Foreign banks are a type of international bank that is required to obey both home country and host country legislation. These foreign banks are categorized as banks based in another country that have branches in India. In India, foreign banks have a presence as a representative office or a branch. American Express Banking Corporation, Barclays Bank, Bank of America, Citibank N.A, Deutsche Bank, DBS Bank India Limited, HSBC Ltd, Standard Chartered Bank, and others are the finest banks in India for international banking. In terms of credit card services, Standard Chartered Bank comes out the best bank in India.
List of the best Foreign Banks in India 2021
With the help of the mentioned list, one can avail of a personal loan in India:
- Citi Bank Personal Loan
Citibank, formerly known as City Bank of New York, is a worldwide bank with roots dating back to 1812 in New York, United States. Citibank India was founded in 1902 with the goal of providing a wide range of banking, investment, and consulting services, as well as risk management and transaction services. It offers an interest rate of 9.99% p.a.
- HSBC India Personal Loan
HSBC Bank India is a Hong Kong and Shanghai Banking Corporation affiliate. The Indian subsidiary, based in Mumbai, provides a wide range of services, including retail banking, personal banking, debit and credit cards, loans, and foreign exchange, among others. HSBC Bank offers the personal loan interest rate at 9.99% p.a.
- Deutsche Bank Personal Loan
The Deutsche Bank was founded in Frankfurt, Germany, as its name suggests. The bank’s Indian affiliate was founded in the country’s financial metropolis, Mumbai, in the year 1980! Today, the bank has 17 locations around the country and a loyal customer base of 5 lakh people. Thus, you can check out the personal loan interest rate at 24% p.a.
- Standard Chartered Bank for Personal Loan
Standard Chartered plc is known as the British multinational banking and financial services firm headquartered in London, England. It has about 87,000 employees and over 1,200 branches and shops in over 70 countries. The London Stock Exchange is Standard Chartered’s major listing, and it is a constituent of the FTSE 100 Index. Secondary listings are available on the Hong Kong Stock Exchange, the National Stock Exchange of India, and OTC Markets Group Pink.
- Bank of America Personal Loan
The Bank of America, another international bank with headquarters in Mumbai, has its origins in the United States, as its name suggests. With five branches in India, the bank excels at supporting international transactions between India and the United States.
- Doha Bank Personal Loan
Doha Bank was founded in 2014 and has already shown to be a huge success. The bank, which has three branches in Mumbai, Chennai, and Kochi, was founded in Qatar and now has a substantial presence in India. Corporate Banking, NRI Banking, Personal Loans, Trade Services, and Foreign Exchange are just a few of the services offered by the bank.
- Royal Bank of Scotland
In India, the Royal Bank of Scotland was founded in 1921 with the goal of providing a comprehensive range of banking services. The bank, which is regarded as one of India’s best foreign banks, now operates in the country through ten branches strategically positioned in the country’s major cities and provides debt capital market, financial advising, and foreign exchange, and many services. The bank’s Indian affiliate will now be named NatWest Markets PLC, according to a recent announcement.
- Bank of Bahrain and Kuwait for a personal loan
The Bank of Bahrain and Kuwait was created in 1971 in Bahrain, with roots in the Middle East. The bank first arrived in India in 1986, with the intention of serving both residents and non-resident Indians. The bank now has four branches across India, in Mumbai, Hyderabad, Aluva (Kerala), and New Delhi.
- Barclays Bank for a personal loan
The London Stock Exchange is the primary listing for Barclays, which is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange. It is classified as a systemically important bank by the Financial Stability Board. Barclays plc is a British global universal bank headquartered in London, England.
Benefits of using foreign banks in India
Here are some benefits for availing foreign banks in India:
- Money can be easily repatriated to and from India and other countries.
- NRIs can now invest in mutual funds with ease.
- Documentation that is simple to complete, such as KYC in the customer’s home nation
- Benefits include greater interest rates than local banks.
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