All you need to know eligibility, interest rates of personal loan for nri

Have you ever thought to postpone your much-awaited holiday or the much-needed home renovation because of the shortage of funds? You need not worry. Things have changed nowadays as you have a personal loan for rescue for all your personal needs.

What is a personal loan?

A personal loan is a type of financing structured as either an instalment or line of credit. It enables the borrower to make purchases for the present and future.

This type of loan does not require collateral or security and is offered with minimal documentation, this is the foremost reason that it is preferred by borrowers widely.

The funds from this loan can be used for any legitimate financial need. Like any other loan, you must repay it as per the terms agreed with the bank.

The first and most important thing is to check your personal loan eligibility.

5 Reasons why you need to get a Personal Loan:

• Debt Coalition: Do you have too many loans that result in too many EMIs and create confusion. With a personal loan, you can consolidate all your debt in one single loan with a fixed rate of interest and tenure.
• Medical Emergency: You might have a medical insurance policy with solid returns but a lot of costs are not covered under it. Hospitalization costs are enormous and in terms of instant money for the deposit in a hospital, Personal Loan is there for you.
• Wedding: Getting your daughter or son married requires a huge amount of money. You might have a surplus kept for the special day, but financial help is still needed for some or other petty expenses. You can opt for a personal loan and pay it back slowly at your convenience.
• For NRIs: If you are an NRI, you might be having a lot of expenses in settling down Abroad or needed for emergencies. In this case, you can choose a personal loan for NRIs at affordable rates.
• Moving loans: If you are moving into another state, there are a lot of expenses from hiring packers & movers or settling down at a new place. Personal loans are a good option in that case.

Let’s study in detail Personal Loans for NRIs:

From education to jobs, people move out of the country for various reasons. If you have moved out for a shorter period, it’s tough for you to take a loan in that country for the immediate shortage of funds.

Personal Loans can help you meet such emergencies.

Benefits of Personal Loans for NRIs:

• Convenient: Can be applied online
• No security/collateral required
• Quick processing and disbursal
• Attractive rate of interest
• Simplified documentation
• No restriction on usage
• Flexible tenure

Personal Loan Eligibility criteria for NRIs:

For Salaried individuals:

• Minimum 22 years and maximum 58 years of age.
• Minimum Work Experience should be 2 years and 1 year with the current company.
• It’s compulsory to have a co-applicant and he/she must be a close relative of the applicant.
• Lenders also check the credit score, employer’s profile, monthly income, job profile, EMI/NMI ratio, etc., while evaluating eligibility.

For Self-employed individuals:

• Minimum 22 years and maximum 67 years of age.
• Minimum Total Work Experience should be 2 years in the current business.
• Co-applicant is necessary and must be a close relative of the applicant.

Documents Required:

• Application form with passport-sized photographs
• Photocopy of the Passport and Visa
• Proof of identity for applicant & co-applicant
• Proof of address for applicant & co-applicant
• Income Proof: Statements for both Indian and international bank accounts for the last 6 months. Along with it, salary certificates or salary slips for the last 6 months.
• Proof of Employment: Appointment Letter, Job contract, HR’s email ID or official email ID, Labour/ Identity card/CDC
• Applicants may be required to submit other documents as well. It depends on the personal loan documentation policies set by the respective lenders.

Rate of Interest for NRI Personal Loan:

The rate of interest and policies varies from bank to bank. The rate of interest for NRI personal loans ranges from 11% to 15%. You can choose your lender based on various factors such as rate, policies on repayment, tenure, eligibility policies, credibility, etc.

Points to consider before putting in an application for an NRI Personal Loan:

Even if you have checked your personal loan eligibility, there are a few other points to remember:

• If you are living in another country, you may ask about the loan directly through phone or email. You can also send your relatives living in India to a branch office to enquire about the loan.
• The bank can provide the loan in Indian rupees or foreign currency (US dollars) based on their policy. You can choose what fits you best at the time of taking the loan. You can check with the bank about their official policies on the loan amount disbursal.
• The foremost criteria of almost all lenders who provide loans for NRIs typically require a relative residing in India to sign as a co-applicant. You can check with the bank to understand their policy on co-applicant for personal loans.

How to Apply for NRI Personal loan?

It’s a simple and quick step. If you have read all the policies & checked your personal loan eligibility,

• Head on to your finance provider/bank/lender’s website or reach out to them through phone banking.
• Provide necessary details and documents
• Give your confirmation and you are good to go.

You can also get the same done at the branch.

Personal loans are getting quite popular for the benefits they provide & they are easily accessible in times of emergency.

If you are looking for a personal loan that provides you features such as zero pre-payment & foreclosure charges, quick sanction, flexible tenue & clubbing of income for higher loan eligibility, and that too at the best attractive rates, check out: https://www.piramalfinance.com/personal-loan