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Rs. 40,000 - Rs. 55 lakh
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How NBFC personal loans work
An NBFC personal Loan is an unsecured loan offered by a Non-Banking Financial Company (NBFC) to help individuals meet various financial needs such as medical expenses, education costs, home renovation, travel, weddings, or debt consolidation. Since it is an unsecured loan, borrowers are not required to provide any collateral or security.
NBFCs typically offer a simple application process, minimal documentation, and quick approval. Loan eligibility is assessed based on factors such as income, employment profile, repayment capacity, and overall creditworthiness. Depending on the lender's policies, borrowers may be able to access loan amounts ranging from Rs. 40,000 to Rs. 55 lakh, with repayment tenures from 12 months to 108 months.
Many NBFCs also provide fully digital application journeys, allowing eligible applicants to complete the process online and receive funds quickly after approval. Before applying, it is important to review the interest rate, fees, repayment terms, and eligibility criteria offered by the lender.
In some cases, eligible customers may receive pre-approved loan offers based on the lender’s internal assessment. You can check your offer in just 2 steps using your mobile number and OTP and apply online for a personal loan when required.
Importance of CIBIL Score for NBFC loans
Your CIBIL Score is an important factor that NBFCs consider when evaluating a personal loan application. It reflects your credit behaviour, repayment history, and overall creditworthiness, helping lenders assess the risk associated with lending.
A higher CIBIL Score generally improves your chances of loan approval and may help you access more favourable loan terms. It demonstrates responsible credit management, including timely repayment of EMIs and credit card dues. On the other hand, a lower score may lead lenders to conduct additional checks or offer different loan terms based on their internal assessment policies.
However, CIBIL Score is not the only factor considered by NBFCs. Many lenders also evaluate your income, employment profile, repayment capacity, existing financial obligations, and banking history before making a lending decision.
Maintaining a healthy CIBIL Score can support faster loan processing and improve your overall credit profile. If you are planning to apply for a personal loan, it is advisable to review your credit report regularly and address any inaccuracies that may affect your score.
You can also check your eligibility for a personal loan online using your mobile number and OTP to explore available loan offers based on the lender’s assessment criteria.
Pros and cons of loans with low CIBIL Score
Individuals with a low CIBIL Score may still be able to access credit through certain lenders. However, such loans may come with different terms and conditions. Understanding the advantages and limitations can help you make an informed borrowing decision.
| Pros | Cons |
|---|---|
| Access to funds during emergencies – Helps manage urgent expenses such as medical needs, education costs, or home repairs. | Higher interest rates – Lenders may charge higher rates to offset the increased lending risk. |
| Opportunity to improve credit profile – Timely repayment can contribute positively to your CIBIL Score over time. | Lower loan amounts – The sanctioned amount may be lower than what applicants with stronger credit profiles receive. |
| Alternative assessment criteria – Some lenders also consider income, employment stability, and repayment capacity. | Additional verification requirements – Lenders may conduct more detailed checks before making a decision. |
| Simple application process – Many lenders offer online applications with minimal documentation. | Limited loan options – Some lenders may have stricter policies for applicants with low credit scores. |
| Support for planned and unplanned expenses – Can help manage financial requirements when other credit options are unavailable. | Stricter loan terms – Repayment conditions may vary depending on the lender's assessment. |
Before applying, review the loan terms carefully and assess your repayment capacity. Responsible borrowing and timely repayments can help strengthen your credit profile and support future access to credit.
Why NBFC loans are popular
NBFC loans have become a preferred borrowing option for many individuals due to their convenience, accessibility, and faster processing. They are designed to help borrowers meet various financial needs without lengthy procedures.
| Reason | Description |
|---|---|
| Quick processing | Many NBFCs offer a streamlined application process with faster approval and disbursal compared to traditional lending channels. |
| Minimal documentation | Basic KYC and income documents are often sufficient, reducing paperwork and processing time. |
| Digital application process | Borrowers can apply online, upload documents, and track their application from anywhere. |
| Flexible loan options | NBFCs offer personal loans for a variety of purposes, including medical expenses, education, travel, weddings, and home improvement. |
| Wide accessibility | Loans may be available to salaried and self-employed individuals, subject to the lender's eligibility criteria. |
| Convenient repayment tenures | Borrowers can often choose from multiple repayment options based on their financial requirements. |
| Pre-approved loan offers | Eligible customers may receive pre-approved offers that simplify the application process. |
The growing popularity of NBFC loans is driven by their customer-friendly processes and ease of access. Before applying, it is important to review the lender’s eligibility criteria, interest rates, fees, and repayment terms to choose a loan that suits your financial needs.
How to get an NBFC personal loan without CIBIL
Getting an NBFC personal loan with a low CIBIL Score can be challenging, as eligibility criteria vary from lender to lender. Along with your credit score, lenders may also evaluate factors such as income, employment stability, repayment capacity, and existing financial obligations.
You can strengthen your application by maintaining a stable income, repaying existing dues on time, and keeping your overall debt levels manageable. Bajaj Finance generally requires a CIBIL Score of 650 or higher for personal loan applications, along with other eligibility criteria. Before applying, review the lender’s requirements and loan terms carefully.
Benefits of NBFC personal loans
- Disbursal in a few hours*: Get the loan amount in your bank account within 24 hours*, making it easy to manage any urgent expenses.
- Minimal documents needed: Submit just a few basic documents to get the funds you need.
- Flexible repayment tenure: You can take a personal loan ranging from Rs. 40,000 to Rs. 55 lakh - and spread the repayment over long tenure of up to 8 years.
- Quick online approval: Apply online to receive quick approval on your personal loan within a few minutes.
- No collateral required: Get the personal loan without any collateral or guarantor – making the process simple and quick. Use the personal loan EMI calculator for to estimate your EMI.
- Online loan management: Use our customer portal, My Account, and manage your loan account online.
Eligibility criteria for NBFC personal loan
The eligibility criteria for an NBFC personal loan may vary across lenders. However, applicants generally need to meet the following requirements:
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL Score: 650 or higher.
- Customer profile: Self-employed or Salaried
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for NBFC personal loan
The documents required for an NBFC personal loan may vary depending on the lender and applicant profile. Generally, you may need the following documents during the application process:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
Conclusion
NBFCs offer convenient personal loan solutions with simple application processes, minimal documentation, and quick digital access to funds. Loan approval is based on the lender’s eligibility criteria, which may include factors such as CIBIL Score, income, employment profile, and repayment capacity.
If you need funds for planned or urgent expenses, you can explore a personal loan from an NBFC and complete the application process online. You can also check your eligibility in just 2 steps and apply online for a simple and seamless borrowing experience.
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