Everything You Need To Know About NBFC Personal Loans

Various public and private financial institutions provide different types of loans. But the lending game has changed with the advent of Non-Banking Financial Corporations (NBFC). As a borrower, you must know every detail about NBFC personal loans before getting one. Here are the details.

Interest rates:

NBFCs offer personal loans to customers to cover their expenses. The interest rates are competitive. It usually ranges between 13% and 36% per annum. You can usually get a loan up to Rs. 25 lakh or more with a processing fee between 2% and 3% of the loan amount. You can also calculate your EMIs and interest on the loan with an online personal loan interest calculator.

Different types of NBFC personal loans:

NBFCs offer various types of personal loans, such as-

Wedding loan
Travel loan
Home renovation loan
Pension loan
Education loan
Festival loan
Consumer durable loan
Computers and mobile phones loan

Eligibility criteria:

Indian nationality is required to avail of this loan.
The applicant’s age must fall in the age group of 21-67 years.
The potential borrower must carry a credit score of 750 or higher.
The person must be a salaried employee.
Minimum earning of Rs. 22,000 is required, depending on the city of residence.

Documentation required:

The applicant must provide some documentation with the application form. The documents are-

KYC documents
Employee ID card
Salary slips
Bank account statement

Advantages:

With personalized offers, strong risk management, co-loan agreements, and a dynamic digital presence, NBFCs have become customers’ trustable choice. These features have increased the adoption of their credit lines.

Easy eligibility criteria- Lengthy and complicated eligibility criteria are not needed. Only a credit score of 750 is enough to get an NBFC personal loan. Even if you don’t have it, then proof of substantial income and a sound career will help you.
Quick approval- The approval time is as low as 5 minutes. Within this time, you get to know if the loan is approved or not.
Swift processing- It takes only 24 hours to process the application after approval.
Online process- NBFCs offer digital application processes. You can get a loan from the comfort of your home.