Seafarers Employed by the Merchant Navy or cargo vessels transport goods by sea from one port to another globally. It can be enormous tanker ships carrying oil, bulk carriers with grain, or smaller vessels with livestock or local cargo. The officers and crew are employed internationally, man the ships, and brave the high seas to facilitate commerce.

Indian nationals are qualified and well-placed to be employed by companies operating under Indian and International flags. A seafarer is expected to continuously serve a 6 to 8-month contract before signing off the ship to take a break and go home for a rest. The diverse nature of the job makes it challenging to adhere to banks’ and NBFCs’ regular policy features for securing credit in the form of a mortgage or unsecured credit as a Personal Loan.

Therefore, leading Banks such as ICICI Bank, HDFC Bank, and Kotak Bank have made provisions for a unique policy that allows Merchant Navy Officers to secure a Personal Loan to fulfil their personal finance needs. To facilitate your credit journey and avoid roadblocks, the profile points listed below are significant and must be noted for the success of your request.

Employer Details: Entities owning cargo ships can register the vessel under the convenience flag in any country based on the economic advantages of lower operating costs and regulatory authority. Countries with the most maritime registries include Liberia, Panama, Singapore, and Hong Kong.

Therefore, a company based in the United Kingdom can own a merchant navy vessel with a Panama registry and employ a crew from India and Greece.

A Personal Loan is unsecured funding therefore, the lender needs assurance that the applicant’s employer is a reputable company and that the applicant’s employment can be verified. If the employer’s office is in India, physical verification is done if the employer does not have an office in India, a confirmation via phone or email is done. To this end, the Lender will require a valid employment letter with a renewed contract for the next voyage, and an HR confirmation from the employer’s office is needed.

Banking: The applicant’s salary must be transferred to the Bank account on a designated date. If the applicant is working with an Indian company, a last twelve-month bank statement with a salary credit is needed from the salary account.

Suppose a foreign company employs the applicant and gets paid in US dollars or other foreign currency. In that case, an Indian national must operate an NRI account for the salary credits and payment of the EMI and an NRO account to receive the loan amount in Indian rupees. A salary slip or certificate giving the details and breakdown of the salary transferred will be furnished with the bank statement as proof of transfer.

Documentation: With a diverse profile, banks require additional documentation to process a Personal Loan for Seafarers in India. Along with the mandatory KYC and Income documents, additional documents required include:

CDC or the Continuous Discharge Certificate: This document issued to seafarers is stamped and signed each time an officer signs on or signs off a Ship. Thus, it records employment, including the years and voyages the applicant has sailed. The CDC must be updated up to the last contract done.

Passport: A merchant navy officer must carry a valid passport when joining a vessel. This enables the applicant to apply for a visa for the country to travel to the destination port overseas and enter the ship. Additionally, a visa is required for travel to other countries thus, the applicant must submit a valid passport copy as proof for Merchant Navy Personal Loan Eligibility.

Residence Ownership Proof: A merchant navy applicant Applying for a Personal Loan should have a self-owned residence. Documentary evidence, such as a utility bill or registration documents, must be submitted with the application. The Kotak Bank only processes personal loan requests from the residence location, whereas the ICICI Personal Loan for Merchant Navy can be processed anywhere in India.

Co-applicant: The job of a merchant navy officer requires extensive travel and absence from home for long periods at a stretch therefore, Banks require a co-applicant who can be reached easily to process a loan request. The co-applicant can be a spouse or a parent, and the applicant’s KYC documents must be submitted with the Personal Loan for Seafarers request.

CIBIL: The applicant must prove that the credit taken will be repaid promptly. Therefore, Merchant Navy personnel must have a healthy credit history and a CIBIL Score of 750 points and above to Apply for a Personal Loan. The co-applicants CIBIL Score and credit history are also considered and must meet the required eligibility criteria.

Income: The job of a merchant Navy officer is strenuous, involving braving the high seas and being away from family for long periods at a stretch, which entitles them to take a break. Banks, therefore, consider a 12-month or yearly period for the income criteria. A minimum 6 months’ salary credit is required over a calendar year the average salary must be more than ₹ 1.60 lakhs monthly as required by ICICI Bank. HDFC Bank and Kotak Bank allow a salary of ₹ 80k on average monthly if the company features in the Approved Company Category List of the Bank.

Merchant Navy officers earn handsome salaries and are offered increased Personal Loan amounts starting from ₹ 1 lakh up to ₹ 40 lakhs the funds approved are transferred onetime to the account and can be used as desired. This gives an applicant the flexibility to use the amount to fulfil personal obligations conveniently.

With straightforward communication via satellites, email, and mobile phones, merchant navy personnel can stay in touch from the high seas, enabling them to monitor their finances. Need to renovate your home or take your family on a much-needed vacation with your family? The plans can start taking shape when They are still sailing, so please get in touch with us at customersupport@yourloanadvisors.com with any inquiries. Updating your documents is also easier while you are still employed, and we can help ensure your personal loan experience is smooth. Over the years, we have successfully assisted many clients.

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