Personal loan is one of the best solutions for urgent cash. You can borrow a personal loan from an NBFC (Non-Banking Financial Company). You can often enjoy lower interest rates, less paperwork, and faster approval than traditional banks.
We help you find the best loan, compare options, and apply, all in one spot, so you get a great deal fast and easy.
Let’s explore the best NBFCs for personal loans in India, along with eligibility, documents, benefits, and how to apply.
Benefits of Getting a Personal Loan from an NBFC
- Instant Approval: Quick processing and same-day disbursal.
- Minimal Documentation: Basic KYC and income proof are enough.
- Flexible Eligibility: NBFCs often approve loans for moderate credit scores.
- No Collateral Needed: Personal loans are unsecured — no security required.
- Digital Process: Apply and manage your loan fully online.
- Transparent Charges: Clear interest rates and EMI terms.
Best NBFCs for Personal Loans in India
1. Bajaj Finance
Interest Rate: From 10.49% p.a.
Loan Amount: Up to ₹40 lakh
Why Choose Bajaj Finance:
Instant approval, 100% online process, and money in your account within 24 hours. Bajaj Finance also offers flexible EMIs and zero hidden charges.
2. Tata Capital
Interest Rate: From 10.99% p.a.
Loan Amount: Up to ₹35 lakh
Why Choose Tata Capital:
Simple documentation and fast approvals. Ideal for salaried as well as self-employed borrowers. You can even pre-close the loan with minimal charges.
3. Aditya Birla Finance
Interest Rate: From 11.25% p.a.
Loan Amount: Up to ₹25 lakh
Why Choose Aditya Birla Finance:
Fully digital process, transparent terms, and flexible repayment options make it a customer-friendly choice.
4. HDB Financial Services
Interest Rate: From 11.50% p.a.
Loan Amount: Up to ₹20 lakh
Why Choose HDB Financial:
A trusted NBFC from the HDFC group. Approves loans quickly even for applicants with average credit scores.
5. Hero FinCorp
Interest Rate: From 12% p.a.
Loan Amount: Up to ₹5 lakh
Why Choose Hero FinCorp:
Perfect for small or short-term personal loans. The process is fast, and documentation is minimal.
Also Read: Personal Loan for 95,000 Salary
Eligibility Criteria for NBFC Personal Loans
While each NBFC may have slightly different requirements, here are the common eligibility criteria you should meet:
- Age: 21 to 60 years
- Employment: Salaried or self-employed individual
- Monthly Income: Minimum ₹15,000 per month
- Work Experience: At least 6–12 months of job stability
- Credit Score: Preferably 720 or above (some NBFCs accept lower scores)
- Citizenship: Indian resident
💡 Tip: Even if your credit score is slightly low, NBFCs are often more flexible than banks and may still approve your loan with adjusted terms.
Documents Required for NBFC Personal Loans
You don’t need a big pile of papers — just the essentials:
1. Identity Proof:
- Aadhaar Card / PAN Card / Voter ID / Passport
2. Address Proof:
- Aadhaar Card / Utility Bill / Rent Agreement
3. Income Proof:
- Latest 3 months’ salary slips (for salaried)
- Bank statement (last 6 months)
- ITR or business proof (for self-employed)
4. Photograph:
- One recent passport-size photo
5. Others (if needed):
- Employment ID card or Form 16
How to Apply for an NBFC Personal Loan
Follow these simple steps to apply for NBFC personal loan:
1. Visit the 24hrLoan Website
Go to 24hrLoan and select “Personal Loan.”
2. Compare Offers from Top NBFCs
Enter your basic details to see personalized loan offers from multiple NBFCs.
3. Choose Your Preferred Lender
Compare interest rates, tenure, and EMI options to pick the best one for you.
4. Upload Documents Online
Upload scanned copies of your ID, income proof, and address proof.
5. Get Instant Approval & Quick Disbursal
Once verified, the approved amount will be transferred to your account — sometimes within a few hours!
Also Read: Ring Instant Loan
Conclusion
Personal loan should make life easier, not stressful. The right NBFC can provide you with quick funds, lower EMIs, and complete peace of mind.
Before you apply anywhere else, check your best loan options on 24hrLoan. Compare different NBFC and bank deals all in one place, then choose the best one for you – it’s fast, affordable, and completely online!