How can I apply for a used car loan as an NRI?

The process of applying for a used car loan as a Non-Resident Indian (NRI) is relatively straightforward. The steps are as follows:

• Researching banks or Non-banking Financial Companies (NBFCs) that offer auto loans to NRIs. Many financial institutions provide specialised loans for non-resident Indians.
• Ensuring you have an active Non-Resident External (NRE)/Non-Resident Ordinary (NRO) account. This allows smooth transfers for loan payments processed domestically.
• Provide proof of income and employment details with relevant documents both in India and abroad. This helps establish creditworthiness.
• Check eligibility criteria regarding minimum and maximum loan amount, interest rates, down payment needed, repayment capacity, etc. Requirements vary across banks or NBFCs.
• Select the used car models you want to buy. Remember to take valuation certificates from authorised dealers.
• Apply directly through the loan provider's website or by visiting a branch. Submit documents proving identity, income, employment, and residence status.
• Signing the loan agreement digitally or physically depending on the lender’s process. Read terms and conditions diligently beforehand.