We all have aspirations, and we all want to fulfill them, be it buying a car, going for a holiday or meeting the expenses of your child’s wedding. These days fulfilling these dreams has become quite easy as banks and Non-banking financial companies (NBFCs) offer loans at an attractive price. When a person needs money urgently in such a situation, personal loans are the best fit, as they are sanctioned quickly, and minimal documentation is required. However, these days many people are going to NBFCs to borrow the loan because the interest rate provided by these institutions in person is comparatively cheaper than the interest rates which leading banks are providing. Another reason why people are fascinated with personal loans of NBFCs is that the application processing time is much faster than the leading banks and co-operative banks. People can also avail of low interest rates personal loans, which are considered to be beneficial. Here is a list of top NBFCs offering lower interest rate on personal loan: –
|Bank name||Interest rate||Loan amount|
|Bajaj FinServ||13% onwards||Up to 25 lakh|
|Tata Capital||10.99% onwards||Up to 25 lakh|
|Mahindra Finance||13% onwards||Up to 3 lakh|
|IIFL Finance||12.99% onwards||Up to 25 lakh|
|HDB Financial Services||13.99% onwards||Up to 20 lakh|
|Shriram City Union Finance||11.49% onwards||Depends on scheme|
|Aditya Birla Capital||14.50% onwards||Up to 15 lakh|
Let’s discuss the features of these NBFCs in detail: –
Bajaj Finserv Personal Loan
Bajaj Fiserv is a known name on the NBFCs market in India. It offers an array of loans, and their personal loan is the most sought-after loans. The NBFCs offers loan for weddings, travel, medical emergencies, home improvement and many more. A borrower can easily take the loan without digging up in their savings within no time. The loan amount is usually disbursed in a borrower’s account within 24 hours of submission of the loan application, and the borrower can get a loan for up to Rs 25 lakh. However, it depends on credit score and income. The loan can be easily repaid between 12 to 60 months. Baja FinServ also offers Flexi Personal loans; under this scheme, a borrower can repay the loan in the form of interest-only EMIs. This way, the EMI is reduced up to 45 percent.
Tata Capital Loan
Tata Capital Personal loan is a product of Tata Capital Financial Services Limited. The lender’s goal is to offer transparent and quick services to the borrowers. The lenders have various types of personal loans like a loan for wedding, travel loan, step Up Flexi EMI loans, step down Flexi EMI loans and bullet Flexi EMI loan. The Tata capital has the quickest disbursal time; the loan amount is disbursed in an account as soon as documents and applications are submitted. A borrower can take a loan for up to Rs 25 lakh, which can be repaid within a flexible tenure of 12, 24, 36, 48 or 60 months. The lowest interest rate offered by the bank is 10.99 percent though the interest rate is decided after determining the borrower’s profile and the lender also charges a processing fee of Rs 1499.
Mahindra Finance Loan
Mahindra and Mahindra Finance, which is now known as Mahindra Finance, is a leading NBFC in India. This NBFC offers personal loans conveniently to its customers that too quickly.
The disbursal time of Mahindra Finance Bank is more than Bajaj FinServ; it takes up to 2 days; however, the time taken is still less than the other leading banks. One drawback which this institute has is that it offers loans only up to Rs 3 lakh and the tenure period is usually like others, which up to 3 years. The interest rate charged by Mahindra Finance is different for every customer, as the interest rate is decided by income, repayment capabilities and credit score of a borrower. The lender offers a facility under which the borrower can repay the loan using cheque, mobile transfer or paying cash at the nearby branch.
IFL Finance Personal Loan
The lender disbursed the loan amount within 8 hours of application submission, and you only need to provide KYC documents, and e-KYC and e-Sign are required.
HDB Financial Services Personal Loan
HDB financial services also offer door-to-door service for customers who want to avail a loan. If a borrower works for a selected company, then he/she also gets added benefits on personal loans.
Shriram City Union Finance Loan
Shriram City Union Finance only sanctions the loan if the borrower stays at the same address for at least one year as per the address proof. Also, a borrower should declare all the existing loan commitments.
Aditya Birla Capital Personal Loan
Aditya Birla Capital is the best option for people who do not want to opt for a floating interest rate. The lender provides an interest rate that remains the same throughout the year. In the case of borrowers, a credit score is low; he/she can also add a co-applicant.
Conclusion: Personal loans are the best option when financial surprises come your way, and if you want the money in a few hours and that too at a lower interest rate, then you should consider buying those from NBFCs.