Q.817 Car Loan in India for OCI

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Question: Hi, I am a Barbadian (West indies) passport holder and have had an OCI for close to 3 yrs. I have been living in India, kerala since I was 10 years old and I am now working as a doctor in kerala for the last 7 months. I have an account in SBI and wanted to know if I could 1. apply for a car loan for a new hyundai i20 using my OCI status and 2. whether giving the passport number of my Barbadian passport would cause my loan to be denied. I would be very grateful for a speedy response. Cheers Sai Sada [November 3, 2015] Answer: An OCI holder is an OCI holder regardless of which countries passport they hold. As far as legality of getting a loan in India is concerned, OCI holders can get loans from banks for various purposes such as buying properties and yes! for buying a car. Each bank will have their own criteria for approving loans. Generally for car loans all banks will want the vehicle to be hypothecated to the bank and the lien noted in the registration certificate book. They would obviously look for some collateral to secure the loan and perhaps in some cases want a guarantor to co sign. It all depends on your relationship with the bank. I did look into SBI car loan for NRIs and found that they require Non-residents applying for a car loan to have a resident Indian relative as a guarantor. I would assume that some of the private banks would be easier to deal with.