Personal loan is very popular loan product around the globe. In India, many banks and NBFCs offer easy personal loans to its customers. They also offer special personal loans for their NRI customers to fulfill their personal or professional needs in India. These special loans are known as ‘NRI Personal Loan’. Banks and NBFCs have special rules and regulations related to documents and eligibility when it comes to approving an NRI personal loan. So if you are planning to apply for one, keep these following things in mind.
Get your documents ready
Banks and NBFCs have provided a list of documents they require to process an NRI personal loan application. The loan borrower has to have a valid passport, visa, proof of a steady source of income, valid job contract or work permit and should also have an NRI account with the Bank.
Build your credit score strong
Personal loans are a type of unsecured loans. That means one does not need to provide any collateral to the loan lender to get the loan. Banks and NBFCs give personal loans to NRIs on the basis of their credit score. So make sure that your credit score is higher than 750.
Compare your options
There are many banks and NBFCs in India which offer personal loans for NRIs. Their loan offers may lead to confusion and you may end up choosing the wrong lender. Here Ruloans help you to compare your personal loan options. You can choose from a plethora of banks and NBFCs by comparing their interest rates, tenure, application fees details and other important factors.