low interest loans
* JPMorgan Chase Bank
* Bank of America
Loans that are available from India:
A Non Residential Indian or an NRI is a person who is residing outside the Indian Territory and is pursuing a career somewhere in the world. The only problem is that they have to pay a high rate of interest.
Housing loans, debt consolidation loans, car or automobile loans and mortgage loans are the kind of loans available in the market as of now. Even secured and unsecured loans are available quite easily all you need is to simply walk into a bank branch and sign a few papers as most of the banks have associates in almost every country now days.
Indian loans available to NRIs are no different than the loans available to a Resident Indian. However there a few additions made by the Reserve Bank of India like:
The copy of their valid Indian Passport has to be ready.
Any NRI who is above 21 years of age is eligible for a loan.
NRIs should be a graduate for an NRI loan.
In addition to this the RBI states that NRIs who have some kind of property in India are eligible to get a loan (Some exceptions are there).
NRIs with a minimum regular monthly income of Rs.10000 or $2000 are eligible to get a loan.
The repayment of loan is between a span of 10 to 15 years.
Needless to say that an NRI needs to pay from either an NRO or an NRE account.
Remember there are many financial organizations which are also offering Indian loans to NRIs for various purposes. Beware of them as they may not be the right ones. Do not get duped in the name loans. Think logically as you are not residing India anymore and do not let anyone to take you for a ride. It is recommended that you go for centralized bank loans over any other money spinning offers.
Before availing any of these loans make sure that you have researched well on them. For this you can log into the net and get all the information on the different websites of the Indian banks. You can get a fair idea from this investigation that what kind of a loan best suits your requirement and then you can go ahead with your plans accordingly. To add to this what can be said is that an online form filling is better than all the paper work that follows a loan. It is hassle free and it is advised that you opt for one. DonГѓВўГўвЂљВ¬ГўвЂћВўt forget that it is convenient as well.
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