NBFC Personal Loan Interest Rates

When it comes to availing a loan for one who needs urgent money, or to meet any other obligation, this one article will be helpful in finding a loan offer that is easily available and largely hassle-free. While getting a personal loan from one bank may not be possible for everyone, stringent eligibility checks, low CIBIL scores, or exhaustive documentation process can lead to loan rejections.

This is the reason why more and more people are now eager to avail personal loans from non-banking financial companies or NBFCs. The reason for the high demand for personal loans from NBFCs is that the application is processed much faster as compared to banks. In many cases, the loan application is disbursed within 24 hours.

Given below is the list of top personal loan banks and non-banking financial companies (NBFCs) :-

Bank Rate of interest tenure EMI (per lakh) delivered time
hdfc personal loan 10.75% 5 years Rs 2,162 Instant delivery for HDFC customer only
ICICI Personal Loan 11.25% 5 years Rs 2,187 3 to 4 days
SBI Personal Loan 9.60% 5 years Rs 2,105 5 to 7 days
PNB Personal Loan 8.95% 5 years Rs 2,073 5 to 7 days
Bajaj Finserv Personal Loan 13.50% 5 years Rs 2,301 twenty four hours
Tata Capital Personal Loan 11.99% 5 years Rs 2,224 5 to 7 days
Indiabulls Personal Loan 13.99% 5 years Rs 2,326 twenty four hours
Citibank Personal Loan 9.99% 5 years Rs 2,124 5 to 7 days
Yes Bank Personal Loan 10.75% 5 years Rs 2,162 5 to 7 days

Instead of requiring much documentation, most NBFCs rely on e-KYC or EBV (Electronic Bank Verification), making the process really seamless for the customers.

Apart from this, personal loans from NBFCs also offer some other benefits which include:-

  • Offers convenient interest rates for various applicants
  • More convenient approval and processing periods
  • High acceptance rate for customers with low credit scores

Now that you are aware of some of the major reasons for the popularity of NBFC personal loans, let us take a look at some of the most promising NBFC personal loans available:

Bajaj Finserv Personal Loan

Bajaj Finserv is one of the best NBFCs in India that offers various types of loans to its customers. The Bajaj Finserv Personal Loan is designed with the aim of helping customers meet their financial obligations without their high CIBIL score.

The details of this loan are as follows:

  • Disbursement Time – Usually the NBFC disburses the loan amount within 24 hours of filing the application.
  • Loan Amount – One can avail a personal loan of up to 25 lakhs. The maximum loan is given based on their income, repayment capacity and credit score.
  • Repayment Tenure – The loan amount can be easily repaid over a period of 12 to 60 months.
  • Interest Rate – The personal loan interest rate from Bajaj Finserv ranges from 13.50% to 15.50%.

Some of the notable features of this loan include:-

Bajaj Finserv offers attractive pre-approved instant loans. Here, the customer can take any amount within the credit limit as many times as required, and that too till the credit limit is exhausted. This eliminates the need for additional documentation.

NBFCs offer Flexi Personal Loans, which can be repaid as interest-only EMIs, thus helping to reduce installments by up to 45%.

Existing customers of NBFCs can enjoy a wide range of pre-approved loan offers.

Bajaj Finserv offers online loan accounts, making it convenient for customers to check account statements, repayment schedules, as well as loan terms and conditions, as and when required. Moreover, it helps the customers to prepay the loan in a hassle-free manner.

Bajaj Finserv offers personal loans for a variety of purposes including personal loan for wedding, personal loan for travel, personal loan for medical emergency and personal loan for home renovation.

Mahindra Finance Personal Loan

Mahindra Finance, also known as Mahindra & Mahindra Financial Services Limited, is a niche NBFC and is known for offering quick and convenient personal loans to its customers.

Features of Mahindra Finance Loan :-

  • Disbursement Time – The NBFC disburses the loan amount within 2 days of filing the application.
  • Loan Amount – Mahindra Finance offers personal loan up to Rs.3 lakh.
  • Repayment Tenure – The loan amount can be easily repaid within a period of up to 3 years.
  • Interest Rate – The interest rate varies from customer to customer based on your income, repayment capacity and credit score.

Mahindra Finance has earned a reputation for offering flexible personal loans, both in terms of the application process as well as the documentation requirements. Offers customers additional convenience in the form of ease of repayment through cheque, mobile transfer, ECS or cash payment at the nearest branch.

Tata Capital Personal Loan

Tata Capital was created with the goal of providing financial support to fulfill the dreams and obligations of its customers. NBFCs are known to offer a wide range of personal loans including Wedding Loan, Travel Loan, Step Up Flexi EMI Loan, Step Down Flexi EMI Loan and Bullet Flexi EMI Loan.

The loan details are as follows-

  • Disbursement Time – After the loan application is approved, the NBFC disburses the loan amount as soon as the required documents are submitted. Personal loan up to 25 lakhs can be taken from here.
  • Repayment Tenure – The loan amount can be easily repaid over a period of 12 to 60 months. The maximum tenure usually depends on the financial profile and credit score of the customer.
  • Interest Rate – Tata Capital’s interest rate is 11.99% to 16.99% depending on the credit history of the customer, processing fee is Rs 1499 + tax.

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