SBI NRI Services - Car Loan

  • NRI will be an Applicant (Borrower), with a Resident Indian as a Guarantor
  • Both Applicant & Guarantor, should be of an age between 21 - 65 years
  • Loan must be repaid before the applicant reaches the age of 65

NRI applicant (borrower) should fulfill 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 Rs. 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 Rs.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

Guarantor (resident Indian) should fulfill the following conditions:

Guarantor, a Resident Indian, should be a relative to the NRI and should fulfill any one of the following relationships with the NRI, to stand guarantee for the loan:

  • Spouse
  • Father
  • Mother (including step-mother)
  • Son (including step-son)
  • Son's Wife
  • Daughter (including step-daughter)
  • Daughter's Husband
  • Brother's wife
  • Sister (including step-sister)
  • Sister's husband
  • Sister (including step-sister) of the spouse
  • Brother (including step-brother) of the spouse
Guarantor can be:
  • Individual
  • Agriculturist
  • Professional
  • Self-employed person
  • Business man
  • Student
  • Parent of an NRI, receiving pension or inward remittance at regular intervals
Guarantor must have an SBI Savings bank account (only when there is an income source) No minimum income criteria for Guarantor
Loan Amount
  • Loan amount eligible is derived on the basis of the Applicant's income (no ceiling)
  • The maximum loan amount is 18 times the Net Monthly Income (NMI) or 1.5 times Net Annual Income (NAI) of the applicant
  • In no case, the EMI (Equated Monthly Installment) / NMI (Net Monthly Income) percentage should not exceed as per the table given below :

Net Annual Income EMI / NMI should not exceed

Up to Rs.10 Lacs


Above Rs. 10 Lacs


Margin :

15% of the on - road price of the car, which includes taxes, insurance, accessories and extended warranty total maintenance Package etc. The maximum cost of accessories, extended warranty and total maintenance package should not exceed 5% of the ex-showroom cost of the vehicle or Rs. 50,000/- whichever is lower.

Processing Fee :

Please click here (as applicable for SBI Car Loan Scheme)

Interest Rates :

Please click here (as applicable for SBI Car Loan Scheme).

Security :
  • Hypothecation of vehicle and recording of vehicle hypothecation charges in the books of the Regional Transport Office (RTO)

Repayment :

Funds for repayment may be:

  • Remittances from abroad through normal banking channels
  • Out of funds from NRE / FCNR (B) / NRO accounts of the applicant
  • Remittances out of local funds by close relatives of NRIs
Loan must be repaid within 7 years (maximum) from date of purchase of the car

Prepayment Penalty :

Zero prepayment penalty, if loan is repaid before maturity

  • 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
  • Tri-merge / any other credit reports as applicable. Score of less than 620 for Tri-merge is not eligible. If the country of residence does not have a credit score system for individuals, the bank will rely on the income level and the statement of assets & liabilities furnished by the NRI

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.