NBFC Personal Loans

Non-banking Financial Companies (NBFCs) in India are known to offer personal loans to borrowers who are in need of funds. The money that you receive from a personal loan does not have a usage restriction, which means that you may use the funds for any purpose. This includes medical emergencies, education, property renovation, or even travel. Unlike most banks, NBFCs provide a flexible approach to loan approvals and could offer quicker approvals. A personal loan from NBFCs is an unsecured loan; hence, you do not need to pledge any collateral. However, the interest rates, eligibility criteria, and other lending terms may vary from one lender to another.

There are plenty of NBFCs in India that offer personal loans at a competitive interest rate along with flexible repayment terms. Here is a list of NBFCs offering personal loans on Bajaj Markets:

Understanding the eligibility criteria for a personal loan is important because it can help improve your chances of approval and securing better lending terms. Every NBFC may have different eligibility criteria; however, here are some of the most common factors:

• Age: You must be between 21 and 60 years

• Employment Type: You must be either self-employed or a salaried employee

• Minimum Monthly Income: Should range between ₹15,000 and ₹30,000 per month

• Credit Score: A credit score of 750 or higher is considered ideal by most NBFCs

• Employment Status: Self-employed borrowers must have a business vintage of at least 2 years, and salaried borrowers must have 6 to 12 months of stable employment

Along with the eligibility criteria, you will need to submit a set of documents as well. Make sure that the following documents are in order to avoid any delays. The documents may differ from one lender to another, but here are some of the common ones:

Identity Proof: Any one of the following

• Aadhaar Card

• PAN Card

• Voter ID

• Passport

Address Proof: Any one of the following

• Aadhaar Card

• Utility Bills

• Rental Agreement

Income Proof

• Salary slips

• Income Tax Returns

• Bank statements for the past six months

Here are the steps you can follow to apply:

1. Click on ‘CHECK ELIGIBILITY’ option on this page

2. Enter details as required 

3. Compare the different NBFC personal loan interest rates and choose a lender that meets your needs

4. Upload the documents required for verification\

A customer service representative will get in touch with you for further processing once your loan application has been verified.