5 Best Personal Loans for NRIs

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 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 before taking a personal loan in India

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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 a 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 loan money needs to be carefully planned in advance. It is 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 repayment 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 at 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 percent to 18 percent.

The processing fee is 1.5 percent to 2 percent of the loan amount. The tenure is 1 to 5 years. The pre-closure charge is 3 percent of the outstanding amount.

HDFC

This bank offers personal loans from Rs. 50, 000 to Rs. 15,00,000. The interest rate is 14.25 to 22 percent. The processing fee is 2 to 2.5 percent of the loan amount. The duration is 1 to 5 years. The pre-closure charge is 3 percent 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 percent. The processing fee is 1.5 to 2 percent. The tenure is 1 to 5 years. The pre-closure charge is 4 percent.

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 percent. The processing fee is 1.5 to 2 percent of the loan amount. The tenure is 1 to 4 years and the pre-closure charge is 4 percent.

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 percent to 22 percent. The processing fee is 1.5 to 2 percent. 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 the 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.

You might find these articles interesting
Mani Karthik

About the Author

Mani Karthik

Entrepreneur, Mentor & Blogger.
I help business grow & scale. Have helped 15+ companies scale in US, Middle East and India.
I share everything I learned on this blog, so that you benefit. Here’s more about me.

21 responses to “5 Best Personal Loans for NRIs”
  1. Vivek

    I was working in Middle east since 2014.i just wannna take personal loan, what is the procedure to process my personal loan ,please assist me.

    thanks

  2. Satypal Sharma

    Good morning
    My name is satypal Sharma my working is Dubai I need personal loan

  3. Dinesh kumar yadav

    Dear sir please advise to me I want personal Loan I’m use nri

  4. Hardik Pandya

    Hi,

    I have recently moved to Middle east need a small loan as a backup, but banks require bank statements & all since the account & all have recently been opened how & which is a preferable loan option ?

  5. Mani Karthik

    For someone who has just started work, it’d be tough to get a loan. You need a good history with cash flow in order to convince banks. I’d say at least 6 months.

  6. Ravi

    Hi For an NRI who has just started his business in UK with no cash in as of now, is there any bank in India offering personal loan of 25L. House property in India can be provided as collateral. Please advise

  7. Nitesh Shetty

    Hi Karthik

    I am Currently located in Sultanate of Oman, working for Services & Trade LLC.

    I am looking for loan of 4 Lac for my marriage , How can I apply for loan from Oman Itself in Indian Banks.

    Since I cannot travel to India currently,So which bank is preferable to get the process done from Oman Itself.

  8. Francis Julian

    Hi, Francis Julian,i am working in saudi arabia around 10 years, I want an personal loan (RS 10 lacs) in Indian Bank, I have NRI account in Indian Bank, last 10 years i m using my account for money transaction.kindly let me know about below detail.
    1. Is it possible to get loan?
    2. How much amount will get maximum?
    3. What are the documents required?
    4. How much time ill take for processing?

    Thanks

  9. shankar

    Other than south india bank, is there any other bank which can offer personal loan for NRI?

  10. Muazzam

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

  11. Muazzam

    I am also looking for Personal of 5 Lacs but no bank is giving Personal loan for NRI

  12. Biju

    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

  13. Bhumika

    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.

  14. Mani Karthik

    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)

  15. Mani Karthik

    Try South Indian bank. Details in the article above.

  16. Mani Karthik

    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.

  17. santhosh

    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.

  18. Saras

    Well almost major bank like ICICI, AXIS, Kotak, Hdfc said they don’t do personal loan for NRI. But home loan is possible.

  19. Mani Karthik

    Which bank did you try? Every leading bank are offering loans for NRIs. Check out this article as well for home loans. https://manikarthik.com/blog/nri-home-loans/money/

  20. Saras

    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.

  21. Rohinton Fernandes

    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

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