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Many Non-Banking Financial Companies (NBFCs) in India offer personal loans to those who require urgent cash to meet their personal expenses. Interest rates vary across different NBFCs. So, before you apply for an NBFC personal loan, compare the various schemes and apply for the one most suitable for you.
Key Highlights of NBFCs Personal Loan
Interest Rates | 10.99% to 36% |
Loan Amounts | Up to Rs. 25 lakhs or more |
Processing Fee | Between 2% to 3% of the loan amount |
Best NBFCs For Personal Loan in India
NBFC | Interest Rate | Processing Fees |
|---|---|---|
Tata Capital | 10.99% onwards | Ranges from 1% to 3.5% of the loan amount plus GST |
CASHe | 27% onwards | Up to 3% or Rs. 1,200 |
Fibe | 24% to 30% | 2% |
Pay Sense | 16.80% to 27.60% | Up to 2.5% |
Moneyview | 15.96% | Starting from 2% |
Kredit Bee | Up to 29.95% | Up to 6% |
Tata Capital Personal Loan - Features and Benefits
- Gives overdraft facility.
- No penalty levied on part prepayment
- Collateral free
- Minimal documentation is required
- Loans are approved instantly.
- 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.
Cashe Personal Loan - Features and Benefits
- Your application for a personal loan can get approved instantly just within minutes.
- When applying for a CASHe personal loan, you only have to submit minimum documents including your ID proof, address proof, and bank statements.
- Flexible Tenure: You can select a loan tenure according to your repayment capacity. CASHe offers flexible tenures ranging from 3 months to 1 year.
- Interest Rate: 2.25% per month onwards
- Loan Amount: Rs. 1000 to Rs. 4 lakhs
- Tenure: 90 days to 540 days
- Processing Fee: Up to 3% of the loan amount
Fibe Personal Loan - Features and Benefits
- No collateral needed for Fibe loan since it is based on your salary and comes with an auto-debit option.
- You can convert your Fibe personal loan into 3 to 6 EMIs.
- Prepayment is available at nil charges. You only have to pay the interest for the amount due.
- Transparent application process
- Interest rates: 24% to 30%
- Loan Amount: Rs. 5000 to Rs. 5 lakhs
- Tenure: 6 months to 36 months
- Loan Processing Fee: Rs. 199 onwards
PaySense - Features and Benefits
- It offers quick loan approval and disbursal.
- Get access to the doorstep collection service of documents. All you have to do is just sign documents and hand them over to the courier.
- Get subsequent personal loans in one click since only one time documentation is required. No further verifications are required.
- PaySense personal loan services are accessible in 50+ cities in India.
- Interest rates vary between 16% to 36% APR.
- Loan Amount vary between Rs. 5,000 and Rs. 5 lakhs.
- You can make loan repayment in affordable EMIs within 3 months to 5 years.
- There is a processing fee of up to 2.5% of the loan amount + GST.
Moneyview - Features and Benefits
- Know about your eligibility in just 2 minutes
- Loan amount is sent to your account in just a few minutes after approval of loan application
- From start to finish, the entire loan application process is digital and can be completed from anywhere.
- Interest rates begin at just 1.33% per month (16% yearly)
- Loan amounts vary from Rs. 5,000 to Rs. 10,00,000
- Enjoy flexible repayment options that can go up to 5 years.
KreditBee - Features and Benefits
- The loan application process can be done 100% online
- Streamlined documentation process without any hassles
- The approved loan amount will get credited to your account directly
- The disbursal is very quick within about 10 minutes
- Enjoy the flexibility to select your repayment tenure according to your repayment capacity.
- Loan Amount: Rs. 10,000 to Rs. 4 lakhs.
- Flexible Payment Tenures: Enjoy the flexibility to choose from various repayment periods that align with your repayment capacity. Repayment periods vary between 2 to 24 months.
- Interest rates range from 1.02% - 2.49% per month
Eligibility Criteria for NBFC Loan
- Resident status - Indian
- Age - 21 years at the time of loan application and 70 years at the time of loan maturity.
- Occupation:
- Salaried individuals working with private and public sector companies and employees of central/state/local government.
- Self-employed professionals and self-employed non professionals.
- Credit Score - Credit scores of 750 and above is excellent. All NBFCs will be willing to lend at preferential interest rates. However, some NBFCs offer personal loans to applicants at credit scores below 750 at usually higher interest rates. Some NBFCs give personal loans to applicants for credit scores below 750 at usually higher interest rates.
- Minimum monthly income - Usually Rs 15,000. Varies across lenders.
Documents Required for NBFC Loan
- Completely filled application form with photographs
- Identity Proof: PAN card/Voter ID/Driving License/Aadhaar card/Passport
- Age Proof: Aadhar Card/Voter ID/PAN Card/Birth Certificate/SSC Certificate
- Address Proof- Aadhar Card/Passport/Voter ID/Driving License/Copy of ration card/Electricity bills/Gas connection bills
- Bank account statements for the most recent 6 months
- Salary slips for the last 3 months
- Form 16/ITR for the last 3 years
Different Types of NBFCs
Various types of NBFCs are
- Investment companies
- Loan companies
- Core Investment companies
- Asset Finance companies
- Infrastructure Finance companies
- Microfinance companies
- Mortgage Guarantee companies
FAQs on NBFCs Personal Loan:
1. Is there an impact on the credit score when obtaining a personal loan from an NBFC?
Yes, a personal loan availed from an NBFC impacts credit score. Whenever an individual applies for a loan with an NBFC, the NBFC will request for the credit report from the credit bureau. Each time your credit report is requested, it is called a hard enquiry. Multiple hard enquiries reduce the credit score drastically since each hard enquiry will cause your score to dip by some points.
2. What is the process for obtaining a loan from an NBFC?
You can apply for a loan from an NBFC in the following ways:
- Apply online through the official website of the lender.
- Apply online through the mobile app of the NBFC.
- Go to the nearest branch of the loan provider.
- Contact the lender's customer care team via phone or email.
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