NBFC Personal Loan

Personal Loans by NBFCs - Many Non-Banking Financial Companies (NBFCs) in India provide personal loans to people who need money quickly to cover personal expenses. Personal loan interest rates provided by NBFCs are competitive, ranging from 10.99% p.a. to 36.00% p.a. 

You can usually get a loan for up to Rs.25 lakh or higher, with a processing fee of 2% to 3% of the loan amount. You should, however, evaluate the personal schemes given by different NBFCs before applying for the one that is best for you.

Features of NBFC Personal Loan

Interest Rates: NBFC personal loan interest rates can range from 9% p.a. to 45% p.a., depending on the lender, loan amount, period, and, of course, your credit profile.

Loan Terms: NBFC personal loans are available with terms ranging from a period of 3 months to 84 months. Check with your lender for specifics before applying. Because NBFCs are generally more liberal and pliant than traditional lenders, you may be able to negotiate a tenure that better matches your needs.

Prepayment Fees: You can prepay a personal loan whenever it is convenient for you. However, certain NBFCs may charge a nominal fee for this service. 

NBFC Personal Loan Company List with Interest Rates

NBFC Loan Company List

Interest Rate

Tata Capital

10.99% 

IIFL Finance

24% p.a.

Aditya Birla Capital

14.00% p.a. to 26.00% p.a.

Mahindra Finance

Variable 

HDB Financial Services

36%

NBFC Loan Eligibility

The following are the personal loan eligibility criteria:

  • For NBFC financing, the applicant must be at least 20 years old at the time of application. 
  • When the loan matures, the maximum age should be less than 60 years.
  • Self-employed individuals may also apply, provided they match the income requirements of the finest NBFC in India for personal loans.
  • The candidate must have at least one year of work experience.
  • Salaried personnel working for a government agency, a commercial enterprise, or a multinational corporation may apply.
  • To be eligible for an NBFC bank loan, the applicant must be a resident of India.
  • Salary applicants must have a monthly salary of Rs. 15,000.

The eligibility criteria for each lender may differ.

Documents Required to Apply for the Loan from an NBFC

While lenders only want your PAN and Aadhaar details, some NBFCs may request papers such as:

  • Voter ID cards, Aadhar cards, PAN cards, driving licenses, and other forms of identification are acceptable.
  • Utility bills, rent agreements, and other forms of address evidence are acceptable.
  • Proof of income or employment: pay stubs or bank statements.
  • Voter ID card or Aadhar card as proof of age.
  • Photographs in passport size.

How to Apply for a Loan with an NBFC?

Step 1: Visit the official website of your selected NBFC lender or download the phone app.

Step 2: Check your eligibility by providing some basic information.

Step 3: Fill out the application form and choose the loan amount and repayment term.

Step 4: Finish the e-KYC process.

Connect your bank account and enable auto-debit.

Benefits of Availing of a Loan from NBFCs

Non-banking financial firms' (NBFC) personal loans come with a slew of advantages. Some of the benefits are as follows:

  • Banks frequently reject loan applications from borrowers with low credit scores, thereby lowering their credit scores. Personal loan solutions designed specifically for these consumers are available from NBFCs.
  • NBFCs frequently provide better customer care to their consumers during the approval and post-disbursement process. 
  • Personal loans from NBFCs require little or no documentation than traditional banks because the entire procedure is completed online.
  • Personal loans from NBFCs are approved quickly and processed quickly.
  • NBFCs have less severe eligibility criteria and verification processes than traditional banks, making NBFC bank loans a preferable option in an emergency.   
  • Banks typically approve a percentage of the total loan amount. NBFCs, on the other hand, sanction the entire loan amount without any restrictions.
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