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Online Car Loans. Get Lowest Interest Rates on Car Loans in India. Read Informational Topics, Use Calculators. Lowest Finance Interest Rates Starting @ 10.25% in India
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  3. Tuesday, January 21 2014, 07:22 PM
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Which of the banks, financial institutions in India offer best interest rates for a NRI to avail a car loan? For used and new car too.
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Admin Accepted Answer
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:

  • Individual
    [*] Agriculturist
    [*] Professional
    [*] Self-employed person.
    [*] Business man.
    [*] Student
    [*] 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.
  • Spouse
    [*] Father
    [*] 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
    [*] 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.
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