Like leading banks (public and private), many NBFCs (Non-Banking Financial Companies) offer a personal loan at the competitive interest rate for borrowers who need urgent cash to meet their financial goals. As compared to banks, NBFCs have more flexible eligibility criteria.

Here are the top NBFCS in India 2020

NBFC Interest Rate
Tata Capital From 11.25% to 19% p.a.
Bajaj Finserv 12.99% p.a.
Mahindra Finance Decided based on your eligibility
Fullerton India 12% onwards
Aditya Birla Finance Limited 14% p.a. to 26% p.a.
IIFL Finance 13% onwards
HDB Financial Services As applicable by the lender
Shriram City Union Finance Based on the schemes selected

Tata Capital personal loan

Tata Capital is one of the leading NBFCs (Non-Banking Financial Companies) in India. It offers a personal loan with unmatched features and benefits for borrowers across the country. With Tata Capital, you can get a personal loan up to Rs. 25 lakhs for financial needs, such as marriage, education, home renovation, travel and medical expenses.

Key features of Tata Capital personal loan

Loan amount Upto 25 lakhs
Age 25 to 65 years
Interest rate From 11.25% to 19% p.a.
Loan tenure From 12 to 84 months
Processing fee Up to 2.5% + GST
Foreclosure charges ●        Foreclosure is not allowed in first 6 months

●        4.5% of the principal outstanding at the time of foreclosure + GST

 

Why should you get Tata Capital personal loan?

  • One of the lowest interest rates
  • Zero charges on part pre-payment
  • Overdraft facility
  • Multipurpose personal loan

Bajaj Finserv personal loan

Bajaj Finserv disburses an instant personal loan in just 24 hours. You can avail of a personal loan from Bajaj Finserv up to Rs. 25 lakh to fulfil your financial obligations such as home renovation, dream wedding, foreign vacation, and credit card bill payment. Bajaj Finserv personal loan interest rates are reasonable and applicable on a reducing balance.

Here are the key features of Bajaj Finserv personal loan:

Loan amount Up to 25 lakhs
Age 23 to 58 years
Interest rate 12.99% p.a.
Loan tenure From 12 to 60 months
Foreclosure charges 4% + applicable taxes on outstanding principal
Part pre-payment charges 2% + applicable taxes on part-payment amount paid

Why should you get a personal loan from Bajaj Finserv?

  • Instant personal loan with minimal documentation
  • Pre-approved loan offers
  • Higher loan amount up to Rs. 25 lakhs without collateral
  • Flexible repayment tenure
  • Bajaj Finserv personal loan interest rates are reasonable

Mahindra Finance personal loan

Mahindra Finance offers an instant personal loan within 2 days of application. Any Mahindra Finance customer and employees of its subsidiary companies with a good repayment history can get a personal loan from Mahindra Finance.

Key features of Mahindra Finance personal loan:

Age 21 to 58 years
Interest rate Depends on customer’s eligibility
Loan tenure Up to 3 years
Loan amount Up to Rs. 3 lakh

Why should you get a personal loan from Mahindra Finance?

  • Instant approval and disbursal in 2 days
  • Hassle-free documentation with maximum flexibility
  • Easy EMI payment through ECS and cheque transfer

Fullerton India personal loan amount

Fullerton India offers a personal loan to salaried employees and self-employed individuals alike. Fullerton personal loans are available with more flexible eligibility criteria for a variety of purposes such as holiday, home improvement, medical emergency and a lot more.

Key features of Fullerton India personal loan:

Interest rate 12.99 – 36% p.a.
Age  21 years to 60 years
Loan amount From Rs. 60,000 up to Rs. 25 lakh
Processing fee Up to 3% of the loan amount
Loan tenure From 12 months to 60 months

Why should you get a personal loan from Fullerton India?

  • Maximum loan amount up to Rs. 25 lakh
  • Minimal documentation and quick disbursal
  • Additional benefits for existing customers
  • Flexible eligibility criteria

Aditya Birla Finance Limited (ABFL) personal loan

Aditya Birla Finance Limited (ABFL) offers a personal loan to the salaried professional with a good credit score. With ABFL, you can get a quick personal loan up to Rs. 15 with a reasonable interest rate for up to 36 months.

Key features of ABFL personal loan

Interest rate 14% p.a. to 26% p.a.
Age ●        The minimum age of an applicant should be 23 years at the time of application

●        The maximum age of an individual should be 55 years

Loan amount Upto 15 lakhs
Loan tenure From 6 months to 36 months
Processing fee Up to 2% of the loan amount
Foreclosure charges 3% (12th month onwards)

Why should you get a personal loan from ABFL?

  • Flexible repayment tenure up to 60 months
  • Collateral free personal loan
  • Option to add a co-applicant to improve your eligibility
  • Existing customer of Aditya Birla Finance Group are exempt from the processing fee
  • Loan application process is completely online
  • Convenient repayment through ECS/ NACH

IIFL Finance personal loan

IIFL (India Infoline Housing Finance Limited) is one of the leading NBFCs in India. With IIFL, salaried employees and self-employed individuals can get a personal loan up to Rs. 25 lakh to cover their various expenses including home renovation, wedding, medical bills etc.

Key features of IIFL personal loan

Loan amount Upto 25 lakhs
Age 25 to 60 years
Interest rate 14% p.a. to 26% p.a.
Loan tenure From 12 months to 60 months
Processing fee Up to 2% of the loan amount + GST
Foreclosure charges Up to 6%

Why should you get a personal loan from IIFL?

  • Minimal documentation
  • Loan amount up to Rs. 25 lakh
  • End-to-end online process with instant approval
  • Loan disbursal in 8 hours

HDB Financial Services personal loan

HDB Financial Services provides a personal loan for salaried individuals and self-employed professionals. Borrowers who need funds for a grand wedding, exotic vacation, big-ticket purchase and child’s education etc. can avail of HDB personal loans.

Key features of HDB Financial Services personal loan:

Age For salaried: 21 to 60 years

For self-employed professionals: 22 to 65 years

Interest rate Depends on customer’s eligibility
Loan tenure 12 months to 60 months
Loan amount Up to Rs. 20 lakh

Why should you get a personal loan from HDB Financial Services?

  • Flexible loan tenure from 12 months to 60 months
  • The convenience of doorstep service
  • Attractive rate of interest
  • Special offer for employees of select companies

Shriram City Union Finance

Shriram City Union Finance offers personal loans to underprivileged customer segments that do not have easy access to short-term or medium-term loans in a financial emergency. Personal loans are available to its existing and old customers, as well as customers of Shriram Group. To get a personal loan, there should be no cheque bounce in the customer’s bank statement.

Key features of Shriram City Union Finance personal loan:

Age 18 to 59 years
Interest rate Depends on customer’s eligibility
Loan tenure 12 months to 36 months
Security As advised by the lender

Why should you get a personal loan from Shriram City Union Finance?

  • Flexible loan tenure from 12 months to 36 months
  • Personal loan for poor and backward customers
  • Age criteria starting from as low as 18 years

These are the finest Non-Banking Financial Companies that offer a personal loan at a competitive interest rate and flexible eligibility criteria. Use a personal loan EMI calculator to compare rates and loan tenure.

Note: Interest rates are indicative in nature and the final interest rate will depend on an applicant’s eligibility.

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