Personal Loan Offered by Top NBFCs

Top 15 NBFCs Offering Personal Loans at Attractive Interest Rates and Low Processing Fees

NBFCs	Interest Rate (p.a.)	Processing Fee
Muthoot Finance	14% onwards	Up to 3.5%
Tata Capital	10.99% onwards	Up to 2.75%
Bajaj Finserv	11% onwards	Up to 3.93%
StashFin	11.99% onwards	Up to 10%
Faircent	9.99% onwards	Up to 8%
Kreditbee	Up to 29.95%	Up to 6%
Navi Finserv	9.9% – 45%	Nil
Money Tap	13% onwards
Dhani Loans	13.99% onwards	3% onwards
Money View	15.96%	Starting from 2%
Pay Sense	16.80%-27.60%	Up to 2.5%
Early Salary	24%-30%	2%
Home Credit	24% onwards	Up to 5%
CASHe	27% onwards	Up to 3% or Rs 1,200
HDB Financial Services	12%-31%	Up to 3%

Note: Rates as of 5th June 2023

Features of Personal Loan

• Interest rates are usually offered @ 10.99% p.a. onwards
• Loan amount is mostly up to Rs 35 lakh
• Loan tenure generally ranges up to 5 years
• For personal purposes, other than speculation
• No collateral security is required for loan application
• Pre-approved instant personal loans to select customers
• Processing fee is charged up to 4%

Also Check: What is the Eligibility Criteria for Pre Approved Personal Loan

Eligibility Criteria for Personal Loan offered by NBFCs

• The applicant should be 21 years old at the time of loan application and 70 years old at the time of loan maturity
• Indian residents are eligible for personal loan from NBFCs
• Job Profile: Salaried individuals working with public and private sector companies, and employees of State/Central/Local government, self-employed professionals and self-employed non-professionals,
• Credit Score: 750 and above can increase the chances of availing personal loan and at lower interest rates. However, some NBFCs offer personal loan to applicants at credit score below 750, at usually higher interest rates.
• Minimum monthly income: usually Rs 15,000 (some lenders might ask for higher monthly income)

Documents Required for Personal Loan Application

• Duly filled application form with photographs attached
• Identity Proof- PAN Card/ Voter ID/ Driving License/Aadhaar Card/ Passport
• Age Proof- Aadhar Card/Birth Certificate/SSC Certificate/Voter ID/PAN Card
• Address Proof- Aadhar Card/copy of ration card /Voter ID/Driving License/ Passport/electricity bills/gas connection bills
• Bank account statement for past 6 months
• Salary slips for last 3 months
• Form 16/ITR for last 3 years

FAQs

Q. Does personal loan availed from NBFC affect credit score?

Ans. Yes, personal loans availed from NBFCs would have similar impact on credit score of the applicants as personal loans availed from banks. When an applicant applies for a loan, the NBFC would fetch his credit report from the credit bureaus. Such lender-initiated credit report requests used for evaluating loan application are considered as hard enquiries. The credit bureaus in turn would slightly reduce the credit score for each hard enquiry. Hence, if an applicant applies for personal loan with multiple NBFCs or banks within a short span, his credit score may register a deeper reduction.

Instead, personal loan applicants should visit online lending marketplaces like paisabazaar.com, to compare personal loans offered by multiple lenders and apply accordingly. While lending marketplaces would also fetch the credit report of the loan applicant, such enquiries are known as soft enquiries and do not affect the credit score of the applicant.