A car for your family in India, or vehicles for your business there.

Some lenders offer car loans to NRIs, usually for a car registered and used in India, for example by your family. Most require a resident Indian co-applicant or guarantor, often a parent, spouse or sibling, and some lend only to the resident family member with you as co-applicant. Lenders look at your overseas income, the co-applicant's income and credit history, and the car's price. Down payment is usually [XX%] of the on-road price, subject to lender policy.

Yes, but then the loan is usually in their name too, with you as co-applicant or guarantor. Lenders generally want the registered owner to be a borrower, because the car is hypothecated to the lender and recorded on the registration certificate. If the car is registered in your name, you will need an Indian address and documents accepted by the regional transport office. Ask your advisor which option the lender prefers for your family.

Not necessarily. The dealer can usually deliver the car to your co-applicant or to someone you authorise in writing, once the loan is disbursed and the registration and insurance are complete. Registration may need the owner's documents and signature, and in some states the owner's presence, so check the RTO rules for the city. If the car is in your name, a power of attorney may help.

Yes, if the vehicle is owned by your Indian business or used in a transport business in India. Lenders usually lend to the business or a resident proprietor, with NRI owners as co-applicants or guarantors. They look at your fleet and transport experience, contracts or route income, permits and the business's bank statements. First-time buyers may need a larger down payment or collateral. Commercial vehicle rates are priced case by case.

Many lenders finance used cars, usually up to [X years] old at loan sanction and no more than [Y years] old at the end of the loan. The loan amount is based on the lender's valuation of the car, not the asking price, typically up to [XX%] of value. Rates are usually higher than for new cars. The lender will check the registration certificate, insurance and ownership history before disbursing.

You need to repay the loan first. The car is hypothecated to the lender, so it cannot be transferred to a buyer until you close the loan, receive a no-objection certificate from the lender and have the hypothecation removed from the registration certificate at the RTO. Many sellers use the sale proceeds to close the loan. Check your loan agreement for any foreclosure charge, which for fixed-rate loans may be [X%].