NBFCs Personal Loan (IT Salaried)
- Loan Amount: Loan Amount Upto ₹50 Lakh
- Interest Rate: @10.49% p.a
- Minimum CIBIL Score: >700
- Only for Salaried: Income Above ₹25,000
Comparison of Personal Loan Interest Rates of Banks (2025)
| Bank | Interest Rate | Loan Amount | Apply |
|---|---|---|---|
| DBS Bank | From 10.99% | Up to ₹15 Lakhs | Apply |
| HDFC | From 10.85% | Up to ₹40 Lakhs | Apply |
| Axis Bank | From 10.49% | Up to ₹40 Lakhs | Apply |
| ICICI Bank | 10.75% – 19% | Up to ₹40 Lakhs | Apply |
| Bank of Baroda | 10.75% – 18.5% | Up to ₹5 Lakhs | Apply |
| SBI | From 11% | Up to ₹30 Lakhs | Apply |
| IndusInd | From 10.49% | Up to ₹50 Lakhs | Apply |
| Yes Bank | From 10.99% | Up to ₹40 Lakhs | Apply |
| Standard Chartered | From 11.5% | Up to ₹50 Lakhs | Apply |
| IDFC | From 10.49% | Up to ₹50 Lakhs | Apply |
| Kotak Mahindra | From 10.99% | Up to ₹40 Lakhs | Apply |
| PNB | From 11.40% | Up to ₹20 Lakhs | Apply |
| Bandhan Bank | From 11.55% | Up to ₹25 Lakhs | Apply |
Comparison of Personal Loan Interest Rates of NBFCs (2025)
| NBFC | Interest Rate | Loan Amount | Apply |
|---|---|---|---|
| Piramal Finance | From 12.99% | Up to ₹35 Lakhs | Apply |
| Shriram Finance | From 14% | Up to ₹35 Lakhs | Apply |
| Tata Capital | From 10.99% | Up to ₹35 Lakhs | Apply |
| InCred | From 18% | Up to ₹3 Lakhs | Apply |
| Finnable | From 16% | Up to ₹10 Lakhs | Apply |
| PaySense | From 16.8% | Up to ₹5 Lakhs | Apply |
| Poonawalla | From 9.99% | Up to ₹30 Lakhs | Apply |
| Fullerton | From 11.99% | Up to ₹25 Lakhs | Apply |
| LendingKart | From 12% | Up to ₹3 Lakhs | Apply |
| Axis Finance | From 13% | Up to ₹25 Lakhs | Apply |
| Mahindra Finance | From 10.99% | Up to ₹10 Lakhs | Apply |
| Aditya Birla | From 11.99% | Up to ₹50 Lakhs | Apply |
| Bajaj Finance | From 11% | Up to ₹50 Lakhs | Apply |
Eligibility Criteria for applying NBFCs Personal Loans @ Fincover
| Eligibility Factor | Criteria |
|---|---|
| Age | Minimum: 21 years; Maximum: 54-58 years at loan maturity |
| Previous Loan Enquires | Maximum: 3 Enquiries |
| FOIR | 50% (NO over Obligation) |
| Income | Salaried: Minimum ₹25,000 to ₹2,00,000 per month Self-Employed: Stable income with proof (e.g., IT returns and GST) |
| Employment Status | Salaried: 1-2 years of employment, 6 months to 1 year in current job Self-Employed: 2-3 years in business |
| Credit Score | Preferred: 700 – 750 or higher Lower scores may be accepted at higher interest rates |
| Work Location | Typically urban or semi-urban areas are preferred |
| Existing Debt | Lower debt-to-income ratio (ideally less than 40-50%) |
| Documentation | Proof of identity (e.g., Aadhaar, PAN card) Proof of address (Communication Address) Proof of income (3 latest salary slips, Til date bank statements) Proof of employment or business (ID card) |
what is NBFCs personal loan?
An NBFC personal loan is a type of loan provided by Non-Banking Financial Companies (NBFCs) to individuals for personal use. Unlike traditional banks, NBFCs are financial institutions that offer a wide range of banking services but do not have a banking license.
Why Choose NBFCs for Personal Loans?
NBFCs are known for their customer-friendly approach and streamlined loan processes. Here are some reasons why you should consider an NBFC for your personal loan in 2024:
- Flexible Eligibility Criteria: NBFCs often have more relaxed eligibility requirements compared to banks, making it easier for individuals with varying credit scores and employment statuses to secure a loan.
- Quick Disbursal: One of the major advantages of NBFCs is the speedy approval and disbursal process. Many NBFCs can approve and disburse loans within 24 to 48 hours, making them ideal for urgent financial needs.
- Higher Loan Amounts: NBFCs offer personal loans up to ₹40 lakh*, allowing you to finance larger expenses without hassle.
- Customized Loan Options: NBFCs often provide personalized loan solutions, with options to choose the loan tenure, EMI amount, and repayment schedule that best suits your financial situation.
Uses of NBFC Personal Loans
- Medical Emergencies: Quick access to funds for unexpected medical expenses.
- Home Renovation: Financing home improvements or repairs.
- Debt Consolidation: Combining multiple debts into a single, manageable payment.
