An NBFC is a non-banking financial company registered with the RBI but does not hold a banking license. The key feature differentiating them from banks is that they do not accept demand deposits. Unlike banks, these institutions cannot provide facilities for payment systems and deposits held by these companies are not insured by DICGC.
Top NBFCs for Personal Loan

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What is an NBFC?
Top NBFCs in India that Provide Personal Loan
| NBFCs | Interest Rate |
|---|---|
| Moneyview Loan | 14.00% onwards |
| Kissht Loan | 12% p.a. onwards |
| Bajaj Finserv Loan | 10% p.a. onwards |
| DMI Finance Loan | 11.9% p.a. onwards |
| Kreditbee Loan | 12% p.a. onwards |
| Paysense Loan | 1.4%-2.3% per month |
| mPokket Loan | Up to 36% p.a. |
| Zype Loan | 1.5% per month |
| Tata Capital Loan | 10.99% onwards |
| Poonawala Fincorp Loan | 9.99% onwards |
| L&T Finance Loan | 11.00% onwards |
| HDB Financial Loan | 11.00% - 24.00% |
| Aditya Birla Capital Loan | 10.99% onwards |
| Shriram Finance Loan | 11.00% onwards |
| Muthoot Finance Loan | 14.00% - 22.00% |
Detailed Profiles of the Best NBFCs for Personal Loans
Bajaj Finserv
Tata Capital
Poonawala Fincorp
Bank vs. NBFC Personal Loan: Which is Better?
| Banks | NBFCs |
|---|---|
| Provides a wide range of banking services | Focuses largely on lending and investment |
| Accepts demand deposits | Does not accept demand deposit |
| Offers relatively lower interest rates | The interest rates are comparatively higher |
| Can issue and accept cheques | Cannot issue or accept cheques |
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Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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