NRI Car Loans in India
Loan period: The time taken for repayment of NRI car loan ranges from 1 year to 7 years depending on the bank. The loan amount along with interest rate is divided into Equated Monthly Installments that the Non Resident Indian is payable to the bank.
Repayment of loan: The loan can be repaid through inward remittances from NRE/NRO/FCNR accounts or other money transfer methods. A relative of an NRI can also make the repayment through local bank accounts.
- Proof of identity of guarantor and borrower (PAN card, Passport etc)
- Proof of residence of guarantor and borrower
- Salary certificates of guarantor or bank statements from accounts of banks abroad
- Employment certificate or work permit of guarantor
- Hypothecation letter
- Guarantee letter
- Photographs of guarantor and borrower
- Federal bank