ICICI personal loan is one of the popular credit products in the financial market. It can be used for any purpose and it is also easy to avail. To date, ICICI personal loan has always facilitated and provided financial support to those who are in need. It caters to all whether they are existing customers, non-existing customers even the NRIs with the same motive of holding their back. Yes, NRIs can also avail of ICICI Personal loan.
So, if a person is an NRI and planning to take a personal loan, he/she can avail of ICICI Personal loan at competitive rates with the flexible loan re-payment method.
ICICI Bank is one of the top brands in the banking sector in India. The bank offers a wide range of loan products for NRIs. It is one among the few banks that offer personal loans to NRIs. ICICI personal loan for NRIs can be used for any expenses like home renovation, wedding, medical emergencies, etc.
ICICI understands that the expenses increase as one move abroad be it for any reason like education, job, etc. If a borrower is staying in another nation temporarily, it could be difficult for him/her to get a loan for any financial need. In this scenario, ICICI Bank takes care of borrower personal expenses while offering personal loans for NRIs.
Features of ICICI Personal loan for NRIs
- A borrower can avail of ICICI personal loan without any security.
- ICICI personal loan for NRIs can be availed up to 10 lakhs.
- Basic documents are required for a personal loan.
- ICICI offer interest rates starting from 15.49% p.a. (t&c apply) on a personal loan for NRIs.
- The applicant must have Indian citizenship, while the co-applicant can be an NRI.
- Document of proofs is required of both the applicant and the co-applicant.
- An NRI can get ICICI Personal loan with the repayment tenure up to 3 years.
- The ICICI personal loan provides quick processing and speedy loan disbursement.
Benefits of ICICI Personal Loan for NRIs
Although several popular banks in India offer personal loans for NRIs. The personal loan amount availed from these lenders can be used for anything like from home renovation to vacations. But NRIs gets several benefits if he/she avail the personal loan from the ICICI. The foremost one is that ICICI has simplified the process for getting personal loans for NRIs. The same can also be said for the repayment methods. Let’s take a look at the benefits of ICICI personal loans for NRIs.
- ICICI Personal loan for NRIs is offered without any collateral or security.
- Simplified documentation is required for ICICI personal loans.
- ICICI bank provides personal loans for NRI at competitive interest rates starting from 15.49% p.a (t& c apply).
- Hassle-free application process.
- A borrower can get quick loan disbursement directly in the bank account.
- ICICI offers Personal loans for NRI can be availed loan amount up to 10 lakhs.
- Speedy loan approval process.
- ICICI provides flexible loan repayment tenure up to 3 years.
Documents Required Availing an NRI Personal Loan
The required documents may vary for individuals based on their source of earning and the country. Here is the list of general documents required for getting an NRI personal loan.
For Non-Resident Indian:
- Copy of Passport.
- Bank statement.
- Visa copy.
- Official E-mail ID or organization’s HR E-mail ID.
- Salary slip or salary certificate.
- 6 months NRE/ NRO bank statement.
For a resident of Indian:
- Identity and address proof (t&c apply).
- Last 3 months bank statement.
- Proof of residence at the name of the applicant/co-applicant/parent.
Eligibility Criteria of Personal Loan for NRIs
The eligibility criteria may vary based on the credit profile. The following are the common eligibility criteria for availing a personal loan for NRIs.
- The applicant should have Indian citizenship.
- The co-applicant can be an NRI.
- The age of an applicant should be between 21 to 60 years.
- The applicant should be a salaried employee or self-employed.
- The applicant needs to be present in India at the time of the loan application process.