Hi Sunil Kumar,
The requirements and features for a Car Loan for NRIs is a bit different from those of conventional Car Loans. You must purchase the car in the name of a relative, who is a citizen of India and can act as a guarantor for your loan. The car shall be registered in the name of the relative while the repayment of the loan shall be done by you. Banks will consider the credit history of your guarantor as well before approving your loan. The loan amount, repayment tenure and the interest rate will be determined based on your eligibility. BankBazaar offers Car Loans with interest rates starting at 8.90%. You need the following documents to apply for a Car Loan as an NRI.
Proof of identity of guarantor as well as borrower (PAN card, Passport, etc)
Photographs of guarantor and borrower
Proof of residence of guarantor and borrower
Employment certificate or work permit of guarantor
Salary certificates of guarantor or bank statements from accounts of banks abroad