Nri Loan Interest Rate: Avail Loans Easily Online
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Loans can be availed for variety of reasons like if you want to study in India or abroad and many other reasons. This can be availed for any type of graduate or post graduate course. Since the income of students after going through these specialized courses is usually high, these loans are availed easily.
If you are Indian living in abroad for employment or for business, you are eligible for a loan. People who have gone abroad for short term or long term assignments with foreign governments or international agencies are also eligible for these loans.
If you are a non Indian resident, you can apply for loans but those loans have high NRI loan interest rates. But there are some differences in the terms and conditions applicable to both of them. Lets have a detailed idea regarding the terms of both so that we can understand the difference.
For instance, if an Indian citizen holds a valid Indian passport but stays abroad for employment, business, etc., then he has to fulfil certain criteria to avail loans:
If an NRI wants to avail a loan, he should be a graduate. An NRI should be earning a minimum monthly income of 2,000 US dollar. This differs from bank to bank. In case of home loan, the loan amount does not exceed 85 per cent of the cost of property. However, all this is not applicable for an India residents.
The repayment pattern has also some differences. The resident of India can repay the loan amount from his savings account but an NRI cannot. He needs to pay his monthly installments through his non-resident-external (NRE) or non-resident-ordinary (NRO) account. An NRI has to repay the loan amount within 15 years whereas an Indian can repay up to 20 years.
The amount of loan to be given depends on your repayment capacity. This calculation is made based on your savings and credit history, work experience, monthly and annual income, source of income, age, qualifications, number of dependants, etc. You also have to submit property-related documents including originals.
Almost all the Indian banks have now tied up with service associates in abroad. But the entire loan processing is coordinated in India.
The interest rates for loans for NRI is growing at an average rate of more than 30%. The interest rate depends on variety of factors like the purpose of borrowing. If the purpose of borrowing is to set up a heavy industry then the interest rate remains low.
There are home loans available for Non Resident Indians who are either looking for a new furnished home or construction at home or land purchase, etc. So, you can find the best options available online and fulfil your dreams. While looking for NRI home loans, you need to keep in mind that you have to place your valuable home as security to the lender. The borrower must get his home evaluated to know about the value of home. If we talk about secured NRI home loans, a borrower can avail the amount that ranges up to ￡1, 00,000 for the time period of 25 years and at lower interest rate. But, if the borrower fails to repay then the borrower may loose his security. The NRI home loans give a lot of benefits to make the borrower pay the loan amount in due time. They are given flexible repayment options and low interest rates.
So, if are an NRI searching for the best rates, go online and start your research now. You would definitely find a lender with the best NRI loan interest rates.
Sara Neher, Darden’s Director of MBA Admissions, discusses international student loans and scholarships in her video blog entry for 2-6-09.
Video Rating: 5 / 5
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