Top 4 NBFCs Providing Personal Loans in India

Personal Loans, also known as Unsecured Loans, are simply loans which are obtained from the bank to allow an individual to take care of expenses of a personal nature or for the fulfillment of personal needs. The expenses can be predictable or unpredictable.

1. Bajaj Finserv

   Bajaj Finserv is a subsidiary of Bajaj Holdings & Investments, an Indian financial services corporation which engages in insurance, wealth management, asset management and lending. Bajaj Finserv offers a variety of personal loans to customers to manage their finances and also allow them to put their plan to action. Some of the notable features and benefits which come with Bajaj Finserv Personal Loans include:

   1. End to end online personal loans solutions, right from obtaining information, applying for the loan, assistance regarding the eligibility criteria and documentation required, approval application and loan disbursal.
   2. Standard procedure to ensure disbursal of funds within a short duration of 72 hours.
   3. Loan available up to Rs 25 lakh, which can be repaid at ease within tenures ranging from 24 months to 60 months.
   4. Existing Bajaj Finserv customers have the option of choosing from a variety of pre-approved personal loan offers.
   5. Easy of monitoring with online account access which provides all info related to the loan like repayment schedule, interest certificate, etc.
   6. Variety of personal loans includes personal loans for weddings, personal loans for travel and personal loans for home improvement.

2. Mahindra & Mahindra Financial Services Ltd.

   Mahindra Finance, otherwise known as MMFSL, is among the nation’s top NBFC which primarily caters to the financial needs of the rural sector. The company offers a wide range of financial products like a variety of loans to individuals and SMEs, fixed deposits, mutual funds and insurance products. Under its personal loan category, MMFSL offers two kinds of loans – personal loans and gold loans. Some of the important features of Mahindra Finance personal loans are as follows:

   1. Instant approval and disbursal of the personal loan in a short duration of under 2 days.
   2. Loans up to Rs 3lakh for taking care of personal expenses.
   3. Mahindra finance provides personal loans which offer maximum flexibility not only in terms of application but also in terms of the documentation they require.
   4. These personal loans come with a repayment tenure of 3 years, making it comfortable for applicants to repay the loan at ease.
   5. Ease of repayment with the help of EMI, which can be paid via cheque, mobile transfer, ECS or by payment of cash at the company branch.

3. Shriram City Union Finance

   Incorporated in the year 1986, Shriram City Union Finance is a non-banking finance company, which is a part of the larger Shriram Group. Listed on the National Stock Exchange and Bombay Stock Exchange, the company offers multiple options in terms of retail consumer finance, along with offering a variety of secured and unsecured loan products like home loans, personal loans and SME loans.

4. Tata Capital

   Established in 2007, Tata Capital Financial Services Limited is one of the non-banking finance subsidiaries operating under the Tata Group, an Indian multinational conglomerate. Tata Capital was established with the objective of providing dedicated and transparent finance solutions to help people fulfill their dreams. Following are some of the notable benefits offered by Tata Capital personal Loans:

   1. Avail loan for amounts as high as Rs 15 lakh.
   2. Ease of repayment with a host of repayment options like ECS, post-dated cheques, online EMI payments, etc.
   3. Lower your financial burden as these personal loans feature a loan tenure extending up to 6 years.
   4. This multi-purpose loan can be taken to fulfill a variety of personal needs or requirements like financing a wedding, paying tuition fee, taking a vacation, renovating your house, etc.
   5. One of the biggest advantages of this loan is that, eligible borrowers need not pledge any assets as collateral against the loan.
   6. This is an affordable personal loan which is accompanied by very competitive interest rates, making it easy and convenient for borrowers to repay the loan.
   7. Compared to other kinds of personal loans, applying for the Tata Capital Personal Loan involves minimal paperwork, making it a convenient option.