Personal Loan For Merchant Navy

Special Offers

Rate of Interest
10.5% onwards
Processing Fees
Loan Amount
Upto ₹ 30 lakhs
Unsecured Funds
Flexible Repayment
Apply For Personal Loan

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With the representative APR of 11.25% of a Personal Loan for ₹ 2 lakhs to be repaid over 60 months, the EMI will be ₹ 4373.46 per month for the entire tenure.
What is a Personal Loan?
A career in the merchant navy is lucrative, though sailing the high seas from one port to another for days, facing stormy seas & rough weather conditions can be a harrowing experience.
Living the unconventional life has its compensations Merchant Navy officers receive handsome salaries as per international standards.
All Officer and crew Certifications are recognised internationally there are no restrictions to the management of ships by officers from any part of the world Indian crew & officers can be employed on Indian vessels and are also working on Ships registered in other countries.
Indian seafarers working for Indian companies receive salaries in Indian currency. In contrast, Indian citizens working for Companies registered under a foreign flag will get compensation in foreign currency.
What are The Personal Loan Usages?
Banks offer unsecured funding to Merchant Navy employees for personal usage, such as:
Wedding Expenses or a Family Celebration
A wedding or a family function is a joyous occasion requiring budgeting for parties, new attire and gifts any shortfalls are stressful. A Personal Loan is readily available to help cover any shortages and ensure celebrating happily.
Home Renovation
Making your home comfortable and functional for your family and a welcoming place to return to is a priority banks issue Personal Loans to buy new gadgets and refurbish and redecorate your home as per your taste.
Travel and Holiday Expenditures
Taking some time off to relax and go for a holiday has become necessary to rejuvenate and spend quality time with your loved ones. Costs can be restricting give your loved ones a memorable holiday with funding via a Personal Loan.
For Further Education or School Fees
A good education is a basis for a successful future parents aspire to send their children to the best institutions and provide updated facilities. Personal Loans are an easy way to secure funds for schooling or further education fees.
Medical Needs and Emergencies
An emergency or illness comes without asking at this time, getting the best care is a priority. Costs can be overwhelming, but having a stress-free life by making sure funds are available when needed. A Personal Loan is ideal, as Banks process and disburse loan amounts within 72 hours.
What Are The Features of a Personal Loan for Seamen?
The significant features of a Personal Loan are as follows:
Loan Amount
The Loan amount offered as a Personal Loan is a minimum of ₹1 lakh and the maximum Personal Loan amount issued per the Applicant's eligibility is ₹ 40 lakhs.
Unsecured Funds
Banks issue a Personal Loan without security no guarantees in the form of Gold or a mortgage are needed to secure a Personal Loan.
Quick and Streamlined Process
A Personal Loan process designed to work efficiently so the customer receives funds when required. The introduction of digital techniques has further decreased turnaround time; now, amounts reach the account in 72 hours.
What are The Eligibility Criteria For a Personal Loan For Merchant Navy?
Banks offering Personal Loan for Merchant Navy Officers and employees tabulate the eligibility according to their unusual working conditions. The employment contract requires seafarers to sail on the high seas for more than six to eight months at a stretch, which gives them the status of an NRI (non-resident Indian); therefore, the terms applied are not per the regular norms and checking the requirement before Applying For a Personal Loan is essential.
Leading Banks That Process Personal Loan For Seafarers in India are
  • HDFC
Individual terms of the Banks may differ, but the basic policy requirements are similar. Note the following eligibility points to Apply For a Personal Loan successfully.
Be Sure To Meet These Essential Profile Points
  • The Applicant must be a citizen of India above 23 years of age.
  • With an education of graduation or equivalent.
  • Completion of Work experience of 24 months or more.
  • Stability of residence in India, whether owned or rented.
