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Personal Loans by NBFCs

The nature of life is such that it is full of uncertainties. Moving ahead in life, we can never be quite sure, what lies ahead? We may face happy situations or may have to face unexpected and unfortunate situations. It’s like a mixed bag where we never know what will come next. Whether we are a part of a family or living alone, there are some expenses which arise as we move forward in life, while some expenses occur unexpectedly. Predictable expenses like financing a wedding or any other social occasion in the family, taking a much needed vacation with your family, payment of long-standing debt, paying tuition fees for your child’s coaching classes, etc., arise with time. On the other hand, there are many unpredictable expenses which may also arise unexpectedly, like medical emergencies where immediate medical treatments have to be given, an unfortunate accident which has rendered an earning family member disabled, etc. Additionally, you want to upgrade your lifestyle and need to purchase items of personal use like a new entertainment system, an electronic gadget like a laptop or desktop computer, television, a high-end professional camera, redo the interiors of our home, etc. etc. it is for covering expenses like these that personal loans were invented.

What are Personal Loans

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 fulfilment of personal needs. The expenses can be predictable or unpredictable. Personal loans are especially useful at times when we may in urgent need of cash or even at times when we do not want to dip into our savings to take care of a certain expense. Another great advantage of personal loans is that they do not require applicants to submit extensive documentation towards obtaining the loan and are usually processed and sanctioned in a short duration.

One important point to note with regard to personal loans is, unlike home loans or vehicle loans which are ordinarily sanctioned for a tenure of 7 year and above, personal loans are provided for a comparatively shorter duration. The common tenure of a personal loan ranges Between 1 year to 5 years. Given that they do not carry restriction in terms of end use of the funds and the flexible terms which they come with, personal loans are one of the most preferred financing options available to individuals.

In India, there are many sources which provide personal loans to individuals. While banks, public and private sector, do provide personal loans to customers, there are Non-banking Finance Corporations which also provide customers with personal loans to take care of their needs. There are some top NBFCs in India like Bajaj Finance, Edelweiss Capital, Muthoot finance, Mahindra Finance and many more which provide a range of personal loans to customers. Here, we discuss some of the top NBFCs which provide personal loans to individuals in India.

  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. For individuals who do not have convenient access to banking facilities and products, Shriram Finance provides personal loans to take care of personal finance needs and requirements. This loan can be taken by existing and old customers, along with those who are customers of other companies under the Shriram Group. This loan can be taken by salaried and self-employed individuals who are between the ages of 18 years to 59 years. Based on the scheme which the applicant has opted for, the tenure for this loan will range between a minimum of 12 months a maximum of 36 months. Interest rates applicable will also be dependent on the scheme which the borrower has opted for.

  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. Tata Capital offers a multitude of financial services like loans, investment banking, forex services, travel services, commercial finance solutions, credit cards, etc. among the various loan products offered by the company are personal loans. Under its personal loan category, Tata Capital offers a variety of personal loans which include personal loans, wedding loans, Step up Flexi EMI Loans, Step down Flexi EMI Loans and Bullet Flexi EMI Loan. Personal Loans let you take care of any financial responsibilities which may come your way. 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.
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