interest Rates

Personal loans are a common choice among people looking for temporary financial assistance to cover sudden expenses. These loans do not require collateral and offer flexible repayment terms. Paying for an instant loan gives you immediate access to your funds.

So these loans are a great option if you are time constrained and are looking for funding as quickly as possible. If you are an NRI and want to take out a personal loan to manage your personal expenses, we can check out the best 10 lenders who offer personal loans at attractive interest rates.

Note: The transactions you get for your personal loan will ultimately depend on your bank’s policy and overall profile.

1. IndusindBank

Maximum loan amount: £50 lark
Maximum loan repayment tenure: up to 7 years
Processing fee: Up to 4%

2. ICICI Bank

Maximum loan amount: £50 lark
Maximum loan repayment tenure: up to 5 years
Processing fee: Up to 2%

3. HDFC Bank

Maximum loan amount: £40 lakh
Maximum loan repayment tenure: up to 6 years
Processing fee: £6,500

4. KotakMahindra Bank

Maximum loan amount: £35 lakh
Maximum loan repayment tenure: up to 6 years
Processing fee: Up to 5%

5. IDFC First Bank

Maximum loan amount: £10 lakh
Maximum loan repayment tenure: up to 5 years
Processing fee: Up to 2%

6. Yes Bank

Maximum loan amount: £40 lakh
Maximum loan repayment tenure: up to 5 years
Processing fee: Up to 2.5%

7. Axis Bank

Maximum loan amount: £10 lakh
Maximum loan repayment tenure: up to 5 years
Processing fee: Up to 2%

8. TataCapital Limited

Maximum loan amount: £50 lark
Maximum loan repayment tenure: up to 7 years
Processing fee: Up to 6%

9. Federal Bank

Maximum loan amount: £5 Lark
Maximum loan repayment tenure: up to 4 years
Processing fee: Up to 2.5%

10. RBL Bank

Maximum loan amount: £5 Lark
Maximum loan repayment tenure: up to 3 years
Processing fee: Up to 2%

Documents required for NRI personal loans

The documentation required to approve an application depends primarily on the lender’s policy and overall profile. However, most lenders have general requirements for documents. Always make sure your documentation is available to ensure a smooth application process.

Application Form: Please fill out a Passport-sized photo on the application form.

Passport and Visa: A copy of your passport and visa will be submitted.

Identification: Aadhaar card, PAN card, etc. (applicants for both applicants and CO)

Address proof: Passport, Aadhaar card, PAN card, utility bill, etc. (Applicants for both applicants and CO)

Proof of Income: Indian and International Bank statements for the past 6 months, salary certificates (English) or salary slips for the past 6 months.

Employment Certificate: Employment Contract, Appointment Statement, Official HR Email ID, Labor/ID or CDC (for NRIs working in the Middle East or Merchant Navy).

NRI Personal Loan Eligibility Criteria

For applicants who receive a salary:

Age: 21-60 years old

Work experience: at least 2 years, at least 1 year for your current organization

Co-Applicant: Required, Must be a relative (e.g. father, spouse)

Additional factors: credit score, monthly income, employer profile, duties, and EMI/NMI ratio.

For self-employed applicants:

Age: 21-68 years old

Work experience: at least 2 years in your current business

Co-Applicant: Required, Must be a relative (e.g. father, spouse)

In conclusion, personal loans are a convenient option for ease of accessibility and flexible repayment. However, these loans offer higher interest rates compared to other loans available in the market. Therefore, be sure to consider other available options before applying. That way you will get the best deals that fit your budget.

(Note: There are unique risks to procure a loan, so we recommend taking caution.)