NBFC Personal Loan
In India, numerous Non-Banking Financial Companies (NBFCs) offer personal loans to individuals seeking urgent financial assistance. NBFC loans feature competitive interest rates starting from 9.99% p.a., with flexible loan amounts ranging from ₹5,000 to ₹55 Lakhs and repayment tenures of 3 to 96 months.
Best NBFC for Personal Loans in India (2026)
Below is the list of the top 10 NBFC personal loans in India with their personal loan features:
| NBFC | Starting Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| Poonawalla Fincorp | 9.99% p.a. | ₹1 Lakh - ₹50 Lakhs | 12 - 84 months |
| Aditya Birla Capital | 10.99% p.a. | Up to ₹50 Lakhs | 12 - 72 months |
| L&T Finance | 11.00% p.a. | ₹1 Lakh - ₹30 Lakhs | 12 - 72 months |
| Tata Capital | 10.99% p.a. | ₹40,000 - ₹35 Lakhs | 12 - 72 months |
| Bajaj Finserv | 10.00% p.a. | ₹40,000 - ₹55 Lakhs | 12 - 96 months |
| Fibe | 16.75% p.a. | Up to ₹10 Lakhs | 6 - 36 months |
| Moneyview | 14.00% p.a. | ₹5,000 - ₹10 Lakhs | 3 - 60 months |
| Shriram Finance | 11.00% p.a. | ₹50,000 - ₹10 Lakhs | 12 - 60 months |
| IIFL Finance | 12.75% p.a. | ₹5,000 - ₹5 Lakhs | 3 - 42 months |
| InCred Finance | 14.00% p.a. | ₹50,000 - ₹15 Lakhs | 12 - 60 months |
Benefits of Opting for an NBFC Loan
Availing of a personal loan from an NBFC has its own benefits, as mentioned below:
- Traditional banks often reject personal loan applications from borrowers with insufficient credit scores, whereas NBFCs provide loans to even those with low credit scores. Some NBFCs even have personal loans especially designed for these borrowers.
- NBFCs have less stringent eligibility criteria than traditional banks, making NBFC loans a better option during a cash crunch.
- A certain percentage of the required loan amount is sanctioned by banks, whereas NBFCs approve the entire loan amount without any restriction.
- NBFCs often have better customer service during the approval and post-disbursal period than banks.
- NBFC personal loans require minimal or zero paperwork, whereas the documentation requirements of traditional banks are lengthy.
- NBFCs often provide instant approval and swift processing time for personal loans.
NBFC Personal Loan vs. Bank Personal Loan
Here are some key differences between NBFC personal loans and bank personal loans:
| Factors | NBFCs | Banks |
|---|---|---|
| Products | More customised offers | Limited products |
| Reach | Provide loans to a wider customer base | Provide loans to specific types of profiles |
| Process | Faster with a dynamic digital presence | Takes more time than NBFCs |
| Interest rates & charges | Higher than traditional banks | Lower than other types of lenders |
| Tenure | More flexible than traditional banks | Slightly rigid |
| Eligibility criteria | Less stringent | Strict |
| CIBIL score | Low credit scores are also accepted | Good credit score of 750 or above |
| Verification process | Instant | Take more time |
| Loan amount | Approve the complete loan amount | Usually, a certain percentage of the required loan amount is sanctioned |
| Customer service | Good pre and post-disbursal customer service | Mostly, only reputed private banks offer good services |
| Documentation | Minimal | Lengthy |
| Trustwirthiness | Reputed NBFCs are more trustworthy | Due to their regularised functioning, banks are more trustworthy |
| Pre-approved offers | Some NBFCs offer this facility | Most banks offer pre-approved loans to existing customers |
| Other facilities | Limited facilities | Debit card, credit card, issuing & depositing of cheques or demand drafts, ATMs |
NBFC Loan Eligibility Criteria
Here are some common NBFC personal loan eligibility criteria:
- Minimum age: Minimum 20 years at the time of application.
- Maximum age: A maximum of 60 years when the loan matures.
- Occupation: Salaried employees of government organisations/ private firms/ MNCs, and self-employed individuals can apply, subject to meeting the lender’s eligibility policies.
- Work experience: Minimum one year.
- Nationality: Indian resident.
- Minimum monthly income: ₹15,000 or above per month.
*The eligibility criteria may differ from lender to lender.
Documents Required for NBFC Personal Loan
Below is the list of documents required for NBFC personal loans:
- Identity proof: PAN Card/ Passport/ Voter ID/ Aadhaar Card/ Driving License.
- Address proof: Aadhaar Card/ Utility Bill/ Passport/ Voter ID/ Registered Rent Agreement.
- Income proof for salaried: Last 3 months' salary slips, bank statement showing last 3 - 6 months’ salary credits, and Form 16/ Income Tax Returns (ITR).
- Income proof for self-employed: ITR for the last 1 - 2 years, bank statement for the last 6 months, and business proof/registration documents.
- Other documents: Duly filled application form along with recent passport-size photographs.
Steps to Apply for an NBFC Loan Online
You can apply for an NBFC loan online by following the steps below:
- Open the mobile app/website of the lender and click on the Apply button.
- Completely and accurately fill out the personal loan application form available online by providing the required information.
- Submit the required list of documents.
- Wait for the approval decision by the lender.
- After successful verification, provide your confirmation for the approved loan amount.
- On successful approval, you will receive the agreed loan amount in your bank account.
FAQs
Poonawalla Fincorp, Bajaj Finserv, Tata Capital, and Aditya Birla Capital are some of the best NBFCs for personal loans as they are reputed lenders and charge low interest rates.
It is a personal loan product offered by a Non-Banking Financial Company (NBFC) to an eligible borrower.
Yes, it is typically safe to get a loan from a reputed NBFC.
Yes, many NBFCs offer personal loans to applicants even with a low credit score.
NBFC loans are usually approved within 24 to 48 hours of successful verification.
You can borrow anywhere between ₹5,000 and ₹55 Lakhs from an NBFC, depending on the lender’s policy and your eligibility.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.