Updated on - 14 May 2024 

NBFC Personal Loan

For a very long time, banks were the only options available for those looking to avail loans. But with the coming in of NBFCs like Moneyview, this has completely changed.

NBFC Loans or NBFC personal loans come with several advantages that set them apart from regular financial institutions such as banks which contributes to their popularity.

Did you know that certain lenders such as Moneyview also have more lenient credit score cut-offs? As long as applicants have a CIBIL score or Experian score of over 650, they can avail personal loans.

Top 10 NBFC's in India

There are many NBFCs in India that offer personal loans at attractive interest rates. Here is a list of the top 10 NBFCs in India along with the loan amount and the interest rates offered by them - 

NBFC Name Interest Rate Loan Amount

Bajaj Finance

11% - 38% p.a.

Up to Rs.40 Lakh

Aditya Birla Finance

13% - 28% p.a.

Up to Rs.50 Lakh

Mahindra Finance

Based on your eligibility

Up to Rs.6 Lakh

Muthoot Finance

14% - 22%

Starting from Rs.5,000

Parimal Finance

12.99% p.a. onwards

Up to Rs.25 Lakh

Shriram Finance

Based on your eligibility

Up to Rs.15 Lakh

L&T Finance

12% p.a. onwards

Up to Rs.15 Lakh

Mannapuram Finance

12% p.a. onwards

Up to Rs.5 Lakh

Poonawalla Fincorp

9.99% p.a. onwards

Up to Rs.30 Lakh

Tata Capital

10.99% p.a. onwards

Up to Rs.35 Lakh

The rates mentioned above are accurate as of May 7. 2024. They are subject to change according to the lenders and markets.  

Why are NBFC Loans so Popular?

NBFC full form is Non-Banking Finance Companies and they are popular due to multiple reasons

NBFC Personal Loans Vs. Bank Personal Loans

There are a number of differences between the features of an NBFC personal loan and that of a bank as given below -

Loan Eligibility

The eligibility criteria imposed by NBFCs are a lot more flexible as compared to those required by banks. For example, most NBFCs require applicants to fulfill the following eligibility criteria* -

Banks on the other hand are a lot stricter when it comes to income requirements, especially for those who are self-employed.

* Disclaimer - This information can vary from one lender to another.

Documentation Requirements

Nobody wants to run from pillar to post trying to get multiple copies of multiple documents. But you might have to do this if you are applying for a personal loan from a bank.

But this is not the case for most NBFCs. The documentation requirement is minimal, sometimes requiring only your identity, address, and income proof.

Processing Time

While the processing time required for a loan varies from lender to lender, banks generally take anywhere between a few days to a few weeks. This includes the time required to verify documents, approve the loan application, etc.

On the other hand NBFCs have started providing loans with just a few hours of approval time making this the perfect choice for those looking for instant personal loans. For example, Moneyview provides loans within 24 hours of loan application approval, in most cases.

Application Process

The traditional way of applying for a loan is to visit the lender, fill in the required forms, provide documents, and wait for approval. This process is cumbersome and time consuming. With NBFCs however, the entire process is hassle-free and quick as it is all online.

Credit Score Requirement

Your credit score is one of the most important factors that lenders take into consideration. Higher the score, higher is the chance of availing a loan at low interest rates. Most banks require applicants to have a CIBIL score of 750 or above. 

But when it comes to NBFCs, you can get loans with a CIBIL or Experian score of 650 or above. You may have to pay a higher interest rate but the loan will be approved.

NBFC Personal Loans Vs. Bank Personal Loans - At a Glance

While banks have been the traditional source for personal loans for a long time, NBFC personal loans are gaining popularity due to the many reasons mentioned above. 

Here’s a quick comparison of NBFC loans (NBFC personal loans in particular) and bank loans with respect to the various features offered by each.

Criteria NBFC Personal Loan Bank Personal Loan







Processing time

Within a day or two

Can take a few days to a few weeks

Application Process

Most NBFCs offer complete online processing

May have to physically visit the bank

Credit Score Requirement

On the lower side - certain loan providers such as Moneyview require a minimum CIBIL score of 650

Require CIBIL score of 750 or above in most cases

Disbursal Period

Within a day of application approval

Can take upto a few days


While NBFC loans are relatively new as compared to banks, there are a number of advantages to choosing these loans. 

Quicker processing time, great customer service, hassle-free application process are just some of the reasons for the popularity of these loans. Additionally, the credit score requirements are also a lot more flexible making NBFC personal loans one of the more popular loans available in the market.

If you are looking for a personal loan that fulfills all the criteria mentioned above, visit the Moneyview website or download the app and apply today.

About the Author

Medha is a writer passionate about untangling money matters. She breaks down complex financial topics into clear and actionable advice, helping you make informed decisions for a secure future. Navigate the financial world with her!

NBFC Personal Loan - Related FAQs

Yes, you can. Most NBFC loan providers have a more relaxed credit score requirement. Certain loan providers require applicants to have a minimum CIBIL or Experian score of 650 or more. Banks on the other hand, generally require applicants to have a minimum CIBIL score of 750 or more.

Personal loans provided by NBFCs are known as NBFC personal loans. While banks are traditionally the sought after choice for availing a loan, there are a number of terms and conditions attached to it including a high rate of interest and stringent credit score requirements.

An NBFC personal loan on the other hand comes with a lot more flexibility in terms of the loan amount as well as repayment term and can also be availed a lot more quickly and easily. The interest rates are competitive and are a boon for those that need extra cash urgently.

There are a number of personal loans provided by multiple NBFCs in the market today. The best NBFC personal loan will depend solely on your needs and requirements.

Depending on how much amount you need, your preferred repayment term, and your credit score, you can choose the ideal personal loan from the NBFC of your choice.

Some of the popular NBFCs include Tata Capital, Mahindra Capital, Aditya Birla Capital, Whizdm Finance Pvt. Ltd, etc.

An NBFCs or Non-banking Financial Company is a company whose principal business is financial related and has been registered under the Companies Act, 1956 and is in the business of providing loans or acquisitions of stocks/shares/debentures, insurance business, etc.

While these companies do offer certain banking services as mentioned above, they do not possess a banking license. Examples of NBFCs include mortgage lenders, hedge funds, insurance companies, peer-to-peer payment lenders, etc.


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