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Get access to personal loans from leading NBFCs with quick approvals, minimal documentation, and a flexible repayment tenure that suits your financial needs.
Last updated on: Aug 28, 2026
Looking for a fast, reliable way to bridge a financial gap without the traditional banking hassle? A personal loan from a Non-Banking Financial Company (NBFC) could be the ideal solution.
Because these loans are entirely unsecured, you do not need to pledge any collateral to qualify. This makes them highly accessible for a variety of major expenses, such as medical emergencies, higher education, home renovations, or travel.
NBFCs are widely recognized for their streamlined processing timelines and flexible loan options. However, because terms are customized to your individual credit profile, interest rates and eligibility criteria will vary from one lender to another, making it essential to compare options before applying.
An NBFC loan is a type of loan offered by Non-Banking Financial Companies instead of traditional banks. These lenders provide quick access to credit with flexible eligibility criteria and faster processing. Such a loan is often preferred when you need minimal documentation, quicker approval, or customised loan options based on your profile. For example, an NBFC personal loan can be easier to get if you have a limited credit history or do not meet strict bank requirements, making it a convenient option for many borrowers.
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:
| Available Offerings | Starting Interest Rate (p.a.) | Maximum Loan Amount | Maximum Tenure | Processing Fee |
|---|---|---|---|---|
10% p.a. |
₹55 Lakhs |
108 months |
Up to 4.13% of the loan amount (Inclusive of applicable taxes) |
|
12% p.a. |
₹10 Lakhs |
60 months |
Up to 5.1% + GST |
|
18.96% p.a. |
₹2 Lakhs |
24 months |
₹50 to ₹200 + 18% GST (maximum APR of 48%) |
|
23% p.a. |
₹5 Lakhs |
36 months |
2.5% to 4% of the loan amount |
|
17.25% p.a. |
₹6 Lakhs |
60 months |
1.50% to 4.50% of the loan amount |
|
16% p.a. |
₹5 Lakhs |
36 months |
Up to 5% of the loan amount plus applicable taxes |
|
18% p.a. |
₹1 Lakh |
12 months |
2% to 12% of the loan amount |
|
12% p.a. |
₹5 Lakhs |
36 months |
1% onwards |
|
18% p.a. |
₹5 Lakhs |
12 months |
2% to 6% of the loan amount |
|
13.99% p.a. |
₹10 Lakhs |
60 months |
2% to 5% of the sanctioned amount |
|
15.95% p.a. |
₹10 Lakhs |
60 months |
Up to 3% of the loan amount |
|
14.5% p.a. |
₹10 Lakhs |
60 months |
2% to 4% of the loan amount |
|
14% p.a. |
₹5 Lakhs |
36 months |
Up to 2% of the loan amount |
|
14% p.a. |
₹4 Lakhs |
24 months |
3% to 5% of the loan amount |
|
14% p.a. |
₹5 Lakhs |
60 months |
2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
|
12% p.a. |
₹15 Lakhs |
48 months |
Up to 3% of the loan amount + GST |
|
12% p.a. |
₹25 Lakhs |
60 months |
0% to 6% of the loan amount |
Disclaimer: The interest rates and other lending terms listed above are subject to change at the lender's discretion.
Note: List includes NBFCs and lending platforms partnered with NBFCs.
NBFCs that offer personal loans often have a quick loan approval process compared to traditional banks.
The documents required for an NBFC personal loan are minimal, which simplifies the application process.
NBFCs provide personal loans with a different range of loan amounts based on the borrower's financial needs and eligibility.
The interest rate for an NBFC personal loan may be comparable to or slightly higher than traditional bank rates, depending on the applicant's credit profile.
Some NBFCs may offer personal loans to borrowers with a low credit score. However, these loans may come with higher interest rates or stricter terms due to the increased risk.
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: 21 and 60 years
Employment Type: Self-employed or a salaried employee
Minimum Monthly Income: Between ₹15,000 - ₹30,000 per month
Credit Score: A credit score of 650 or higher
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: Aadhaar Card, PAN Card, Voter ID, or Passport
Address Proof: Aadhaar Card, utility bills, or rental agreement
Income Proof: Salary slips or Income Tax Returns (ITR)
Bank Statements: Recent bank statements (usually for the last 3–6 months)
Here are the steps you can follow to apply:
Click here to apply for a personal loan
Enter details as required
Compare the different NBFC personal loan interest rates and choose a lender that meets your needs
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.
Understanding the difference between an NBFC loan and a bank loan can help you choose the right option based on your needs, eligibility, and urgency.
Here’s a clear comparison:
| Parameter | NBFC Loan | Bank Loan |
|---|---|---|
Processing Time |
Faster approval and disbursal |
May take longer due to stricter verification |
Eligibility Criteria |
Flexible, suitable for varied borrower profiles |
Strict eligibility based on income, credit score, and employment |
Credit Score Requirement |
May consider applicants with lower credit scores |
Typically prefers higher credit scores |
Interest Rates |
Usually higher due to increased lending risk |
Generally lower compared to NBFCs |
Documentation |
Minimal and quicker to process |
More detailed documentation required |
Loan Customisation |
Offers flexible loan options and tenure |
Less flexible compared to NBFCs |
Reviewer
Ans: Yes, an NBFC personal loan works like any other loan, and your repayment ability can have a positive or negative effect on your credit score.
Ans: The loan amount that you can borrow differs from one lender to another based on your eligibility.
Ans: A personal loan from an NBFC has a more relaxed eligibility criteria. Along with this, banks offer a lower interest rate but have a stricter approval process, while an NBFC is quick to approve a personal loan.
Ans: An NBFC loan is offered by a Non-banking Financial Company. The conditions for a personal loan from an NBFC are much more relaxed, require minimal documentation, and offer quick disbursal. However, they may have a slightly higher interest rate than traditional banks.
Ans: The maximum amount an NBFC can lend depends on different factors such as your repayment history, credit profile, monthly income, etc. Each lender may have a different limit for the loan amount that they offer.
Ans: NBFCs that are registered with the Reserve Bank of India (RBI) and follow its compliance regulations are considered secure. Compare the different NBFCs available and the lending terms they offer before applying.
Ans: You may be able to get an NBFC personal loan even with a poor credit score, but the lending terms may not be stricter. You may be eligible for a personal loan at a higher interest rate.
Ans: Yes, there are many NBFCs in India that offer personal loans. The lending terms for their NBFCs differ; thus, it is important to compare their offers before applying.
Ans: The eligibility for an NBFC personal loan depends on different factors such as age, credit history, employment status, and employment type. Make sure you meet the lender's eligibility criteria before applying to improve your chances of approval.
Ans: An NBFC may offer a personal loan for applicants with a low CIBIL score, but the interest rate may be higher. Compare the offers from different NBFCs before applying.
Ans: You can apply for an NBFC loan online by filling out an application form, uploading basic documents, and completing verification. Once approved, the loan amount is disbursed directly to your bank account.
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