Eligibility

• NRI will be an Applicant (Borrower), with a Resident Indian as a Guarantor or Co- Applicant.
• Both Applicant & Co-Applicant / Guarantor, should be of an age between 21 - 70 years.
• Loan must be repaid before the applicant reaches the age of 75.
• Income from co-applicant can be considered for arriving at loan eligibility

NRI applicant (borrower) should fulfil the following conditions

• Possess a valid Indian passport
• Maintains a steady source of income
• Employed abroad for at least two years
• Hold a valid job contract / work permit
• Maintains an NRI account with SBI for at least twelve months with minimum average balance of ₹50,000/- or opens a new account with USD 5000/- or its equivalent as the initial deposit OR Maintain an NRI account with other Banks for last 24 months with a minimum balance/fixed deposits of ₹50,000/-
• Have a minimum Net Monthly Income of USD 1000/- or a minimum Net Annual Income of USD 12000/- (equivalent amount in other currencies)
• In case of other Bank customer, the borrower has to open NRI account with SBI for repayment of EMIs.

Co- Applicant / Guarantor (Resident Indian) should fulfil the following conditions

Resident Indian who is the Co – Applicant / Guarantor to the loan in NRI Car Loan should be a close relative as below:

• Father
• Mother
• Spouse
• Son
• Daughter

General

• Car Loan application form
• Hypothecation Agreement
• Guarantee Agreement
• Arrangement Letter
• Power of Attorney (if required by the applicant).
• Declaration Form

From Applicant (NRI Borrower)

• 3 passport size photos
• Passport copy with page containing visa stamping
• Copy of valid work permit
• Employment contract copy (If the contract is in any other language, then an English translation duly attested by employer / consulate / embassy / SBI foreign office)
• Latest salary certificate in original or proof of income in case of self employed / professionals e.g. IT Return (of the residing country of NRI) / Tax Residency Certificate
• Copy of identity card issued by the employer
• Proof of residence (driving license / utility bills etc.
• Copy of Continuous Discharge Certificate if guarantor is employed in merchant navy
• Power of Attorney, if required, in Bank's standard format duly stamped and notarized / attested by Indian Embassy / Consulate

From Guarantor (Resident Indian)

• 2 passport size photographs
• Signature identification from banker
• A copy of passport / voters ID card / PAN card
• Proof of residence

•  Click here to download the NRI Car Loan Applicaiton Form.
•  Click here to download Power of Attorney for NRI Car Loan.