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In summary
NBFCs (Non-Banking Financial Companies) offer personal loans with lower entry barriers than traditional banks. A CIBIL score of 650 or higher qualifies you for personal loans with reputable NBFCs like Bajaj Finance, whereas most banks require a score of 700–750.
Here's why borrowers choose NBFC loans:
- Faster disbursal: Funds credited within 24 hours* of document verification
- Broader eligibility: CIBIL score of 650 accepted; salaried and self-employed individuals qualify
- Fewer documents: KYC proof, recent bank statements, and salary slips — no lengthy paperwork
- Flexible approval: Income, employment stability, and career profile are considered, not just credit score
- Online application: Apply end-to-end without visiting a branch
For a Bajaj Finance Personal Loan, you can check your eligibility using phone number and OTP.
What is an NBFC personal loan?
An NBFC personal loan can be a practical financing option when you need funds quickly for planned or unexpected expenses. Whether you are managing a medical emergency, funding a wedding, renovating your home, paying for higher education, consolidating existing debts, or meeting business-related personal expenses, an NBFC can offer a fast and convenient borrowing experience.
NBFC personal loans are also designed to offer flexibility. Depending on the lender and your eligibility, you may be able to choose a loan amount and repayment tenure that suits your financial situation. This can help you manage your monthly EMIs more comfortably while meeting your funding requirements.
With Bajaj Finance, you can check your pre-approved loan offer in just 2 steps and experience the NBFC advantage – quick approval, minimal documentation, and up to Rs. 55 lakh at competitive rates ranging from 10% to 30% per annum.
What are the advantages of getting a personal loan from NBFC?
1. Easy eligibility criteria
- For an NBFC loan, you don't have to navigate through lengthy or complicated eligibility criteria for personal loans that traditional lenders typically impose. The primary parameter that these progressive lenders consider is your credit score and overall financial profile.
- A minimum CIBIL score of 650 or higher can get you instant approval with most reputable NBFCs. But here's the good news – even those with lower credit scores can still apply and get approved by demonstrating substantial monthly income, stable employment, and a promising career portfolio.
Why this matters: In sharp contrast, the eligibility terms set by traditional banks remain quite stringent and inflexible, especially for self-employed applicants, freelancers, or those with non-conventional income sources.
2. Minimal to zero documentation
- Here's where NBFCs truly shine! Existing or pre-approved customers often don't need to submit any documents when applying for a personal loan with a reputable NBFC. For new customers, the document requirements are refreshingly limited to basic OVDs (Officially Valid Documents) for KYC Verification, recent bank account statements, and the latest salary slips.
- Contrast this with other lending institutions, where both existing and new customers may have to submit extensive, lengthy paperwork that can be overwhelming.
Smart advantage: This streamlined documentation process means you can apply and get approved without the stress of gathering dozens of documents or making multiple trips to the lender's office.
3. Quick approval
- Pre-approved customers can receive loan approval within a few minutes of applying with the best NBFC for a personal loan. In other cases too, you can get an unsecured loan approval in just 5 minutes* from reputed NBFCs.
- This is not usually the case with traditional lenders, as they have more internal processes to comply with before approving an application.
4. Swift processing and disbursal
- Leading NBFCs can process and disburse loan applications within one working day after approval. Borrowers can receive the money directly in their bank account in under 24 hours* with select non-banking financial companies.
- This makes NBFC loans the ideal funding option for urgent financial needs such as medical emergencies, sudden home repairs, or time-sensitive opportunities.
- The disbursal time for a personal loan from traditional lenders may extend anywhere between several days to a few weeks, making them unsuitable for urgent financial needs.
Real-world impact: When you need funds urgently – like for a medical emergency or to grab a limited-time investment opportunity – every hour counts. NBFCs understand this urgency and have built their processes accordingly.
5. Completely online application process
- Modern NBFCs like Bajaj Finance offer a 100% digital and completely paperless application process that you can complete from the comfort of your home.
- You only need to provide basic details such as your name, phone number, and city to initiate the procedure of applying for an NBFC loan online.
6. Exceptional customer service
- Last but certainly not least, NBFCs have built their reputation on superior customer service that you can actually rely on.