It is mandatory for a Personal Loan aspirant employed in the Merchant Navy to provide a co-applicant the co-applicant should be a blood relative or a spouse. Residence in a City where the Bank has a branch is preferable to facilitate verification and contact.
CIBIL Score and History
All past credit usage and repayment history of an Applicant will reflect in the CIBIL records. Lenders evaluate the CIBIL score of an individual before processing a loan request. Credit users must score 720 points above with an on-time repayment record. It is not mandatory to have a CIBIL record, but financers feel secure extending credit to a customer with a proven track record.
The Applicant's salary must be above ₹ 1 lakh per month Banks take this income as an average over 12 months due to the Merchant Navy system of 8 months of sailing and four months of break time.
The electronic salary transfer to the Bank account must reflect regularly, i.e., the transfer must occur every month within a designated period. Salary credit for a continuous period of 6 months is required to apply.
Including other regular sources to increase the income is allowed if the loan amounts required are considerable and documentary proof is provided.
Bank Accounts
Applicants with companies registered in a foreign country receive remuneration in American $ or other foreign currency transferred to an NRI/NRO account. The Bank deducts the monthly instalment or EMI from this account.
The Applicant must have an alternate account in an Indian Bank, with the co-applicant as a joint account holder or the co-applicant as the primary account holder and the Applicant as a joint holder. The Bank will transfer the loan approved to this account.
Banks require proof of current work and a steady job to issue a Personal Loan. The employer's office should be in an Indian metro city for verification. The Applicant must submit an Employment letter and contract for the next voyage.
What are The Advantages of a Personal Loan?
Use as Required
There are no restrictions on using funds received as a Personal Loan. Once credited to the account, spend the amount as needed. However, it is prudent not to use the funds for invalid reasons like investments and gambling.
Accessible Documents
Lenders process a Personal Loan based on the customer's profile and documents, which are easily accessible. An Applicant can quickly secure a loan without security or guarantees, only the appropriate paperwork.
Repay Conveniently
The instrument to repay a Personal Loan is by EMI (equated monthly instalments) deducted from the customer's Bank account on a designated date. The customer's responsibility is to ensure enough funds in the Bank on the due date.
Flexible Tenure Options
The Tenure or the repayment term is applied, considering the customer's capacity to repay the instalment. If a higher instalment is affordable, the Applicant may request a shorter tenure or choose to repay conveniently over 60 months.
What are The Fees Associated with a Personal Loan?
The charges for a Personal Loan are standard for most Lenders; significant fees include:
Interest Rate
This is the cost of funds for the loan given and ranges from 10.50% to 18%. The interest rate for a Personal Loan is applicable at a monthly reducing balance. The Bank informs the Applicant on disbursal of the interest rate and EMI payable for the Tenure.
Fees For Processing
The file charges for processing the loan request. Banks charge fees per the individual policy from 1% to 2 % of the loan amount. Discounts are offered to applicants issued a loan above ₹ Ten lakhs or more.
Charges Related To Foreclosure and Partial Payments
Banks permit the Foreclosure of a Personal Loan after repayment of 12 EMI. Charges applicable are 3% to 5% on the amount prepaid for the Foreclosure or the part payment. 25% of the loan amount is allowed as a partial payment every quarter with charges as applicable.
Personal Loan Insurance Charges
The Client can avail of Personal Loan Insurance, which provides compensation for accidents, death and freedom from liability for repayment of the loan by family members.
Some also offer delayed payment cover of two to three EMI. Charges are ₹ 1000/- per lakh, which can be paid upfront or embedded in the EMI.
Processing Fees 10.75%- 16% 10.75%- 16% 10.75%- 16%
Processing Fees Nil to 1% Nil to 1% Nil to 1%
Tenure 12 to 60 months 12 to 60 months 12 to 60 months
Pre Closure Charges 3% to 5% 3% to 5% 3% to 5%

