Top 3 NBFC Personal Loans and Their Interest Rates
When it comes to getting credit for meeting an urgent financial need, or any other obligation, it is helpful to find a loan offer that is readily available and is largely hassle-free. While a Personal Loan fits the bill quite perfectly, getting it from a commercial bank may not be feasible for all, owing to stringent eligibility checks,low score, or exhaustive documentation process.
It is for this very reason, more and more consumers now look forward to procuring Personal Loans from Non-Banking Financial Companies, or NBFCs. What makes Personal Loans from NBFCs highly sought after is the fact that the application is processed much faster as compared to the leading banks. In many cases, the loan is disbursed on the same day of application.
Rather than requiring elaborate documentation, most NBFCs rely on eKYC (e-Know Your Customer) or EBV (Electronic Bank Verification), which make the process truly seamless for the customers. Besides, Personal Loans from NBFCs also offer some other benefits including but not limited to:
- Flexible Interest Rate offers for varied applicants
- More convenient approval and processing
- Higher Approval Rate for Customers with Low Credit Score
Now that you are aware of some of the prominent reasons for the popularity of NBFC Personal Loans, let us take a quick look at some of the most promising NBFC Personal Loan offers available:
Bajaj FinservPersonal Loan
Bajaj Finserv is one of the leading NBFCs in India which offers a wide variety of loans to its customers. Bajaj Finserv Personal Loans are formulated with the aim of helping the customers meet their financial obligations seamlessly without the need of going through their savings.
The details of this loan are as follows –
- Disbursal Time – Usually the NBFC disburses the loan amount within 24 hours of filing the application.
- Loan Amount – One can avail a Personal Loan up to Rs. 25 Lakh, depending on their income, repayment ability and credit score.
- Repayment Tenure – The loan amount can be easily repaid in a span of 12 to 60 months.
- Interest Rate – An attractive rate of interest at 12.99% to 20%is offered for Personal Loans from Bajaj Finserv.
Some of the notable features of this loan include –
- The Bajaj Finserv offers attractive pre-approved instant loans.Herein, the customer can withdraw any amount within the approved credit limit, as many times as needed, and that too, as long as the credit limit is not exhausted. This eliminates the need for multiple application or additional documentation.
- The NBFC offers Flexi Personal Loans, which can be repaid in the form of interest-only EMIs, thus helping reduce the instalments by up to 45%.
- The existing customers of the NBFC can enjoy a wide array of pre-approved loan offers.
- Bajaj Finserv provides online Loan Account making it fairly convenient for customers to check account statements, repayment schedule, as well as loan terms and conditions, as and when required. Besides, it helps the customers prepay the loan in a hassle-free manner.
- Bajaj Finserv offers Personal Loans for a wide variety of purposes including Personal loans for Weddings, Personal loans for Travel, Personal loans for Medical Emergencies and Personal loans for Home Improvement, amongst others.
Mahindra Finance Personal Loan
Mahindra Finance, also known as Mahindra & Mahindra Financial Services Ltd. is yet another NBFC which is known for offering quick and convenient Personal Loans to its patrons. These loans by Mahindra Finance are characterised by:
- Disbursal Time – The NBFC disburses the loan amount within 2 days of filing the application.
- Loan Amount – Mahindra Finance offers Personal Loan up to Rs. 3 Lakh.
- Repayment Tenure – The loan amount can be easily repaid within a tenure of up to 3 years.
- Interest Rate – The levied by the NBFC varies from customer to customer on the basis of income, repayment ability and credit score.
Mahindra Finance has earned a reputation of offering flexible Personal Loans, both in terms of the application process, as well as with respect to the documentation needs. The lender provides additional convenience to the customers in the form of ease of repayment via cheque, mobile transfer, ECS or by payment of cash at the nearest branch.
Tata Capital Personal Loan
A product of the Tata Capital Financial Services Limited, Tata Capital Personal Loan was created with the goal of offering a steadfast and transparent solution to customers seeking financial aid to fulfil their dreams and obligations. The NBFC is known for offering a wide variety of Personal Loans including Wedding Loans, Travel loans, Step Up Flexi EMI Loans, Step Down Flexi EMI Loans and Bullet Flexi EMI Loan.
The details of the loan are as follows –
- Disbursal Time – Once the loan application is approved, the NBFC disburses the loan amount as soon as the required documentation is submitted.
- Loan Amount – One can avail a Personal Loan amount of up to Rs. 25 lakh.
- Repayment Tenure – The loan amount can be easily repaid in a span of 12, 24, 36, 48 or 60 months. The maximum tenure usually depends on the customer’s financial profile.
- Interest Rate –Tata Capital levies a reasonable interest rate of 11.25 to 17% onthe Personal Loan depending on the credit history of the customer. The NBFC also levies an upfront processing fee, which starts from Rs. 1499 plus applicable taxes.
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