- These progressive lending companies usually assign a dedicated customer relationship manager who is available to assist and guide you before, during, and after applying for or receiving an NBFC personal loan.
For all these compelling reasons, opting for an NBFC personal loan is increasingly seen as the more convenient option. You can also typically get an instant personal loan of higher amount from an NBFC (based on your eligibility) compared to what a traditional lender might offer.
Apply for a personal loan with Bajaj Finance to get attractive features and benefits at competitive interest rates. You can also use our personal loan EMI calculator to compute your monthly repayments in advance and choose the loan amount that perfectly suits your budget and financial goals.
Types of NBFCs
Understanding the different types of NBFCs in India helps you choose the right lender for your specific needs:
| NBFC Type | Primary Activity |
|---|---|
| Deposit-taking NBFC (NBFC-D) | Accepts public deposits and offers lending services |
| Non-deposit-taking NBFC (NBFC-ND) | Provides lending and financial services without deposits |
| Asset Finance Company (AFC) | Finances physical assets — vehicles, equipment |
| Loan Company (LC) | Specialises in personal and business loans |
| Investment Company (IC) | Deals in securities and investment products |
| Infrastructure Finance Company (IFC) | Finances large infrastructure projects |
| Systemically Important NBFC (SI-NBFC) | Large NBFCs under enhanced RBI oversight |
| Microfinance Institution (MFI) | Small-ticket loans for underserved borrowers |
| Housing Finance Company (HFC) | Home loans and housing finance |
| Core Investment Company (CIC) | Holds investments in group companies |
Eligibility criteria and documents for personal loan from NBFC
The table below shows the standard Bajaj Finance personal loan eligibility parameters.
| Criterion | Requirement |
| Nationality | Indian |
| Age | 21 years to 80 years |
| Employment type | Salaried or self-employed |
| Employer category | Public sector, private company, or MNC |
| Minimum CIBIL score | 650 or higher |
*You should be 80 years or younger, at the end of the loan tenure.
Documents required for personal loan from an NBFC?
The documentation requirements for a personal loan can vary from lender to lender. Below are the personal loan documents that are required to be submitted when applying for a Bajaj Finance Personal Loan:
| Document Category | Accepted Options |
|---|---|
| KYC proof | Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card |
| Identity proof | PAN card, Real-time image / photograph |
| Employment proof | Employee ID card, Letter of Allotment of Accommodation Issued by Employer |
| Income proof | Salary slips — last 3 months, Bank account statements — last 3 months |
| Others | Pension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt |
Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
Why an NBFC loan may be a better option than bank loans?
- Flexible eligibility: NBFCs often have more inclusive eligibility criteria, making it easier for salaried professionals, self-employed individuals, and those with multiple income sources to qualify.
- Minimal documentation: The application process is usually simple, requiring only basic KYC documents and proof of income, reducing paperwork and processing delays.
- Faster approvals: Many NBFCs use digital verification and automated checks, enabling quicker loan approvals compared to traditional lending processes.
- Quicker disbursal: Once approved, the loan amount may be credited within hours, which can be helpful during medical emergencies or other urgent financial needs.
- Fully online application: From checking eligibility to submitting documents and tracking your application, the entire process can often be completed online without visiting a branch.
- Convenient customer support: Many NBFCs provide multiple support channels, including phone, email, and digital assistance, to help borrowers throughout the loan journey.
Simple comparison: NBFC vs Banks
| Aspect | NBFCs (Non-Banking Financial Companies) | Banks |
|---|---|---|
| Regulation | Regulated by the Reserve Bank of India under specific NBFC guidelines. | Fully regulated by the Reserve Bank of India with stricter compliance requirements. |
| Services | Offer loans, asset financing, and investment products, but cannot accept demand deposits. | Provide a wide range of services, including savings accounts, deposits, loans, and payment services. |
| Eligibility Criteria | Often more flexible, making financial services accessible to varied customer segments. | Usually follow stricter eligibility checks and detailed verification processes. |
| Processing Speed | Faster application processing and quicker service delivery for many financial products. | Processing time may be longer due to extensive internal procedures. |
| Risk and Stability | Generally considered slightly higher risk due to specialised lending models. | Considered more stable due to strong regulatory oversight and deposit protection systems. |
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30% p.a. |
Processing fees | Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
|
Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges | Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000