Can NRIs get a two-wheeler loan with a co-applicant?

Yes, Non-Resident Indians (NRIs) can apply for a two-wheeler loan with a co-applicant. Here’s how it works:

• Co-applicant Requirement: Some lenders may require a co-applicant, mainly if the NRI applicant's financial standing is uncertain or they don’t meet the income criteria.
• Co-applicant Eligibility: The co-applicant is usually a resident Indian who meets the lender's financial criteria. This could be a family member or friend residing in India.
• Role of Co-applicant: The co-applicant helps improve the chances of loan approval. Their income and creditworthiness are considered along with the NRI's as well.
• Loan Terms: The co-applicant is usually equally responsible for the loan repayment. In default, the co-applicant may be asked to pay the dues.
• Documents: Both the NRI applicant and co-applicant are typically required to submit their documents, including proof of income, identification, and residence details.

Note: Not all lending institutions require a co-applicant, so checking with the loan provider before applying is essential.