HDFC Bank, Axis Bank and SBI are the preferred banks - which we recommend for availing car loan
All these 3 have established process with quick and transparent means to avail NRI Car loans. Only thing required is to furnish documentation
Interest rates are regular rates of banks - for SBI its 10.75% and for HDFC & ICICI Bank - based on the model you looking to buy in
With SBI NRI Car Loans - below are documents
Eligibility for the NRI-Car Loan includes the following:
[*] Guarantor must be an NRI.
[*] Applicant must be a resident Indian.
[*] Both Applicant & Guarantor, should be of an age between 21-65 years.
[*] Loan must be repaid before the guarantor reaches the age of 65.
[*] Applicant or borrower can be:
[*] Self-employed person.
[*] Business man.
[*] Parent of an NRI, receiving pension or inward remittance at regular intervals.
[*] Borrower must be physically fit and must possess a driving license or must be in a position to engage a driver.
[*] Borrower must have an SBI Savings bank account (only when there is an income source).
[*] No minimum income criteria for borrower.
[*] Applicant should be a relative of the NRI and should fulfill any one of the following relationships with the NRI, to stand guarantee for the loan.
[*] Mother (including step-mother).
[*] Son (including step-son).
[*] Son's Wife.
[*] Daughter (including step-daughter).
[*] Daughter's Husband.
[*] Brother's wife.
[*] Sister (including step-sister).
[*] Sister's husband.
[*] Brother (including step-brother) of the spouse.
[*] Sister (including step-sister) of the spouse.
Guarantor should fulfill the following conditions:
[*] Possess a valid Indian passport.
[*] Maintain a steady source of income.
[*] Be employed abroad for at least two years.
[*] Hold a valid job contract / work permit.
[*] Have a minimum Net Monthly Income of US $ 1000.00 or A minimum Net Annual Income of US $ 12000.00 (equivalent amount in other currencies).
[*] Maintain an NRI account with SBI for at least twelve months with a minimum average balance of Rs. 50,000/- or open a new account with USD 5000/- or its equivalent as the initial deposit.
[*] Provide a simple declaration as per the bank's format stating the relationship with the applicant.
[*] Provide power of attorney for the applicant, if required.
[*] Loan amount eligible is derived on the basis of the Guarantor's income (no ceiling).
[*] The maximum loan amount is 18 times the Net Monthly Income (NMI) of the Guarantor or 1.5 times Net Annual Income (NAI) of the Guarantor.