Your Loan Advisors provide services completely FREE of cost.

Other Charges are Listed Below:

Other Charges incurred for a Personal Loan

Loan Cancellation Charges Nil (However the processing charges will not be re-funded. Interest will be charged on the interim period of loan closure).
Cheque Bounce Charges Rs 550/- per cheque Bounce.
Charge For Late Payment 2% per month from the date of unpaid EMI
Cheque Swapping Charges Rs 500/-
Cheque Swapping Charges Rs 200/-
Stamp Duty At actual as per applicable law
CIBIL Report Copy Charge Rs 50/- per copy.
Service Tax/Other Taxes At actually applicable presently or in the future.
Legal, Repossession & Incidental Charges At Actual.
What is The Procedure For issuing a Personal Loan?
Most Banks endeavour to issue a Personal Loan within 72 hours of receiving an application, for which there should be no roadblocks. Our advisors at have a decade of experience guiding our customers to hassle-free process their applications.
Understanding the process will help to expedite the process.
Check The Eligibility Criteria To Confirm Eligibility.
For Merchant Navy personnel, the essential criteria are the continuity of employment and a valid contract for the next voyage. If the Applicant has taken an extended break for any personal reason, the Company has to endorse that the re-employment offer stands.
Assimilate Required Documents
The documentation submitted must be valid and legible. Banks require specific documents to process a loan for Merchant Navy officers. Check the list to ensure availability if any is missing, the Bank will stall the processing.
Fill Out The Application Form With Care
All information given should be accurate, as the agencies of the Bank will verify the same. It must match the documentation details the request can be held up or rejected if any discrepancy occurs.
After Receipt of The Application
The Bank allows a file number and communicates the same to the Applicant via SMS and email. The identification number is for all further communication and serves as an acknowledgement.
A request is sent to CIBIL to retrieve the score and history if the score meets the criteria, the Bank forwards the customer details for verification.
The Applicant may seek clarification if there is a discrepancy in the CIBIL. If there is no credit usage, the process moves to the next step.
Physical Verification
The Lender initiates a Physical verification at the residence premises and conducts an employment verification, telephonically or physically.
The office staff must confirm the employment details and verify the documents submitted.
Positive Details
If all the checks conducted are positive, the file moves to the underwriting stage The officer of the Bank makes a call to the customer to verify all information given, checks all the inputs and calculates the eligibility for the loan amount the Bank can issue.
Finally, the Bank informs the customer regarding the decision and significant terms of the loan, which include:
  • The Loan Amount That The Bank Approves.
  • The interest Rate.
  • The Processing Fees.
  • The Tenure for Repayment.
And forwards an agreement to the Client for confirmation the Agreement contains details for the loan, such as:
  • The monthly instalment the customer has to pay for repayment of the loan.
  • The Bank presents the ECS on the 1st, 7th or 15th of the month keep the date in mind to ensure enough funds to clear the EMI.
  • The Agreement includes other costs, including Foreclosure, part payment and charges for delayed EMI.
It is advisable to go through the terms of the Agreement and seek clarifications if required. After the Client accepts the terms and signs the Agreement, the Bank transfers the loan amount electronically to the saving account where the co-applicant is also a joint-holder.
The Lender presents the EMI to the account on a fixed date for the designated Tenure.
Documents Required For a Personal Loan for seafarers in India
Income Documents
Three month's salary slip
Bank Statements for the last six months.
Copy of Continuous discharge certificate (CDC).
Previous & current Contract letter with the date of joining mentioned.
Passport copies with a valid visa.
KYC Documents
Pan Card Copy
Aadhaar Card Copy
Current Address Proof
Ownership Proof of residence (Electricity Bill, Water Bill, Copy of Registry)
2 passport-size photographs.
Documents For Co-Applicant
Bank Statement for six months of the joint account
KYC Documents
Pan Card
Aadhaar card/ Driving License/Passport Copy
  • Can all Merchant Navy Officers Get a Personal Loan?
  • All Indian nationals regularly employed with an India based or a foreign company are eligible to apply for a Personal Loan.

  • What Minimum Work Experience is Required for a Merchant Navy officer to get a Personal Loan?
  • A minimum work experience of 2 years is mandatory before applying for a Personal Loan.

  • Why are the terms and conditions applicable for Merchant Navy employees different from regular salaried applicants?
  • The terms and conditions of a Personal Loan for Merchant Navy officers differ because of the nature of employment. Per the contract, an applicant in the merchant navy must work continuously on board a Merchant Navy vessel for 6 to 8 months in a year, after which he is relieved of duties for four months.

  • What is the minimum salary for a Merchant Navy applicant to be eligible for a Personal Loan?
  • The minimum salary requirement for a merchant navy applicant is ₹ 1 lakh per month.

  • What is the best time for a Merchant Navy applicant to apply for a Personal Loan?
  • The best time for a Merchant Navy officer to Apply For a Personal Loan is at the sign-off of the current contract. As the documentation required for a Personal Loan is readily available.

  • What are the specific Personal Loan terms for a Merchant Navy applicant working with a foreign company?
  • A Merchant Navy applicant working with a foreign company must have an NRE or an NRI account for monthly salary transfer and a Bank account in India with a co-applicant.

  • Is a Bachelor Working in the Merchant Navy Eligible For a Personal Loan?
  • A bachelor has to add either parent as a co-applicant to be eligible for a Personal Loan.

  • Is the interest rate for a Personal Loan fixed or liable to change during the Tenure?
  • The Bank applies the interest rate at the time of disbursal, which remains fixed for the entire Tenure.

  • Does the Applicant Have To Pay any Funds upfront for processing a Personal Loan?
  • The Applicant need not pay any advance to process a Personal Loan. The Bank deducts the processing fees from the loan amount approved, and no charges are applicable for a declined request.

  • How is The Partial Payment Applied Towards The Principal Amount?
  • When a loan holder repays a partial amount of the loan borrowed, the Lender adjusts this amount against the principal balance. The EMI amount remains the same, but the Tenure reduces.

  • What Steps To Take if The EMI Bounces?
  • If the EMI returns unpaid, take immediate action and pay the amount from an alternate account or deposit funds and ask the Bank to represent the EMI.

  • Can a Seafarer Apply For a Personal Loan Online?
  • Banks digitally process a Personal Loan Application if all the documents are clear and legible, the Applicant should be available to complete the KYC and verification.

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