An NBFC personal loan offers a convenient way to get urgent finances and meet personal requirements. NBFCs provide quick loans with minimum eligibility requirements making them a great option. You can cover all kinds of financial emergencies like medical emergencies, rent, and utility bill payments, debt consolidation, paying education fees as well as purchasing stationery or even purchasing a bike or required home appliances.
NBFCs offer personal loans starting from ₹500 to ₹50 Lakhs, at attractive interest rates ranging from 9.00% p.a to 54% p.a. for a tenure of up to 96 months. Giving you the perfect solution for short-term and long-term financial requirements.
Upwards and Navi offers the lowest interest rate for NBFC personal loans. However, the interest rate you receive will depend on your creditworthiness and repayment history.
Best NBFC For Personal Loan in India
NBFCs have become a preferred alternative to traditional borrowing as they offer quick disbursement of funds with less documentation. Helping you get the funds you need at the right time. Given below are the top NBFCs for personal loans along with their interest rates:
| Personal Loan by NBFCs | Interest Rates |
|---|---|
| Rupeek | 0.49% to 1.69% p.m |
| Pay Sense | 1.4% – 2.3% p.m. |
| Zype | 1.5% p.m. |
| Nira | 2.00% p.m. |
| CASHe | 2.50% p.m. |
| Pocketly Loan | 3.00% p.m. |
| Upwards | 9.00% p.a. |
| Money View | 10.00% p.a. |
| IndiaLends | 10.25% p.a. |
| Loanbaba | 10.50% p.a. |
| MyMoneyMantra | 10.50% p.a. |
| Tata Capital | 10.99% p.a. |
| Buddy Loan | 11.99% p.a. |
| L&T Personal Loan | 12.00% p.a. |
| Shriram Finance | 12.00% p.a. |
| Money Tap | 13.00% p.a. |
| Dhani | 13.99% p.a. |
| Fibe | 16.00% p.a. |
| Aditya Birla Capital | 10.00% – 16.00% p.a. |
| Prefr | 10.00% – 36.00% p.a. |
| Bajaj Finance | 11.00% – 38.00% p.a. |
| Faircent | 12.00% – 28.00% p.a. |
| IIFL | 12.75% – 44.00% p.a. |
| InCred | 13.99% – 42.00% p.a. |
| Kredit Bee | 16.00% – 29.95% p.a. |
| Phocket | Up to 36.00% p.a. |
| mPokket | Up to 48.00% p.a. |
NBFC Personal Loan Interest Rates & Charges
When considering taking a personal loan, you should carefully choose an NBFC that offers an interest rate that is best suited to your financial situation. Moreover, you should also consider the charges and fees that are associated with the loan as high charges will impact your overall cost of borrowing. NBFCs offer interest rates ranging from 9.00% to 54% p.a. so choosing the right NBFC is crucial. Here are the charges and fees offered by the different lenders:
| Types of Charges | Cost |
|---|---|
| Processing Fees | Up to 8% + GST |
| Documentation Fee | ₹500 |
| Stamp Fee | 0.1% |
| Part Payment | Up to 2.5% |
| Penal Interest | Up to 3.5% |
| Foreclosure | Up to 7% + GST |
| Convenience Fee | ₹500 |
| Cancellation Fee | ₹5000 + GST |
Note: The above-mentioned charges vary from lender to lender. Hence, visit the official website of the lender to know the fees applied for your loan.
NBFC Personal Loan Eligibility
NBFC personal loans usually have simple eligibility requirements, making loans accessible to a wide range of salaried and self-employed individuals. While the eligibility criteria vary from one NBFC to another, here are the generic eligibility requirements to apply for an NBFC personal loan:
| Nationality | Must be an Indian citizen |
| Age | 18 – 80 years of age |
| Employment | Must be salaried or self-employed |
| Work Experience | Minimum 1 year of work experience with 6-12 months of work stability in one company. |
| Income | ₹8000 – ₹20,000 |
| Credit score | 650 above |
| Ongoing EMIs | Should not be more than 60% |
Don’t know your credit score? You can find out for free!
Documents Required For NBFC Personal Loan
To apply for an NBFC personal loan, several documents are required. Although minimal compared to traditional banks, these documents are necessary for identity and address verification. The documents required for verified NBFC loans may differ from one lender to another, however, here are the general documents required to apply for an NBFC personal loan online:
- Selfie
- Identity Proof: PAN card, Aadhaar card, Passport, Voter ID, Driver’s licence.
- Address Proof: Utility bills like electricity bill, rental agreement, bank statement.
- Proof of Income for salaried individuals: Latest 3 to 6 months salary slips, bank statements, income tax returns.
- Proof of Income for Self-employed: Latest 3 to 6 months bank statements, income tax returns, audited income statements as well as balance sheets and profit and loss statements.
NBFC Personal Loan EMI Calculator
Before taking an NBFC loan, you must consider the EMI. The EMI is an amount that you need to pay monthly towards the repayment of the loan. So, it is important to know how much EMI you can afford to pay without hampering your living expenses. The EMI of your loan will depend on the loan amount, tenure, and interest rate. Using the EMI calculator you will be able to estimate the EMI amount.
Using the EMI calculator is simple, all you need to do is enter your loan amount, interest rate, and tenure. You can also reduce or increase your EMI by choosing a longer or shorter tenure.
Your Amortization Schedule (Yearly/Monthly)
You can also manually calculate the EMI on your loan by using the following formula:
EMI = P x R x (1+R)^N/ [(1+R)^N-1]
Where
- P is the principal amount
- R is the rate of interest
- n is the tenure
Let’s calculate using an example for your better understanding,
Let, P be ₹50,000, R be 11.00% and n be 12 months, the calculation will be as follows:
Converting R into decimal = 0.009167
EMI = P x R x (1+R)^N/ [(1+R)^N-1]
EMI = ₹50,000 x 0.009167 x (1+0.009167)^12/ [(1+0.009167)^12-1]
EMI = ₹50,000 x 0.009167 x (1.009167)^12/ [(1.009167)^12-1]
EMI = ₹50,000 x 0.009167 x 1.116645/ [(1+0.009167)^11]
EMI = ₹4419 approximately
Therefore, according to the calculations, the EMI for a loan of ₹50,000 for a tenure of 12 months at an interest rate of 11% p.a. Will approximately be ₹4419.
Want to know more? You can check more on different loan types available by various lenders from the table below:
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Features & Benefits of NBFC Personal Loan
An NBFC personal loan offers distinct features and benefits that are unique and differ from traditional banks. NBFCs offer faster disbursal, minimal documentation requirements, and flexible eligibility criteria. They also offer flexible loan amounts, tenures, and attractive interest rates. Here are the features and benefits of NBFC personal loans:
Steps to Apply For NBFC Personal Loan
Applying for an NBFC personal loan online is simple and easy, here are the steps you can take:
- Step 1: Visit the website of the NBFC that you have chosen.
- Step 2: Go to their personal loan application page and click ‘Apply Now’.
- Step 3: Enter all the necessary information including the loan amount and tenure of your choice.
- Step 4: Upload all the required documents.
- Step 5: Then submit the application.
Steps To Apply For An NBFC Personal Loan Through Buddy Loan
Another easy way to apply for an NBFC personal loan is to apply through Buddy Loan. Here are the steps you can follow:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the personal loan application page. Enter your mobile number and OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your details (Including Full Name, PAN, address, DOB & Gender)
- Step 7: Provide your communication address and income details and click the ‘Submit’ button.
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