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.