NBFC Personal Loan

Many Non-Banking Financial Companies (NBFCs) offer personal loans in India to people who need urgent money to meet their personal expenses. NBFC loan comes at attractive interest rates of 10.99% to 36% p.a. You can get the loan amount of Rs. 50,000 to Rs. 50 Lakhs from NBFC in India and repay in a flexible tenure of 10 months to 7 years.

Top 5 NBFCs for Personal Loan

5 top NBFC in India and their personal loan features: 

NBFCInterest RateLoan Amount
Tata Capital10.99% onwardsRs. 75,000 - Rs. 25 Lakhs
Bajaj Finserv13% p.a. onwardsUp to Rs. 25 Lakhs
Aditya Birla Capital11% p.a. onwardsRs. 1 Lakh - Rs. 50 Lakhs
IIFL Finance16% p.a. onwardsUp to Rs. 25 Lakhs
HDB Financial Services 17.25% - 36% p.a.Up to Rs. 20 Lakhs

Benefits of Applying for a Personal Loan from NBFCs

Non banking financial companies or NBFC personal loans are loaded with several benefits. Some of the advantages are listed below:

  • The loan application of borrowers with insufficient credit score is often rejected by banks, which further reduces the credit score. NBFC companies have certain personal loan products especially for these borrowers.
  • The eligibility criteria and verification process are less stringent in NBFCs than traditional banks, making NBFC bank loans a better option in an emergency.   
  • Banks usually sanction a certain percentage of the required loan amount. However, NBFCs approve the entire loan amount without putting any restriction on loan.
  • NBFCs often offer better customer services to their customers during the approval and post-disbursal period. 
  • Personal loans at NBFCs require minimal or nil paperwork than traditional banks as the entire process is online.
  • Quick approval and swift loan processing time are ensured by NBFCs for personal loans.

Features of NBFCs Personal Loan

Below is the list of NBC in India offering personal loans with features:

Tata Capital

Tata Capital is one of the best NBFC in India that offer instant unsecured personal loans up to Rs. 25 Lakhs at attractive interest rates starting from 10.99% p.a and repayment tenure of 1 to 6 years. 

  • Rate of interest: Starting from 10.99% p.a.
  • Loan amount: Minimum Rs. 75,000 and maximum Rs. 25 Lakhs.
  • Tenure: 1 year to 6 years.
  • Processing fees: Up to 2.75% of the sanctioned loan amount + GST.
  • Prepayment charges: 4.5% of the principal outstanding + GST.

Bajaj Finserv

Bajaj Finserv offers collateral-free personal loans up to Rs. 25 Lakhs at attractive NBFC interest rates starting from 13% p.a. to fund all your needs. The repayment can be made in a tenure of 1 to 5 years.

  • Rate of interest: Starting from 13% p.a.
  • Loan amount: Maximum up to Rs. 25 Lakhs.
  • Tenure: 1 year to 5 years.
  • Processing fees: Up to 4.15% of the approved loan limit + taxes.
  • Prepayment charges: 4% of the principal outstanding + taxes.

Aditya Birla Capital

Get an NBFC personal loan of up to Rs. 50 Lakhs online from Aditya Birla Capital at affordable interest rate of 11% p.a. onwards and processing fee up to 2.50% of the loan amount. Repay in a long tenure of up to 7 years.

  • Rate of interest: Starting from 11% p.a.
  • Loan amount: Minimum Rs. 1 Lakh and maximum Rs. 50 Lakhs.
  • Tenure: Up to 7 years.
  • Processing fees: 0.5% to 2.50% of the sanctioned loan amount + GST.
  • Prepayment charges: 4% of the principal outstanding + GST.

IIFL Finance

IIFL Finance is one oof the best NBFC for personal loan. It offers personal loan of up to Rs. 25 Lakhs with a flexible repayment tenure of up to 3 years. The interest rate starts from 16% pa.a and the processing fees can be up to 3% of the sanctioned loan amount. 

  • Rate of interest: Starting from 16% p.a. 
  • Loan amount: Maximum up to Rs. 25 lakhs
  • Tenure: 10 months to 3 years.
  • Processing fees: Up to 3% of the approved loan amount + GST.
  • Prepayment charges: 4% to 7% of the principal outstanding + GST.

HDB Financial Services

HDB Financial Services is a reputed NBFC loan company offering personal loan up to Rs. 20 Lakhs with repayment tenure of 1 to 5 years. The interest rate starts from 17.25% and you can also make prepayment if you want.

  • Rate of interest: Minimum 17.25% and the maximum rate of interest charged by NBFC is 36% p.a.
  • Loan amount: Maximum up to Rs. 20 Lakhs.
  • Tenure: 1 year to 5 years
  • Processing fees: Up to 3% of the approved loan limit.
  • Prepayment charges: 2% to 4% of the principal outstanding.  

Eligibility of NBFC Personal Loan

  • Minimum age at the time of application should be at least 20 years for NBFC finance. 
  • Maximum age when the loan matures should be below 60 years.
  • Salaried employees working with a government organisation, private firm or MNC can apply.
  • Self-employed applicants can also apply subject to meeting the income eligibility of the best NBFC in India for personal loan.
  • The applicant must have a minimum of one year of work experience.
  • The applicant must be an Indian resident to avail of NBFC bank loan.
  • Minimum monthly income required for salaried applicants is Rs. 15,000.

The eligibility criteria may differ from one lender to another.

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NBFC Personal Loan FAQs

Is it safe to take a loan from NBFC?

Yes. If you are looking for an NBFC loan apply without any worry. It is completely safe to take a personal loan from NBFC. All you need to do is check your eligibility, documents requirement, interest rates and other applicable charges levied by the lender before applying for the loan.

Which NBFC is best for instant personal loan?

Tata Capital and Bajaj Finserv are some of the best NBFC companies in India for instant personal loan as they are reputed and charge low interest rate and processing fee.

How to apply for a loan from an NBFC?

If you are wondering how to get loan from NBFC, you can apply through any of the following ways:

  • Apply online through the website of the lender.
  • Apply online through the mobile-based NBFC loan app of the lender.
  • Apply online through MyMoneyMantra.
  • Visit the nearest branch of the loan provider.
  • Call or send email to the customer care team of the lender.

Are NBFC better than banks?

Although there are many similarities between a personal of NBFC and bank, still NBFC banks in India are better than traditional banks for the following reasons:

  • The loan application of borrowers with insufficient credit score are also eligible for a personal loan at NBFCs.
  • The eligibility criteria and verification process are easy in NBFCs.   
  • NBFCs approve the entire loan amount without any restriction.
  • NBFCs often offer better customer services to their customers during application and after disbursal. 
  • Personal loans at NBFCs require minimal or nil paperwork.
  • NBFC finance company offers quick approval and swift loan processing time.