So, you’re an NRI considering buying a car in India, whether it’s to use while visiting family or as an investment for the future.
Luckily, many Indian banks offer car loan options specifically for NRIs, making it easier to finance a vehicle without needing to dip into savings.
With competitive interest rates, flexible repayment terms, and easy application processes, these car loans can make buying a car in India convenient and affordable.
In this article, we’ll look at the best car loan options for NRIs in India, highlighting their unique benefits, eligibility criteria, and key features.
In this article...
1. State Bank of India (SBI) Car Loan for NRIs
State Bank of India offers a car loan option specifically designed for NRIs, known for competitive interest rates and flexible repayment terms.
The SBI NRI Car Loan covers up to 85% of the on-road price of the car, with a repayment tenure of up to 7 years.
With SBI’s vast network of branches and straightforward application process, NRIs can easily apply for a loan from abroad or while in India.
💡Tip: Opt for SBI if you want a reliable bank with a long repayment tenure and flexible terms. Share on XKey Features:
- Loan amount covering up to 85% of the car’s on-road price.
- Tenure of up to 7 years, with affordable interest rates.
- Easy application process, accessible both online and in-branch.
2. HDFC Bank NRI Car Loan
HDFC Bank offers NRI car loans with attractive interest rates, high loan amounts, and flexible repayment options.
NRIs can finance up to 100% of the car’s on-road price, depending on eligibility, with repayment options up to 7 years.
HDFC provides doorstep documentation pickup for NRIs and a hassle-free online application process, making it convenient for those living abroad.
💡Tip: Consider HDFC Bank if you’re looking for 100% financing and an easy documentation process. Share on XKey Features:
- Loan covers up to 100% of the car’s on-road price based on eligibility.
- Repayment tenure of up to 7 years with competitive interest rates.
- Doorstep documentation pickup and online application options.
3. ICICI Bank Car Loan for NRIs
ICICI Bank provides a tailored car loan for NRIs, with loan amounts of up to 100% of the on-road price of the car.
NRIs can avail of flexible repayment options with tenures of up to 7 years, as well as an easy online application and digital processing.
ICICI’s robust NRI banking services also offer the convenience of managing the loan account online, making it easy to monitor and pay installments from abroad.
💡Tip: Choose ICICI Bank if you want a high loan amount with easy online management of your account. Share on XKey Features:
- Loan financing up to 100% of the on-road price.
- Repayment terms of up to 7 years with attractive interest rates.
- Fully digital process with online management and payments.
4. Axis Bank Car Loan for NRIs
Axis Bank offers NRI-specific car loans with affordable interest rates and flexible tenures.
NRIs can finance up to 85% of the car’s on-road price, with repayment periods ranging from 1 to 7 years, depending on their preference.
Axis Bank’s NRI car loans also offer pre-approval for existing NRI customers, simplifying the process and providing added convenience.
💡Tip: Consider Axis Bank if you’re an existing Axis NRI customer and want pre-approved loan options. Share on XKey Features:
- Loan amount covering up to 85% of the car’s on-road price.
- Flexible tenures from 1 to 7 years for easy repayment.
- Pre-approval options for existing Axis Bank NRI customers.
5. Punjab National Bank (PNB) Car Loan for NRIs
Punjab National Bank offers NRI car loans with competitive interest rates and flexible eligibility requirements.
NRIs can avail of up to 85% of the car’s on-road price, with a repayment tenure of up to 7 years.
PNB’s online portal provides a seamless experience for NRIs, allowing them to apply, track, and manage their car loan conveniently.
💡Tip: Opt for PNB if you’re looking for competitive rates and easy management through an online portal. Share on XKey Features:
- Loan amount covering up to 85% of the car’s on-road price.
- Repayment tenure of up to 7 years with competitive interest rates.
- User-friendly online portal for loan application and management.
6. Bank of Baroda NRI Car Loan
Bank of Baroda offers car loans for NRIs with flexible terms, covering up to 85% of the car’s on-road price.
The bank offers flexible repayment terms up to 7 years and attractive interest rates, making it an affordable option for NRIs.
Bank of Baroda’s strong NRI banking services and large branch network make it accessible and easy to manage for NRIs.
💡Tip: Choose Bank of Baroda if you value a large branch network and good NRI support services. Share on XKey Features:
- Loan financing up to 85% of the car’s on-road price.
- Tenure options up to 7 years with competitive interest rates.
- Extensive branch network for easy access and support.
7. Federal Bank NRI Car Loan
Federal Bank provides a dedicated car loan product for NRIs, allowing financing of up to 90% of the car’s on-road price.
The bank offers a tenure of up to 7 years and is known for quick loan processing and disbursement.
Federal Bank also provides a hassle-free online process, allowing NRIs to apply and manage their loans from abroad.
💡Tip: Opt for Federal Bank if you prefer high financing options with quick loan processing. Share on XKey Features:
- Financing up to 90% of the car’s on-road price.
- Flexible tenure of up to 7 years with competitive interest rates.
- Fast processing and an easy online application process.
Comparison Table: NRI Car Loan Options at a Glance
Bank | Maximum Loan Amount | Repayment Tenure | Unique Features |
---|---|---|---|
SBI | Up to 85% of on-road price | Up to 7 years | Extensive network, flexible terms |
HDFC Bank | Up to 100% of on-road price | Up to 7 years | Doorstep documentation pickup, 100% financing |
ICICI Bank | Up to 100% of on-road price | Up to 7 years | Digital management, high financing |
Axis Bank | Up to 85% of on-road price | 1 to 7 years | Pre-approval for existing customers |
PNB | Up to 85% of on-road price | Up to 7 years | Competitive rates, online portal |
Bank of Baroda | Up to 85% of on-road price | Up to 7 years | Strong NRI support and large network |
Federal Bank | Up to 90% of on-road price | Up to 7 years | High financing, quick processing |
Conclusion
Buying a car in India as an NRI can be hassle-free with the right financing option, as these banks offer flexible, affordable car loan options specifically designed for NRIs.
From HDFC’s 100% financing to Federal Bank’s quick loan disbursement, each bank offers unique advantages to meet different needs.
💡Tip: Compare interest rates, loan amounts, and application processes to choose the car loan that best aligns with your financial situation and convenience. Share on XHave you used any of these car loan options as an NRI, or do you have other recommendations?
Share your experiences in the comments to help other NRIs find the best car loan in India!