Car loan for NRI
Recent times have seen a dramatic increase in the demand for car loans in NRIs. This is due to two main factors: the tendency to buy luxury cars and the increasing frequency of visits to India. An Indian citizen who lives abroad and is a paid employee or who works in his or her country of residence qualifies for an NRI and is eligible to apply for an NRI car loan.
NRI Car Loan Eligibility
NRIs with Resident Indian as guarantor can apply.
Both the applicant and the certificate, must be at least 21 years old and not older than 65 years.
The loan must be repaid when the applicant is 65 years old.
NRI Car Loan Documents are required
Valid Indian passport
Proof of a strong source of income
The borrower should have a minimum of 2 years of work history abroad
A valid employment contract or work permit
Has an NRI account with the Bank
Features and Benefits of NRI Vehicle Loans
Documents: Documents can be submitted to the bank branch in your country, or sent online or through an applicant.
Loan amount: The amount of loan to be allowed depends on the bank concerned.
Loan (LTV): LTV is the average loan that can be borrowed from the bank to the actual value of the car or its pre-show value. Most banks offer 85-100% of the pre-showroom price as a loan.
Duration: Loan term of between 5 and 7 years, from the date of purchase.
Interest rate and other charges: There is no difference between the interest rate on NRI car loans and what is offered to Indians living there. Eg, the interest rate on car loans is 10.45%, and this applies to both Indian residents and NRIs.
Fees: Payments can only be made through payments made through regular banking channels/receipts from accounts outside India / non-residential accounts or from income earned in assets in India. Indigenous Indians can repay loans on behalf of their NRI relatives.
NRI Car loan Interest Rates
City Union Bank Car Loan Interest Rates applicable to Indians living there also apply to NRIs. There is no difference in this. The interest rate on car loans is 10.45%, and this applies to both Indian residents and NRIs.
How to Calculate the EMI for your NRI Car Loan?
The Car Loan EMI calculator is an easy-to-use tool that calculates the monthly installments that must be paid by the bank and the costs incurred. To use this, include details such as the principal loan amount, interest rate, loan in years or months, additional monthly payments, if any, etc. Then click on “Calculate” for full details of the payment plan.