Get access to personal loans from leading NBFCs with quick approvals, minimal documentation, and a flexible repayment tenure that suits your financial needs.
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:
NBFC |
Starting Interest Rate (p.a.) |
Maximum Loan Amount |
Maximum Tenure |
10.00% |
₹35 Lakhs |
96 months |
|
34.00% |
₹3 Lakhs |
18 months |
|
18.00% |
₹1 Lakh |
12 months |
|
18.00% |
₹5 Lakhs |
42 months |
|
18.00% |
₹5 Lakhs |
36 months |
|
18.00% |
₹5 Lakhs |
12 months |
|
16.00% |
₹10 Lakhs |
60 months |
|
15.95% |
₹10 Lakhs |
60 months |
|
14.50% |
₹10 Lakhs |
60 months |
|
14.00% |
₹5 Lakhs |
36 months |
|
14.00% |
₹4 Lakhs |
24 months |
|
14.00% |
₹5 Lakhs |
60 months |
|
12.00% |
15 Lakhs |
48 months |
|
12.00% |
₹25 Lakhs |
60 months |
|
9.99% |
₹5 Lakhs |
60 months |
Disclaimer: The interest rates and other lending terms listed above are subject to change at the lender's discretion.
Features and Benefits of an NBFC Personal Loan
An NBFC personal loan gives people a quick and convenient way to get access to funds without pledging collateral. Here are some of the key features and benefits that you should be aware of before applying:
Quick Process
NBFCs that offer personal loans often have a quick loan approval process compared to traditional banks.
Minimal Documentation
The documents required for an NBFC personal loan are minimal, which simplifies the application process.
Flexible Loan Amounts
NBFCs provide personal loans with a different range of loan amounts based on the borrower's financial needs and eligibility.
Competitive Interest Rates
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.
Flexible Repayment Options
You can choose from a repayment tenure ranging from a few months to a couple of years, making it convenient to repay the loan.
Online Application Process
Enjoy a seamless application process that allows you to apply for an NBFC personal loan online.
Instant Personal Loan Options
You could get an instant personal loan from an NBFC where the funds are disbursed within just a couple of hours.
Unsecured Loan
These types of loans do not need collateral, making them accessible to a wide range of borrowers.
Availability for Low Credit Score Borrowers
Some NBFCs may even offer personal loans that cater to borrowers with a low credit score; however, these may come at a higher interest rate.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:
Click on ‘CHECK ELIGIBILITY’ option on this page
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.
Frequently Asked Questions
Does an NBFC personal loan affect my credit score?
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.
How much can I borrow from an NBFC?
The loan amount that you can borrow differs from one lender to another based on your eligibility.
How is an NBFC personal loan different from a bank loan?
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.
What are NBFC loans?
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.
What is the maximum amount an NBFC can lend?
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.
Which is the most secure NBFC in India?
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.
Can I get an NBFC personal loan with a poor credit score?
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.
Do NBFCs provide personal loans?
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.
Who is eligible for an NBFC loan?
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.
Which NBFC offers personal loans for low CIBIL scores?
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.
Is HDFC Bank an NBFC?
No, HDFC Bank is a traditional scheduled bank, but HDB Financial Services, which is a subsidiary of HDFC Bank, is an NBFC.
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