Why Choose an NBFC Personal Loan?

• Faster processing times
• Easier approval for individuals with lower credit scores
• Flexible loan amounts and repayment tenures

What is an NBFC Personal Loan?

A NBFC personal loan is an unsecured loan provided by Non-Banking Financial Companies (NBFCs). NBFCs are financial institutions that offer various banking services, but they are not traditional banks. They are regulated by the Reserve Bank of India (RBI) but have more flexibility in their lending policies, making it easier for individuals to secure a loan.

Unlike banks, NBFCs are known for their faster loan processing and approval, making them an attractive option for those who need quick access to funds. These loans do not require collateral, making them accessible to a wide range of borrowers, including those who may not qualify for bank loans due to stringent eligibility criteria.

Key Features of NBFC Personal Loans:

• No collateral or security required
• Competitive interest rates
• Quick approval and disbursement
• Flexible repayment options

Choosing a NBFC personal loan gives you the freedom to manage your financial needs with greater flexibility and convenience.

Benefits of Taking a Personal Loan from an NBFC

1. Quick Processing and Approval: NBFCs are known for their speedy loan approval process. While banks may take several days or even weeks to approve a personal loan, NBFCs often approve loans within 24 to 48 hours, making them a go-to option for urgent financial needs.
2. Flexible Eligibility Criteria: NBFCs are more lenient with their eligibility requirements compared to banks. Even if you have a lower credit score, you may still qualify for a personal loan from an NBFC.
3. Customized Loan Products: Many NBFCs offer personalized loan solutions based on the borrower's income, credit score, and financial needs.
4. Lower Documentation Requirements: NBFCs often require minimal documentation compared to banks, making the application process much simpler and faster.
5. Competitive Interest Rates: Many NBFCs offer competitive interest rates that can sometimes be lower than those provided by traditional banks.

How to Apply for an NBFC Personal Loan

1. Check Your Eligibility: Apply Online at fincrif.com/nbfc-personal-loan and check eligibility and get disbursal in 3 hrs.
2. Fill Out the Application Form: Provide your personal details including name, contact information, and loan amount required.
3. Submit Documents: You’ll need to submit essential documents such as identity proof, income proof, and address proof.
4. Loan Approval and Disbursement: Once your application and documents are reviewed, you will receive loan approval. The loan amount is typically disbursed within 3-24 hours.
5. Repayment: Repay your loan in easy monthly instalments over the chosen tenure.

Applying for a NBFC personal loan through FinCrif ensures a smooth process with transparent terms and quick access to funds.

Eligibility Criteria for an NBFC Personal Loan

• Age: Applicants should be between 21 to 60 years of age.
• Income: For salaried individuals, a minimum monthly income of ₹20,000 is required.
• Credit Score: While NBFCs are more lenient, a credit score of 600 or above increases your chances of loan approval.
• Employment Stability: Salaried employees should have a minimum of 1 year of continuous employment.
• Residency: You must be an Indian citizen residing in the country.

FinCrif simplifies the process of applying for an NBFC personal loan by partnering with leading NBFCs and offering flexible eligibility criteria tailored to your financial profile.

Documents Required for an NBFC Personal Loan

• Identity Proof: PAN card, Aadhar card, Voter ID, or Passport.
• Address Proof: Utility bill, rental agreement, or any government-issued address proof.
• Income Proof: Salary slips or bank statements for salaried individuals, and income tax returns for self-employed individuals.
• Bank Account Details: A canceled cheque or recent bank statement.

By choosing FinCrif, you can enjoy a fully digital loan application process where all documents can be uploaded online, ensuring a hassle-free experience.

Interest Rates and Charges for NBFC Personal Loans

• Interest Rates: The interest rates on NBFC personal loans typically range from 11.50% to 24% per annum.
• Processing Fee: A processing fee of 1-2% of the loan amount may apply.
• Prepayment Charges: Many NBFCs allow prepayment of personal loans after a specific lock-in period.
• Late Payment Fees: A late payment fee of up to 2% per month on the overdue amount may apply.

NBFC personal loans through FinCrif offer transparent terms and minimal charges, ensuring that you can manage your loan effectively without hidden fees.

Top NBFCs For Personal Loan

An NBFC personal loan is an excellent choice for those looking for quick, convenient, and flexible financing options. With easier eligibility criteria, faster approvals, and competitive interest rates, NBFC personal loans provide the financial freedom you need. At FinCrif, we help you find the best personal loan options from trusted NBFCs, ensuring that you get the funds you need when you need them. Apply today and experience the seamless process of securing a personal loan tailored to your financial needs.