NBFC Personal Loan:Check List of NBFCs for Personal Loan
NBFCs offer personal loans with flexible eligibility criteria compared to traditional banks. Excellent for quick disbursals and profiles building credit history.
Key Features
- •Easier approval for thin profiles
- •Minimal & paperless documentation
- •Flexible amounts (₹10,000 to ₹50 Lakh)
Eligibility Highlights
- •Faster processing & quick disbursal
- •Customized risk-based pricing
- •RBI regulated lending partners
Get Personal Loan upto ₹25 Lakh
Why Choose an NBFC Personal Loan?
NBFC personal loans are more flexible and faster to access than many bank loans, with simpler documentation and broader eligibility.
- • Faster processing times
- • Easier approval for moderate credit scores
- • Flexible amounts & tenures
- • Competitive interest rates
- • Quick Approval & Disbursement
- • No collateral required
- • Customized products
- • Lower documentation requirements
What is an NBFC Personal Loan?
An NBFC (Non-Banking Financial Company) is a financial institution that provides banking-like services such as loans and credit facilities but does not hold a banking license. This means NBFCs cannot accept demand deposits from the public. However, they are registered with the Reserve Bank of India (RBI) and play a vital role in India’s financial ecosystem.
An NBFC Personal Loan is simply a personal loan offered by these companies instead of a traditional bank. It’s an unsecured loan—meaning no collateral is required—and is designed for individuals who need quick access to funds for personal use such as travel, weddings, education, or emergencies.
NBFCs are known for being more flexible than banks, particularly in terms of eligibility and documentation. They often approve loans faster and have fully digital processes, making them ideal for borrowers who value speed, convenience, and minimal paperwork.
Key Benefits
Quick Processing & Disbursal
Approvals and credit often within 24–48 hours—ideal for urgent needs.
Flexible Eligibility
More lenient than banks; works with moderate credit scores too.
Higher Loan-to-Income
Some NBFCs allow a higher multiple of income vs. typical bank norms.
Lower Documentation
Digital-first KYC and verification reduce paperwork and save time.
Customized Products
Tailored options for self-employed and salaried with variable income.
Competitive Pricing
Interest rates and fees are often comparable to banks, matched to risk.
How to Apply
Check Your Eligibility
Start at FinCrif for instant screening—basic profile, city, income, and loan need.
Fill out the application
Enter personal details, employment type, desired amount & tenure. Keep info consistent with your KYC and income docs.
Upload Documents
Submit ID, address, and income proofs. Most journeys are 100% digital (e-KYC + online verification).
Approval & Disbursal
Post-review, funds are credited quickly (profile & lender-policy dependent). Track status live on your dashboard.
Repayment
Pay via easy EMIs through your chosen tenure. Enable auto-debit for on-time payments and better bureau health.
What you'll need
FinCrif keeps it transparent, quick, and digital end-to-end.
Eligibility Criteria
Age
21–60 years (some lenders allow up to 65 at loan maturity).
Income
Minimum ₹20,000/month for salaried employees.
Job Stability
Minimum 1 year in current job; 2–3 years total experience preferred.
Credit Score
600+ works; 700–750 improves approval and lowers interest.
Residency
Indian citizen living in India with stable address history.
Eligibility varies by NBFC policy, city, and risk profile.
Documents Required
Basic KYC (Common)
- • Identity: PAN (mandatory) + Aadhaar / Passport / DL / Voter ID
- • Address: Aadhaar / Passport / utility bill / rent agreement
- • Contact: Recent photo, active mobile & email
- • Banking: Cancelled cheque / passbook for e-mandate
Salaried Employees
- • Last 3 months’ salary slips
- • Salary account statement (6 months)
- • Employment ID / HR letter (if asked)
- • Form 16 / ITR (if required)
Self-Employed / CA
- • Business Proof: GST / Udyam / Shop & Est. / CA Membership
- • ITR (2–3 yrs) + P&L + Balance Sheet
- • Current/Business account statement (6–12 months)
- • Office address proof
Doctors
- • MCI/State Registration Certificate
- • Clinic registration / hospital empanelment
- • ITR / Form 16 (if salaried doctor)
- • Bank statement (6–12 months)
Armed Forces
- • Service/Force ID
- • Posting/Transfer letter (if asked)
- • Latest payslips
- • Salary account statement
Optional (If Needed)
- • Co-applicant documents
- • Existing loan statements
- • NOC / verification documents
- • DPD/settlement proof if asked
Documentation varies by NBFC, city, loan amount & risk profile. Upload clear PDFs.
Top NBFCs for Personal Loan (Indicative)
FAQ (Frequently Asked Questions)
Is it safe to take a loan from an NBFC?
Yes—if the NBFC is registered with the RBI. Always verify the NBFC on the official RBI portal before applying.
Can I get a personal loan from an NBFC with a low CIBIL score?
Some NBFCs accept moderate scores but may offer higher interest and lower ticket size.
What is the typical tenure for an NBFC personal loan?
Most loans offer 12–60 months, some go up to 72 months.
Are there any hidden charges?
Check MITC/loan document for processing fees, foreclosure charges, late fees and GST.
NBFC vs Bank Personal Loan: Which is better?
NBFC: Faster, flexible. Bank: Lower interest if profile is strong.
How do I verify if an NBFC is RBI-registered?
Search the NBFC name in the official RBI NBFC list. If missing, avoid applying.
Do multiple loan enquiries affect my credit score?
Yes—multiple hard enquiries in a short time reduce score. Use marketplaces to avoid bureau hits.
Can I preclose or part-pay an NBFC loan?
Usually allowed after 6–12 EMIs with a small foreclosure fee.
What is a Flexi/OD personal loan?
A credit line where interest applies only on the amount used. Helpful for uneven cashflow.
Calculate Your EMI Instantly
A Multi-Purpose Loan EMI Calculator helps you estimate your monthly repayment amount before applying for a loan.
₹ 10,019/ month
Principal
₹ 5,00,000
Interest
₹ 1,01,138
Total Payable
₹ 6,01,138