NBFC Personal Loan

An NBFC personal loan offers a convenient way to get urgent finances and meet personal requirements. NBFCs provide quick loans with minimum eligibility requirements making them a great option. You can cover all kinds of financial emergencies like medical emergencies, rent, and utility bill payments, debt consolidation, paying education fees as well as purchasing stationery or even purchasing a bike or required home appliances.

NBFCs offer personal loans starting from ₹500 to ₹50 Lakhs, at attractive interest rates ranging from 9.00% p.a to 54% p.a. for a tenure of up to 96 months. Giving you the perfect solution for short-term and long-term financial requirements.

Best NBFC For Personal Loan in India

NBFCs have become a preferred alternative to traditional borrowing as they offer quick disbursement of funds with less documentation. Helping you get the funds you need at the right time. Given below are the top NBFCs for personal loans along with their interest rates:

NBFC Personal Loan Interest Rates & Charges

When considering taking a personal loan, you should carefully choose an NBFC that offers an interest rate that is best suited to your financial situation. Moreover, you should also consider the charges and fees that are associated with the loan as high charges will impact your overall cost of borrowing. NBFCs offer interest rates ranging from 9.00% to 54% p.a. so choosing the right NBFC is crucial. Here are the charges and fees offered by the different lenders:

NBFC Personal Loan Eligibility

NBFC personal loans usually have simple eligibility requirements, making loans accessible to a wide range of salaried and self-employed individuals. While the eligibility criteria vary from one NBFC to another, here are the generic eligibility requirements to apply for an NBFC personal loan:

Documents Required For NBFC Personal Loan

To apply for an NBFC personal loan, several documents are required. Although minimal compared to traditional banks, these documents are necessary for identity and address verification. The documents required for RBI-approved NBFC loans may differ from one lender to another, however, here are the general documents required to apply for an NBFC personal loan online:

• Selfie
• Identity Proof: PAN card, Aadhaar card, Passport, Voter ID, Driver’s licence.
• Address Proof: Utility bills like electricity bill, rental agreement, bank statement.
• Proof of Income for salaried individuals: Latest 3 to 6 months salary slips, bank statements, income tax returns.
• Proof of Income for Self-employed: Latest 3 to 6 months bank statements, income tax returns, audited income statements as well as balance sheets and profit and loss statements.

NBFC Personal Loan EMI Calculator

Before taking an NBFC loan, you must consider the EMI. The EMI is an amount that you need to pay monthly towards the repayment of the loan. So, it is important to know how much EMI you can afford to pay without hampering your living expenses. The EMI of your loan will depend on the loan amount, tenure, and interest rate. Using the EMI calculator you will be able to estimate the EMI amount.

Using the EMI calculator is simple, all you need to do is enter your loan amount, interest rate, and tenure. You can also reduce or increase your EMI by choosing a longer or shorter tenure.

Loan Amount :

₹

Interest Rate (p.a.):

%

Months to Pay:

Monthly EMI	₹86
Principal Amount	₹1,000
Total Interest	₹32
Total Amount	₹1,032.00

Principal Amount Interest Amount

Year	Month	Principal (A)	Interest (B)	EMI (A+B)	Balance	Loan Paid to Date (%)

You can also manually calculate the EMI on your loan by using the following formula:

EMI = P x R x (1+R)^N/ [(1+R)^N-1]

Where

• P is the principal amount
• R is the rate of interest
• n is the tenure

Let's calculate using an example for your better understanding,

Let, P be ₹50,000, R be 11.00% and n be 12 months, the calculation will be as follows:

Converting R into decimal = 0.009167

EMI = P x R x (1+R)^N/ [(1+R)^N-1]

EMI = ₹50,000 x 0.009167 x (1+0.009167)^12/ [(1+0.009167)^12-1]

EMI = ₹50,000 x 0.009167 x (1.009167)^12/ [(1.009167)^12-1]

EMI = ₹50,000 x 0.009167 x 1.116645/ [(1+0.009167)^11]

EMI = ₹4419 approximately

Therefore, according to the calculations, the EMI for a loan of ₹50,000 for a tenure of 12 months at an interest rate of 11% p.a. Will approximately be ₹4419.

Want to know more? You can check more on different loan types available by various lenders from the table below:

Personal Loan	Instant Loan
Car loan	Two Wheeler Loan
Business Loan	MSME Loan
SME Loan	Commercial Vehicles Finance Loan
Consumer Durable Loan	Agriculture Loan
Gold Loan	Marriage Loan

Do you need an instant loan?

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Features & Benefits of NBFC Personal Loan

An NBFC personal loan offers distinct features and benefits that are unique and differ from traditional banks. NBFCs offer faster disbursal, minimal documentation requirements, and flexible eligibility criteria. They also offer flexible loan amounts, tenures, and attractive interest rates. Here are the features and benefits of NBFC personal loans:

Customisable Loan Amount

Get loan amount of $50,000
up to $50 Lakhs.

Competitive Interest Rate

Enjoy interest rates ranging
from 9.00% - 54% p.a.

Minimal documents

There are minimal documents
required for an NBFC
personal loan.

Quick Processing

If you are creditworthy
you will receive the loan
amount instantly.

Good Customer Service

NBCs offer personalised
service and support for
any assistance.

Flexible Repayment Term

You can easily repay your loan
amount at flexible repayment
tenures of up to 96 months.

Steps to Apply For NBFC Personal Loan

Applying for an NBFC personal loan online is simple and easy, here are the steps you can take:

• Step 1: Visit the website of the NBFC that you have chosen.
• Step 2: Go to their personal loan application page and click ‘Apply Now’.
• Step 3: Enter all the necessary information including the loan amount and tenure of your choice.
• Step 4: Upload all the required documents.
• Step 5: Then submit the application.

Steps To Apply For An NBFC Personal Loan Through Buddy Loan

Another easy way to apply for an NBFC personal loan is to apply through Buddy Loan. Here are the steps you can follow:

• Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
• Step 2: Open the personal loan application page. Enter your mobile number and OTP.
• Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
• Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
• Step 5: Enter your work details (Including company name, years of service and Designation)
• Step 6: Enter your details (Including Full Name, PAN, address, DOB & Gender)
• Step 7: Provide your communication address and income details and click the ‘Submit’ button.