SB NRI Every year, a large number of Indians move abroad for jobs, higher education, etc. Many of them live abroad only on a temporary basis and wish to return to India in future. Those NRIs may need loans in India for a variety of financial requirements. Many Indian banks and NBFC offer NRI loans to non-residents to help them fulfill their financial needs.
Similar to people living in India, non-resident Indians can also get loans from a bank or NBFC (Non-Banking Financial Company) in India. A loan offered to non-resident Indians is called an NRI loan. NRIs can get loans to buy a house, car, or to meet several kinds of unforeseen financial expenses. Interest rates vary depending on the type of loan and bank you apply for the loan with.
There are various types of NRI loans viz. personal loan, home loan, car loan, loan against deposits, etc. Irrespective of which loan you get, you need to repay the loan amount along with the applicable interest to the bank in monthly installments called EMI over a period of predefined time.
NRIs can get a personal loan to meet an array of unforeseen financial expenses, such as emergency travel, home renovation, debt consolidation, medical emergency, or for any legal purpose. Interest rates on NRI personal loans vary from bank to bank. Following are the top Indian banks that offer a personal loan to Non-Resident Indians.
| Bank Name | Interest Rate | Loan Amount | Tenure |
| ICICI Bank | 15.49% p.a. | Up to Rs. 10 lakh | 36 months |
| HDFC Bank | 10.50% – 21.00% | Up to Rs. 40 lakh | 62 months |
| South Indian Bank | – Minimum: Repo Rate (4%) + 6.60% = 10.60% p.a. – Maximum: Repo Rate (4%) + 14.10% = 18.10% p.a. – Concession of 0.1% is offered to woman borrowers | Rs. 1 lakh to Rs. 20 lakh | 12 months to 60 months |
| Kotak Mahindra NRI Home Improvement Loan | Varies depending on the loan amount | Up to 80% of the home renovation expenses | Up to 10 years |
NRI personal loan comparison
Note: Interest rate and loan amount are subject periodic change and vary depending the eligibility of the applicant
Features and benefits of NRI personal loan
Indians living around the world can realize their dream of buying their own home in India with an NRI home loan. A home loan can be availed for a wide range of housing needs, such as purchase of flat/ house/ plot, construction, and renovation/ repair of an existing home. Listed below are the top banks for an NRI home loan:
| Bank/ Lender | Interest Rate | Loan Amount | Tenure |
| SBI | 7.55% onwards | Up to Rs. 30 lakh | 30 years |
| HDFC Bank | 6.75% to 8.20% | Up to Rs. 75 lakh | 25 years |
| Bank of Baroda | 6.90% onwards | Up to Rs. 2 cr | 30 years |
| ICICI Bank | 7.10% onwards | Rs. 5 lakh to Rs. 1cr | 30 years |
| Federal Bank | 8.55% to 8.70% | Up to Rs. 15 cr | 20 years |
| PNB Housing Finance | 7.50% to 9.95% | Up to Rs. 75 lakh | Up to 15 years |
| Axis Bank | 7.60% to 12% | Up to Rs. 30 lakh | 25 years |
NRI Home Loan Comparison
Note: Interest rate and loan amount are subject periodic change and vary depending the eligibility of the applicant
Features and benefits of NRI home loan
Non-resident customers can also get loans against NRI fixed deposits to fulfill their financial requirements. Loan against NRI FD is a type of secured loan extended to customers who can pledge their NRI fixed deposit as security and get a loan in return. The loan amount will depend on the FD amount, ranging from 80% to 95% of the FD amount.
You can get a loan against NRE/ NRO rupee deposits or FCNR deposits. Listed below are the loan limit against NRI FDs:
| Bank | Loan Limit |
| SBI NRI Deposit | Up to 90% |
| ICICI Bank NRI Deposit | Up to 90% |
| HDFC NRI Deposit | Up to 90% |
| Axis Bank NRI Deposit | Up to 85% |
| Citibank NRI Deposit | Up to 90% |
| Kotak Mahindra Bank | Up to 85% |
| Yes Bank NRI FD | Up to 90% |
| Bank of Baroda NRI FD | 95% |
| PNB NRI FD | 90% |
| Canara Bank NRI FD | 90% |
Loan against NRI FD
Note: Banks do not offer loans against FD benefits to the investors of 5-year tax-saving FDs.
Features and benefits of NRI loan against property
Here are key benefits of a loan against NRI FD
While eligibility criteria will vary depending on the type of loan and lender, here are common conditions to get a loan in India for NRIs:
Like eligibility criteria, documentation also varies depending on the loan type, lender, etc.
If you want to get a home loan in India, you can get in touch with us. We at SBNRI are here to help you out with everything related to home loans and other financial and legal services required by NRIs.
You can download SBNRI App to connect with our experts and get end-to-end assistance related to an NRI home loan.
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Non-Resident Indians and Overseas Citizens of India (OCIs) who wish to purchase a residential property in India can get a home loan from banks and housing finance companies in India. NRI home loan interest rates, eligibility criteria, loan amount, documents required, etc. vary from bank to bank. In this article you will find key information about an NRI home loan in India.
South Indian Bank offers an array of banking and financial products for NRI/ OCI customers, including NRI accounts and fixed deposits, insurance, loans, etc. South Indian Bank NRI personal loan can be availed by NRIs to fulfil their various financial requirements such as medical emergency, travel, education, big-ticket purchase, debt consolidation, etc.
Relocating to the US may pose a slew of challenges. Building a credit score from scratch is potentially a tough challenge for new immigrants to the United States on a US visa. The credit score they had in their home country probably won’t count in the US. Without a US credit score, you may struggle to access financial products such as loans and other forms of credit. Even some employers check your credit score before hiring you. If you are an Indian who has moved or planning to move to the US, you might be thinking how can Indians establish a U.S. credit score?
Many nationalized banks and NBFCS (Non-banking financial companies) offer home loans for NRIs who want to buy their own home in India. NRI home loan interest rate ranges from 6.90% to 10% per annum. NRIs need to repay the principal amount and interest rate charged by a bank or financial institution. NRI loan borrowers can use their NRI bank account to repay the loan. Common NRI home loan repayment methods are described below.
Indian credit cards for NRIs are similar to regular credit cards. Cardholders can make online payments, hotel/ flight bookings, bill payments, etc., using a credit card for NRIs. Moreover, you can conduct transactions in INR and don't have to face hassle of currency conversion.
5 Best Credit Cards for New Immigrants in the US: A large number of people from around the world apply for a US visa and immigrate to the United States. Upon arriving in the USA, non-residents are not going to have a credit history built up in the U.S. system instantly. Credit does not normally transfer from country to country. Getting a credit card is a good way to earn credit and get a good credit history in addition to the benefits. This will allow them to be eligible for better loan options, lower interest rates and several other advantages.
Properties are the most valuable tangible assets and stand to serve as an important source of liquidity in times of financial crisis. Similar to resident Indians, Non-Resident Indians (NRIs) can use their property in India to meet their personal expenses or business requirements. Many Indian banks and NBFCs offer a loan against property to NRI customers, popularly known as an NRI loan against property. For best banks for NRI loan against property, continue to read the article.
NRIs who work in foreign countries always wish to buy a dream home and a swanky car in India. This is the reason, a sharp rise in the demand for car loans from NRIs has been seen in recent times. To help NRIs fulfil their dreams, many Indian lenders are offering them NRI home loans and car loans at attractive interest rates. Indian citizens who reside abroad for a job or business can get an NRI car loan in India.
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