Nri Loans - Suits All Purpose

By Author: Kirthy Shetty
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Being an NRI, does not stop you from applying for loans in India. During your stint as an NRI, you can opt for funds to carry out repair or refurbishments of your home, invest in real estate market, buy a new flat or an old one, construct your house, fund your kid's education and for other personal needs. Do not be flummoxed by the volley of NRI loan options provided to you. Find out how you can apply for this?

Simple and convenient way to obtain urgent fund is the online option. You can open an NRE Non Resident External (NRE) or Non-Resident Ordinary (NRO) bank account if you don't have one. This will allow you to carry out your banking transactions at your home country at ease. Online medium allows you to apply for your personal loans at the comforts of your home. You can opt for a co-applicant or a guarantor for the loan so that the lender will be guaranteed of the loan payment in times of any eventuality such as accident, death etc. USD, EUR, GBP, JPY are the foreign currency options available to you.

It makes a lot of sense to gift your spouse or parents a beautiful flat in the hometown. You can get back home ...
... and relax in India when you are off your project work. It offers you solace that you have carried out your responsibilities, although you were staying abroad. You will be curious to see the new house, when you get back to your hometown.

In order to be able to qualify for these NRI loans, you must furnish certain essential documents such as a valid Indian passport, your asset papers owned in India, and proof of age to prove that you are 21 years or above. According to RBI, a borrower should have an asset of his own in India to be able to qualify for the loan.

Kirthy Shetty, Expert Author.
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