Car loans for NRIs

Recent times have seen a shocking rise in the demand for an automobile loan from NRIs. This has been attributed to 2 major factors: the tendency to shop for high-end cars and therefore the increase in the frequency of visits to India. Associate degree Indian national United Nations agency resides abroad associate degreed may be a salaried skilled or is freelance in his country of residence qualifies as an NRI and is eligible to use for NRI automobile loans.

NRI car loan in a position for buying a replacement or a second-hand automobile. All banks have an inventory of approved countries for this purpose, out of which U.S., UK, Malaysia, Singapore, and West Asian countries are approved.

Eligibility criteria for an NRI auto loan

If you want to apply for an auto loan, try to fill these voids:

• When you apply for an auto loan as an NRI, you have to opt for a co-applicant, who is a resident of India.

• The age limit for both the NRI applicant and co-borrower should be a minimum of 21 years and it should not go beyond 65 years.

• While opting for a loan, you have to consider that the loan amount should be repaid within the age limit of 65 years.

Essential documents for an NRI auto loan

Below are some documents required that you have attached with your application form:

• The NRI person should have a valid Indian passport.

• While applying for an auto loan, the NRI individual has to provide a document proof related to a steady source of income.

• The NRI person should have an employment proof of working in abroad for at least 2 years.

• It is mandatory to have an NRI account with the bank to apply for a four-wheeler loan.

Aspects of an NRI auto loan

Below are some inevitable aspects, that pushes an NRI to opt for an auto loan:

• An NRI individual can submit their loan documents at the branch of a bank which is residing in their country, you can also opt for an online option, or ask your co-applicant to submit it.

• The tenure for an auto loan varies from 5 years to 7 years from the purchased date of the four-wheeler.

• There are no separate interest criteria for the NRI person, the car loan interest rate is equal for both NRI as well as an Indian resident. This uniform approach makes this loan a suitable option to opt for.

• Repayment can be done through normal banking channels as well as the NRI individual is allowed to repay the loan amount with the help of a resident living in India.

An auto loan is a good option to opt for either you are an Indian citizen or an NRI.  Punjab and Sind Bank Car Loan provides a surplus amount of benefits on a four-wheeler loan.