NBFC Personal Loan

5 top NBFC in India and their personal loan features:

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 in 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 restrictions on the 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.

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

1. Tata Capital

Tata Capital is one of the best NBFCs in India that offers 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 11.75% 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.

2. 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 14.50% 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.

3. Aditya Birla Capital

Get an NBFC personal loan of up to Rs. 50 Lakhs online from Aditya Birla Capital at an 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 10.99%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.

4. IIFL Finance

IIFL Finance is one of the best NBFCs for personal loans. It offers personal loans of up to Rs. 25 Lakhs with a flexible repayment tenure of up to 3 years. The interest rate starts from 12.75% p.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.

5. HDB Financial Services

HDB Financial Services is a reputed NBFC loan company offering personal loans 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.

The Personal Loan Eligibility Criteria are as follows:

• The minimum age at the time of application should be at least 20 years for NBFC finance. 
• The 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 loans.
• The applicant must have a minimum of one year of work experience.
• The applicant must be an Indian resident to avail of an NBFC bank loan.
• The minimum monthly income required for salaried applicants is Rs. 15,000.

The eligibility criteria may differ from one lender to another.