Personal Loan For NRIs
Non Resident Indians (NRIs) move out of the country for various reasons (jobs, education etc.) and throughout their stay outside India, many unforeseen situations can arise. As it can be hard to get financial aid in a foreign country where you are staying on a temporary basis, the facility of Personal Loan for NRIs can take care of your emergency expenses.

There are many banks in India that offer this facility. The personal loans obtained from these banks can be used for anything ranging from home renovations to vacations. Both the process of getting these loans and the repayment methods have been simplified for NRIs. In this article, we will explore the different types of Personal Loans available for NRIs.
Comparison between Personal Loans for NRIs
In this segment, we will go through an analysis of the NRI Personal Loans provided by the top banks in India. Since, NRI Personal Loan isn’t provided by every top bank, therefore we will discuss the prominent ones here, which are:
Banks | Interest Rates | Maximum Loan Amount | Maximum Loan Tenure |
---|---|---|---|
ICICI Bank | 15.49% p.a onwards | Rs. 10 Lakh | 36 months |
South Indian Bank | 11.70% p.a onwards | Rs. 25 Lakh | 60 months |
Kotak Mahindra Bank (Home Improvement Loan) | Varies as per loan amount | Up to 80% of renovation expenses | 10 years |
ICICI Bank

ICICI Bank is one of the top Indian Banks in the private sector for both Residents and NRIs. It houses a plethora of loan facilities and products for NRIs. ICICI is one of the few banks that provide Personal Loan for NRIs. This loan can be taken for any emergency financial need such as weddings, home renovation, medical emergencies etc.
Processing Fee | Up to 2.25% of loan amount |
Easy Monthly Installment (EMI) (for Rs. 1 Lakh) | Rs. 3,491/- (loan tenure: 3 years) |
Pre-Closure Charges | 5% of outstanding principal amount |
Key Highlights and Benefits:
- Applicant must be Resident Indian while the co-applicant can be an NRI and must be a close relative of applicant
- Loan offered without security or collateral
- Instant distribution of loan with a simple documentation process
- Document proof required from both applicant and co-applicant
Apply for Personal Loan in ICICI Bank
South Indian Bank

South Indian Bank is another private sector bank providing Personal Loan for NRIs on a very affordable interest rate. NRIs can use this facility to tackle financial emergencies abroad.
Processing Fee | Up to 2% of loan amount |
Easy Monthly Installment (EMI) (for Rs. 1 Lakh) | Rs. 3,305/- (loan tenure: 3 years) |
Pre-Closure Charges | 4% of outstanding principal amount (if paid within 1 year)2% of outstanding principal amount (if paid after 1 year) |
Key Highlights and Benefits:
- One co-applicant is required
- Loan offered without security or collateral
- Self-employed customers do not have to show business stability
- A concession of 0.1% on interest rates for women borrowers
Apply for Personal Loan in South Indian Bank
Kotak Mahindra Bank (Home Improvement Loan)

Kotak Mahindra Bank offers Home Improvement Loans to NRIs having residential properties in India. The loan can be obtained for any type of home renovation requirements such as painting, waterproofing, electrical work etc.
Processing Fee | Contact Bank |
Easy Monthly Installment (EMI) (for Rs. 1 Lakh) | N.A. |
Pre-Closure Charges | N.A. |
Key Highlights and Benefits:
- Provides funding for up to 80% of renovation charges
- Loan offered is based on repayment capabilities of applicant and co-applicant
- For properties with multiple owners, the co-owner must be included as co-applicant
NRI Personal Loans are very helpful but are offered by only a handful of Indian Banks. Therefore, it’s essential that you know about the eligibility details for such kinds of loans. In the next segments, let’s look through the eligibility criteria and documents required for Personal Loan for NRI.
Apply for Home Improvement Loan in Kotak Mahindra Bank
Eligibility for NRI Personal Loans
- Loans provided to salaried and self-employed NRIs
- Salaried: The applicant must be employed in the same company for at least 1 year and a proof of income is mandatory while applying for the loan
- Self-Employed: Continuity of business proof is required (at least 3 years of business vintage). Some banks waive this requirement if the applicant has a real-estate property in India
- Most banks have Specific income criteria for NRIs based on the country of employment
- A co-applicant is must. He/she must be a close relative (earning or non-earning)
Documents Required for NRI Personal Loans
- Copy of Passport and Visa
- Bank statement for at least 12 months
- Proof of Identity
- Proof of Address
- Salary Slips or Salary Certificate
Note: Identity and Address Proof documents must be submitted for the applicant as well as the co-applicant.
Things to Consider before applying for NRI Personal Loans
- Personal Loans help to overcome emergency financial needs. These loans are often unsecured with no security or collateral, hence they bring in higher interest rates. If you get a an alternative, make sure to compare the pros and cons
- NRI Personal Loan can be tough to access being abroad. You can enquire directly with the bank or send your relatives/friends to the bank branch in India to get more information
- Check with the bank about their loan currency and disbursement policies. In some banks you can choose between Indian Rupees and US Dollars based on their policy
- Having a co-applicant is essential and that too a close relative. Therefore, if you don’t have any close relatives in India, getting a personal loan can be very difficult. Contact the bank to know more about their co-applicant policies
Once you have checked these boxes, you can move ahead and go through with the application for Personal Loan. How? Well, let’s discuss that in the next segment.
NRI Personal Loan: How to Apply?
The process of obtaining an NRI Personal Loan is simple. However, it can be challenging for NRIs who are residing abroad. But, you don’t need to worry. Most of these banks that provide such loans have a completely dedicated NRI Helpdesk for enquiries about loans and other NRI Banking Solutions. If you are already a customer of these banks, the entire process becomes easier for you compared to others who don’t have an account here. Enquiries can be directed to these banks through phone and emails. Also, NRIs having relatives in India can ask them to visit the bank branch and enquire about the personal loan facility for NRIs. Or you can also contact the customer service department and they will guide you through the entire process involved in obtaining these NRI Personal Loans.
Personal Loans for NRI is a very useful blessing for NRIs in need of an emergency financial aid but a word of caution is always welcome. The applicants must compare and contrast the available mediums of financial aids and then only go ahead with the best suited option. Nevertheless, Personal Loans for NRIs have made it easier to tackle emergencies when staying abroad and is an element of backup for all our NRI friends scattered across the globe.
For more queries on Loans and Investments, visit our SBNRI Blog.
Personal Loan for NRI: FAQs
A- No. There are no restrictions. No bills or receipts are required to validate the expenses
A- The loan amount is credited in the NRE or NRO Account of the NRI. Most banks provide loans in INR while some also provide the loan in foreign currency. You can check with the bank about their currency and disbursement policies
A- Yes. You can take a personal loan even if you are already paying EMIs for another loan. This is totally dependent on the income level of the applicant. If he/she has a certain percentage of disposable amount after all the monthly EMIs are deducted, a new loan can be availed
A- Yes, you can apply for a personal loan online. However, you need to check with the bank to guide you through the entire process
A- No. Most banks require the co-applicant to be a close relative of the applicant. However, you can check with the bank to know whether this option is available
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SBI provides personal loans?
Yes. You can get personal loan from SBI but only against Fixed Deposits (NRE FD, NRO FD or FCNR (B) Deposits). SBI also offers overdraft facility against NRI deposits through online mode. Loans against NRI deposits can be availed in Indian as well as Foreign currency against the security of deposits. However, the loan amount cannot be repatriated abroad.