- Wedding Expenses: Covering the costs of a wedding or other large events.
- Education: Funding education-related expenses for yourself or family members.
- Travel: Financing a vacation or travel plans.
Documents required for NBFCs personal loan
| Document Type | Details |
|---|---|
| Proof of Identity | Aadhaar card, PAN card, Passport, Voter ID, Driving License |
| Proof of Address | Utility bill (electricity, water, gas), Rent agreement, Passport, Aadhar card |
| Proof of Income | Salaried Employees: Salary slips (last 3-6 months), Bank statements (last 3-6 months), Form 16 Self-Employed Individuals: Income tax returns (last 2-3 years), Business financials (balance sheet, profit & loss account), Bank statements (last 6-12 months) |
| Proof of Employment/Business | Salaried Employees: Employment verification letter or appointment letter Self-Employed Individuals: Business registration documents, GST certificate, Business address proof |
| Photographs | Passport-sized photographs (typically 2-3) |
| Application Form | Completed loan application form from the NBFC |
| Credit Report (if required) | Some NBFCs may ask for a credit report or consent to access it |
NBFCs Personal Loan Application Process
To apply for a personal loan online at Fincover, follow these steps,
- Visit www.Fincover.com
- Hover on “Loans” and Click on “NBFCs Personal Loans”-> “Apply for Personal loan”
- Select the type of profession, Enter your Net Monthly Salary, Select the Loan amount required, Select the type of residence
- Enter your Personal details such as Name, mail ID, Pincode, PAN, and state
- Confirm your registration with an OTP
- A lead will be created, and the customer care agents will contact you to seek documents and find offers from suitable banks or NBFCs. after which your loan will be processed.
Charges & Fees related to NBFCs Personal Loans
When applying for a personal loan from an NBFC, it’s important to be aware of the various charges that may apply. Here’s a summary of common charges associated with NBFC personal loans:
| Charge/ Fee | Description |
|---|---|
| Processing Fee | A one-time fee charged for processing the loan application, usually 1-3% of the loan amount. |
| Interest Rate | The cost of borrowing, expressed as an annual percentage rate (APR). Rates can be fixed or floating. |
| Prepayment/Foreclosure Charges | Fees applicable if you repay the loan before the end of the tenure. Typically 1-3% of the outstanding principal. |
| Late Payment Fees | Penalties for delayed EMI payments. Charges vary based on the loan agreement. |
| Documentation Charges | Fees for processing and verifying the documents submitted with the loan application. |
| Stamp Duty | Applicable stamp duty charges, based on the loan amount and legal requirements. |
| Cheque Bounce Charges | Fees charged if your EMI payment is made through a bounced cheque. |
| Loan Rescheduling Charges | Fees for modifying the loan terms, such as extending the tenure or changing the EMI amount. |
| Verification Charges | Charges for verifying your personal, financial, and employment details. |
| Other Charges | Any additional charges specific to the NBFC or loan type, such as legal fees or service charges. |
Comparing Banks vs. NBFCs for Personal Loans
When deciding between banks and Non-Banking Financial Companies (NBFCs) for a personal loan, it’s important to understand their differences and how each option might suit your needs. Here’s a comparison of banks and NBFCs based on various factors:
| Factor | Banks | NBFCs |
|---|---|---|
| Regulation | Regulated by the Reserve Bank of India (RBI) | Also regulated by the RBI, but often have less stringent regulations compared to banks |
| Interest Rates | Generally lower due to higher competition and regulatory oversight | May offer competitive rates but can sometimes be higher than banks |
| Eligibility Criteria | Often stricter, requiring a good credit score and stable income | More flexible eligibility criteria, accommodating a wider range of credit profiles |
| Processing Time | Typically longer processing time with more documentation | Usually faster processing and disbursal, often within 24-48 hours |
| Loan Amount | Generally offer lower to moderate loan amounts | Can offer higher loan amounts, sometimes up to ₹40 lakh or more |
| Documentation | May require extensive documentation and verification | Typically requires less documentation, making the application process simpler |
| Customer Service | Well-established customer service with physical branches | Customer service may vary; some NBFCs offer robust online support |
| Flexibility | Less flexibility in terms of loan customization and repayment options | More flexible with customizable loan terms and repayment options |
| Fees and Charges | May have lower or standard fees, with clearly defined charges | May have varied fees and charges; it’s important to review the terms carefully |
| Repayment Options | Standard repayment schedules with less flexibility | Often offer more flexible repayment options and prepayment terms |
FAQ
What is an NBFC?
An NBFC is a financial institution that provides banking and financial services but is not regulated by the Reserve Bank of India (RBI).
How do NBFC personal loans work?
NBFCs offer personal loans based on your income, creditworthiness, and other factors. You can use the loan for various purposes like debt consolidation, medical expenses, home renovation, or travel.
Can I prepay my NBFC personal loan?
Most NBFCs allow prepayment of personal loans, but they may charge a prepayment penalty.
Are interest rates for NBFC personal loans higher than bank personal loans?
Interest rates for NBFC personal loans can be competitive with bank personal loans. However, it’s important to compare offers from both types of lenders to find the best deal.
