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Personal Loan for NRIs in India - Documentation & Procedures

Personal Loan for NRIs in India - Documentation & Procedures

Personal Loan for NRIs in India - Documentation & Procedures

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Personal Loan for NRIs in India - Documentation & Procedures

Personal Loan for NRIs in India - Documentation & Procedures

Table of Contents

A personal loan is one of the most prominent financial commodities globally. People prefer personal loans as they are unsecured loans. You don’t need any security or collateral for a personal loan, unlike a home or car loan. Personal loans are generally processed more quickly. You can get a personal loan in India, even if you are an NRI. Major Banks and NBFCs of India offer personal loan for NRI along with Indian citizens.

NRI Personal Loan Criteria

The rules and document requirements for a personal loan for NRI in India differ from the rules and document requirements for Indian citizens. Sometimes personal loan for NRI is a secured loan. In such cases, you need to pledge any property or asset as a guarantee. It depends on the bank to consider you for an unsecured loan or not.

Documents Required for Personal Loan for NRI in India

  • A copy of your passport and visa
  • Bank statement (both international and Indian)
  • ID and address proof
  • Passport size photos
  • Salary certificate in English, with name, date of joining, designation, and salary details.
  • Both domestic (NRE/NRO/FCNR) and international bank statements for the last six months.
  • If you are in another country while submitting the application form for a personal loan, you need to present a power of attorney duly attested by the Indian consulate in your resident country. If you are in India, then a power of attorney can be notarized in India.

    A copy of your appointment letter as well as the contract.

  • In case you are employed in the Middle East, you need to submit a copy of your labour card/identity card. It must be translated into English and authorized by the appropriate consulate.

The documents mentioned above are general requirements for an NRI to get a loan in India. The documents required may vary from one bank to another.

General Procedure for Personal Loan for NRI in India

  1. You need to maintain a good credit score for a personal loan. There are dim chances of you getting a personal loan with a low credit score.
  2. Inquire in multiple banks and get the details of the NRI personal loan offered by them. It would help if you also search for personal loans offered by other NBFCs and online financial institutions to NRIs. You might need some evaluation for the suitable tenure and interest rates. You also need to check the documents and guarantee requirements of the respective bank.
  3. After you apply for the loan, the ball will be in the lender’s court. The bank or the financial company will thoroughly review your documents, background, and credit score. If any guarantees are involved, they will check its authenticity.
  4. If they are satisfied with everything, they will do a final discussion with you regarding loan tenure and other T&Cs.
  5. You will sign the loan agreement with the bank along with the post-dated cheques. Afterwards, the loan amount will be transferred to your NRI account.

Naina Rajgopalan

Naina Rajgopalan has a thing for numbers and a deep fascination to learn about all things finance. She's been money-wise from a young age and has always shared her knowledge and tips with those around her. Being a part of the content team at Freo, a neobank that offers flexible and customised financial products, along with benefits such as insurance on balance, safe & secure banking, and so on, Naina stays updated with the latest of what happens in the banking and fintech industries. She has taken upon herself to share her knowledge with readers across all walks of life to help them manage their finances and budgets better, so they can make better decisions while spending, borrowing, investing and saving.

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Address: G-405,4th Floor - Gamma Block, Sigma Soft Tech Park Varthur, Kodi Whitefield Post, Bangalore - 560066

Copyright © 2025 MWYN Tech Pvt Ltd. All rights reserved.