Eligibility

• NRI will be an Applicant (Borrower), with a Resident Indian as a Guarantor
• Both Applicant & Guarantor, should be of an age between 21 - 65 years
• Loan must be repaid before the applicant reaches the age of 65

NRI applicant (borrower) should fulfill the following conditions

• Possess a valid Indian passport
• Maintains a steady source of income
• Employed abroad for at least two years
• Hold a valid job contract / work permit
• Maintains an NRI account with SBI for at least twelve months with minimum average balance of Rs. 50,000/- or opens a new account with USD 5000/- or its equivalent as the initial deposit OR Maintain an NRI account with other Banks for last 24 months with a minimum balance/fixed deposits of Rs.50,000/-
• Have a minimum Net Monthly Income of USD 1000/- or a minimum Net Annual Income of USD 12000/- (equivalent amount in other currencies)
• “In case of other Bank customer, the borrower has to open NRI account with SBI for repayment of EMIs

Guarantor (resident Indian) should fulfill the following conditions

Guarantor, a Resident Indian, should be a relative to the NRI and should fulfill any one of the following relationships with the NRI, to stand guarantee for the loan:

• Spouse
• Father
• Mother (including step-mother)
• Son (including step-son)
• Son's Wife
• Daughter (including step-daughter)
• Daughter's Husband
• Brother's wife
• Sister (including step-sister)
• Sister's husband
• Sister (including step-sister) of the spouse
• Brother (including step-brother) of the spouse

Guarantor can be

• Individual
• Agriculturist
• Professional
• Self-employed person
• Business man
• Student
• Parent of an NRI, receiving pension or inward remittance at regular intervals

•  Guarantor must have an SBI Savings bank account (only when there is an income source) No minimum income criteria for Guarantor

General

• Car Loan application form
• Hypothecation Agreement
• Guarantee Agreement
• Arrangement Letter
• Power of Attorney (if required by the applicant).
• Declaration Form

From Applicant (NRI Borrower)

• 3 passport size photos
• Passport copy with page containing visa stamping
• Copy of valid work permit
• Employment contract copy (If the contract is in any other language, then an English translation duly attested by employer / consulate / embassy / SBI foreign office)
• Latest salary certificate in original or proof of income in case of self employed / professionals e.g. IT Return (of the residing country of NRI) / Tax Residency Certificate
• Copy of identity card issued by the employer
• Proof of residence (driving license / utility bills etc.)
• Copy of Continuous Discharge Certificate if guarantor is employed in merchant navy
• Power of Attorney, if required, in Bank's standard format duly stamped and notarized / attested by Indian Embassy / Consulate
• Tri-merge / any other credit reports as applicable. Score of less than 620 for Tri-merge is not eligible. If the country of residence does not have a credit score system for individuals, the bank will rely on the income level and the statement of assets & liabilities furnished by the NRI

From Guarantor (Resident Indian)

• 2 passport size photographs
• Signature identification from banker
• A copy of passport / voters ID card / PAN card
• Proof of residence

•  Click here to download the NRI Car Loan Applicaiton Form.
•  Click here to download Power of Attorney for NRI Car Loan.