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Old 28th October 2007, 21:32   #1
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Question Has any NRI taken NRI car loan from nationlised banks?

Dear all,
Has anyone taken NRI car loan form any of the nationlised Bank like Indian bank or SBI or any other nationalised bank.
I checked with Indian Bank, they said they don't give car loans for NRIs.
Is this true?
If any of you have any information on this, pls help me..

thnx for ur time.

Warm Regards,
Bala
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Old 19th June 2009, 13:18   #2
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Rather than starting a new thread, I thought it was better to revive an old one. I recently applied for a loan from SBI for an Alto. Initially they told me I was eligible even though I didn't have an account with them. I filled the form and submitted my documents and it was rejected. The reason; NRI's should have an NRI account with SBI for at least 1 year. Wondering what to do now as I don't want to go to a Private bank. Corporation Bank has flately refused saying they don't give car loans to NRI's. I've been banking with them for 15 years now.
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Old 19th June 2009, 13:39   #3
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I think I have mentioned this some where. I am an NRI and the most difficult thing is getting a car loan. I have an account with HDFC which is non nri somehow (dont ask) which is 6 months old. I applied for a car loan for 7 or 8 lakhs and i got approved for 1.5 lakhs. I currently work in India and salary enough to get 7-8 lakh car approved. Yet it was denied. So for the sake of it I purchased a 800 for 1.5 lakhs making payments on it and completly pay it off by 6 months. Once that is done one can avail most car loans. Now are you a PR, Greencard, citizen of another nation or dual citizen. It depends based on this. If you are just a PR then you can avoid mentioning you are an NRI and can get away with some BS. Except the fact you need a Pan card and atleast some source of Income in India or property such as house. Let me know.

Edit: I know you asked question abt nationalized back (that is not possible) above is the way you can probably get it from Private sector.

Last edited by D-Man : 19th June 2009 at 13:40.
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Old 19th June 2009, 13:42   #4
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I have a PAN card, own a house, but no source of income here. I work overseas for 6-8 months a year on an average.
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Old 19th June 2009, 13:53   #5
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See you can show transfer from your foreign account to be comming in India on regular basis. That shall show your financial stability. i was out of India for 10 years i showed them i went for overseas projects and all showed them bank statements from foreign banks. People can have income from Overseas. Even if you show income of 50-60 k INR per month these guys shall give a loan. The hdfc guy once said " sir we give loan to people who make 10k a month for a safari, only thing is they have to prove it." All they care is you make payments on time.

Another way out is simply put your savings in a fd and take a loan against that fd. Talk honestly to a aggressive sales person. You shall be stumped by the resolution. Goto the bank and ask for the best sales person or even at the car dealership ask for the best sales person. they will sell you the car anyhow.
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Old 19th June 2009, 14:04   #6
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I showed them everything. Savings, salary slips, regular remittances to my accounts. The reason given was that I didn't have an account with them. I said that I was willing to open one. They said I need to have an account for 1 year with them.
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Old 19th June 2009, 15:11   #7
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Yes atleast 6 months for some bank is a requirement. Technically that shows how frequent your transactions are and also the fact that its the best proof that money exchange does happen with you. See I also have a account with another bank where my salary gets deposited now this bank knows since six months money has been wired and that company has issued a letter. Based on that they are working on a loan. Usual loans takes 2-3 days mine has already spent 13 days. No answers yet. They even took my paystubs from US + offer letters + w2s
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