NRI Personal Loan
Many of the Indian citizens work in other countries for short periods of time or some work for longer tenures as well. These individuals are referred to as Non-Resident Indians. As these individuals do not have permanent residency or citizenship of the country they are residing in, availing loans for any reason gets difficult. Or there may be a requirement of some extra cash for your loved ones who reside in India. In all these cases, an NRI personal loan may prove useful. Let’s see how an NRI can get a personal loan here in India along with the eligibility conditions and documentation required for the same.
Some of the common features of NRI Personal Loans are:
- The loan needs a co-applicant who needs to be a Resident Indian
- The resident Indian may be earning or non-earning member
- Some banks where co-application is not required may require an asset to be rendered as collateral