Can NRI apply for car loan?
The good news is that an NRI can get a Car Loan in India. An NRI Car Loan can be taken for purchasing a new as well as a used car. However, the requirements and features of these NRI Car Loans are slightly different from a regular loan.
Although you, as a borrower, will be the one paying the EMIs on the Car Loan, if you happen to be an NRI, you will not be able to buy the car in your name. You will have to buy it in the name of your next of kin who is a resident citizen of India. You will have to check with your respective bank if they have your country of residence on their ‘approved list’ for NRI Car Loans.
These are the primary points you must keep in mind when applying for a Car Loan as an NRI. Click the link to get more insight on Car Loan for NRIs.
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