The NRI Car Loan Power of Attorney (POA) is a legal document used when a Non-Resident Indian (NRI) agrees to act as a guarantor for a car loan from State Bank of India (SBI) but cannot be physically present to sign the paperwork.

Here are the key points of the document:

Purpose and Scope

• Facilitation of Guarantee: The NRI (the “executant”) appoints a trusted person (the “Attorney”) to sign guarantee agreements on their behalf because they cannot do so expeditiously in person.

   

• Ratification: The NRI formally agrees to accept and “ratify” all lawful actions taken by the Attorney regarding the loan guarantee as if they had performed the actions themselves.

Powers Granted to the Attorney

The Attorney is authorized to perform several specific tasks:

• Execution of Documents: Sign the Guarantee Agreement and any other necessary documents required by SBI for the car loan.

   

• Financial Responsibilities: Pay necessary stamp duties or any other fees required during the execution of the guarantee.

• Legal Representation: Appoint advocates or solicitors if necessary and pay their professional fees.

• Incidental Acts: Perform any other actions deemed necessary to complete the guarantee process.

   

Execution Requirements

• Identification: A photograph of the Attorney must be pasted on the document and attested by the NRI(s) providing the power.

• Witnessing: The document must be signed in the presence of a Notary Public or Magistrate.

• Mandatory Attachments: The NRI must enclose a copy of the standard SBI Guarantee Agreement format—which can be received via email or electronic download—with the POA.

   

• Multiple Guarantors: If there is more than one NRI guarantor, the names and addresses of all must be provided in the document.