Car loan for Non-Resident Indian (Under the NRI – Car Loan Scheme, the NRI will be the Borrower and the NRI’s close relative in India will be the Co- Applicant or Guarantor)
Loan amount eligible is derived on the basis of the Applicant’s (Borrower) income.
Financing up to 90% of 'On-road Price'. On-Road price includes Vehicle Ex-Show Room Price, Registration & Insurance cost.
EMI/NMI: Up to Rs.5 Lakhs 50% , Rs. 5- 10 Lakhs 60%, Above Rs. 10 Lakhs 65%
Income: - For Borrower: Minimum NMI US $ 1000.00 or equivalent in other currencies Or, Minimum NAI US $ 12000 or equivalent in other currencies
Repayment: Standing Instruction (SI) on Applicant’s NRI Account with SBI
Loan for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
Eligibility
NRI will be an Applicant (Borrower), with a Resident Indian as a Guarantor or Co- Applicant.
Both Applicant & Co-Applicant / Guarantor, should be of an age between 21 - 70 years.
Loan must be repaid before the applicant reaches the age of 75.
Income from co-applicant can be considered for arriving at loan eligibility
NRI applicant (borrower) should fulfil 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 ₹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 ₹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.
Co- Applicant / Guarantor (Resident Indian) should fulfil the following conditions
Resident Indian who is the Co – Applicant / Guarantor to the loan in NRI Car Loan should be a close relative as below:
Father
Mother
Spouse
Son
Daughter
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
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.
