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NBFC Personal Loans: Features, Eligibility, and Benefits

When financial needs arise, NBFC personal loans offer a convenient and accessible solution. Non-Banking Financial Companies (NBFCs) like Finnable have emerged as reliable sources for personal loans, catering to the diverse financial requirements of individuals. 

Allow us to inform you of the features, eligibility criteria, and benefits of NBFC personal loans, shedding light on why Finnabe is an excellent choice for those seeking financial assistance through personal loans.

Features of NBFC Personal Loans

Considering that they are not treated as banks by the RBI, NBFCs typically enjoy more flexibility in their operations and can offer tailored financial solutions to their customers. Here are some of the key features of NBFC loans:

  • Flexible Loan Amounts

NBFCs offer a wide range of loan amounts, allowing borrowers to choose an amount that best suits their needs. Whether you require a small sum for an unexpected expense or a larger amount for a significant investment, Finnable has you covered.

  • Competitive Interest Rates

NBFC personal loans usually come with competitive interest rates, ensuring that you can access funds without burdening yourself with excessive interest payments.

  • Quick and Easy Application Process

Most NBFCs provide the facility of online personal loan application, offering streamlined processes that ensure convenience and saves time for borrowers. You can apply for a personal loan from Finnable online, eliminating the need for lengthy paperwork and lengthy approval processes.

  • Flexible Repayment Options

With a loan from an NBFC, you can choose a repayment tenure that suits you best, ensuring that you can comfortably repay the loan without straining your budget.

Eligibility Criteria for NBFC Personal Loans

The eligibility criteria for NBFC personal loans in India can vary slightly from lender to lender. However, here are some common eligibility criteria that most NBFCs require:

  • Minimum Age: The minimum age of the applicant should be at least 21 years at the time of loan application.
  • Maximum Age: The maximum age of the applicant at the time of loan maturity should be less than 58-70 years, depending on the lender.
  • Work Experience: The applicant should have at least six months to one year of work experience.
  • Income: The minimum monthly income required for salaried applicants is typically around ₹15,000-20,000, depending on the lender.
  • Citizenship: The applicant must be an Indian resident to avail of the NBFC loan.

Benefits of NBFC Personal Loans

 1. Quick Approval and Disbursal

Finnable understands the urgency of your financial needs. Once your loan is approved, the funds are disbursed quickly, allowing you to address your requirements promptly. This makes Finnable an ideal choice for emergency expenses.

2. Minimal Documentation

Finnable aims to simplify the loan application process. With minimal documentation requirements, you can avoid the hassle of gathering numerous papers and focus on getting the funds you need.

3. No Collateral Required

Finnable personal loans are unsecured, meaning you do not have to provide any collateral or security. This eliminates the risk of losing your assets and makes the loan accessible to a wider range of individuals.

4. Customised Loan Solutions

Finnable understands that every borrower’s financial needs are unique. They offer personalised loan solutions tailored to your requirements, ensuring that you get the financial support you need with terms that suit you best.

 

5. Easier eligibility

NBFCs have less stringent eligibility criteria than banks. This means that you may be able to qualify for a personal loan from an NBFC even if you have a poor credit history.

How to Apply for a NBFC Personal Loan?

Step 1- Choose an NBFC

Conduct research to understand which is the best NBFC for personal loans that meet your needs. Consider factors such as the interest rate, the loan amount, the repayment period, and eligibility criteria.

Step 2- Gather your documents

You will need to provide some basic documents, as mentioned before, to apply for a personal loan from an NBFC. These documents typically include your identity proof, address proof, income proof, and bank statements.

Step 3- Apply online or in person

Most NBFCs offer the option to apply for a personal loan online or in person. If you apply online, you will need to fill out an application form and provide your documents electronically. If you apply in person, you will need to visit the NBFC branch and submit your application form and documents in person.

Step 4- Wait for approval

Once you have submitted your application, the NBFC will review your documents and credit history. If you are approved, you will be notified and the funds will be disbursed into your account.

Best NBFCs for Personal Loan in India

Here are some of the best NBFCs for personal loans in India, along with the interest rates they offer:

NBFC Direct Tax
Bajaj Finserv
11-35%
TATA Capital
10.9- 25%
Muthoot Finance
14% or more
IIFL Finance
24% or more
Finnable
16-28%

Conclusion

When it comes to personal loans, Finnable stands out as a reliable and customer-oriented NBFC that is also rapidly growing. With our flexible loan amounts, competitive interest rates, and hassle-free application process, Finnable ensures that borrowing money is convenient and affordable. Our quick disbursal, minimal documentation, and customised loan solutions further add to the benefits of choosing Finnable for your personal loan needs. Whether you need funds for a medical emergency, home renovation, or any other financial requirement, Finnable is a trusted NBFC that can help you achieve your goals through the powerful tool of personal loans.

Amit Arora Finnable

AMIT ARORA

I am a seasoned retail banker with over 21 years of global experience across business, risk and digital. In my last assignment as Global Head Digital Capabilities, I drove the largest change initiative in the bank to deliver the end-to-end digital program with over US$1 billion in planned investment. Prior to that, as COO for Group Retail Products & Digital, I implemented a risk management framework for retail banking across the group.
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