If you are going for a personal loan you should have a good CIBIL score, big international banks like ICICI, HDFC, Standard Chartered, Kotak, and many others will deny any personal loan if your CIBIL score is very less.
What is Cibil’s score?
Cibil score is a number of your credit history, rating, and report. Cibil’s score ranges between 300 to 900.
If you have a cibil score of more than 800 then you are likely to get a personal loan. A good score means you can get a higher amount of loan. A score less than 600 is bad, and the bank to which you have applied will reject your loan application. But this is the case of any private or public bank.
But there are few NBFCs, now what is NBFC?
NBFC full form in banking – NBFCs are non-banking financial institutions or non-bank financial companies that are not legally bank. These NBFCs do not have a full banking license or are not supervised by a national or international banking regulatory agency.
Like bank checks the Cibil score before giving a loan, some NBFCs do not check the cibil score, they check the credit score of that individual person.
Now what is a Credit Score? Credit score depends on your credit history, the history includes your past loan, levels of debt, repayment history, and a few other financial factors.
Let us check out some of the advantages and disadvantages of taking a personal loan from NBFC.
Advantages of Personal Loan from NBFC
Loans in minutes – The process is so fast, that you can get the approved loan within minutes. The online assessment and online KYC take between 2 and 5 minutes. And you can apply for a loan from anywhere staying in any part of India.
Get a Loan even if you low a credit score – Even if you have a low Cibil score and credit score, you can easily get a small amount of loan.
Paperless documentation – Since the entire process is online, you do not have to share your documents with any person. You have to just upload your PAN card, Aadhar card, bank statement, and pay slips.
Disdvantages of Personal Loan from NBFC
Higher Interest Rates – The loans offered by NBFC are normally with high-interest rates if you compare interest rates with banks.
Hidden charges – Apart from the high interest rates, there are some hidden charges like the processing fees, and some penalty charges if you are planning to close the loan early.
Poor Customer Service – Once you have taken a loan from any NBFC, the only means to communicate with the company is through email id. Most of the NBFCs do not have any customer care number or chat support.
Fraud and Scams of NBFC – Over the past couple of years, there have been many frauds and scams associated with many NBFCs. Since you upload your details like PAN card, Aadhar card, and photo, your details are exposed to NBFC.
Now let us check out some of the best NBFC in India which offers instant loans. Below are the top RBI NBFC in India which provides instant loan.
- 1. Navi
- 2. True Balance
- 3. Fibe
- 4. Cashe
- 5. FlexSalary
- 6. KreditBee
Top NBFC in India
Navi Personal Loan
Navi offers quick personal loans with minimal online documentation. Navi Loan App is installed by more than 3 crore+ people. Up till now, they have sanctioned more than 27 lakh loans with the amount of 16900 crore. At present, they have 11 lakh active loans.
Click here if you want to know more about Navi.
Ratings 4.4
True Balance Loan
If you want a loan in less than 5 minutes, then you should go with True Balance. They have a 100% online process, your loan application is accessed within minutes. 0% paperwork. They have 3 levels of loan products.
Cash loan – Instant digital personal loan in 5 minutes.
Level–up loan – Instant digital personal loan only with KYC
Welcome Loan – Instant digital personal loan only for new users.
Click here if you want to know more about True Balance.
PERSONAL LOAN | True Balance | India
Ratings 4.4
Fibe Personal Loan
Fibe was earlier known as Early Salary. More than 20 million people have downloaded their Fibe personal loan app. They have given more than 5.7 Million loans with close to 18,000 crore amount disbursed. The good part is that they have more than 5000 partner tie-ups.
Click the below link if you want to know more about Fibe.
India’s Largest Lending Platform | Fibe (formerly EarlySalary)
Click here if you want to know more about Fibe.
India’s Largest Lending Platform | Fibe (formerly EarlySalary)
Ratings 4.4
Cashe Personal Loan
Cashe – Bharat ka money app. This is my personal best loan app. Their customer base is close to 3 Crore, and they have 34k active users whose personal loan is with Cashe.
They have flexible payment options, if you have a good credit score you can get a higher loan limit of more than 5 lakh. They have more than 300000 five-star reviews.
Click below to more about Cashe loan.
CASHe – Best Instant Personal Loan Online | Credit Line & Loan App
Ratings 2.7
FlexSalary Personal Loan
FlexSalary is a branded loan product of Vivifi India Private Limited. It is a NBFC registered with the Reserve Bank of India.
You will get a loan from FlexSalary on the basis of a Line of Credit. A line of credit is a credit or borrowing limit that is approved on your account.
Click below to know more about FlexSalary.
FlexSalary- Apply for Instant Personal Line of Credit Online
Ratings 4.2
KreditBee Personal Loan
KreditBee loan is trusted by 7 crore Indians. You can get loans ranging from 3000 to 5 lakh in 5 minutes. More than 30,000 crore loan given till date. The interest rates are lower as compared to other NBFCs.
They have more than 85 lakh active users.
Click below to know more about KreditBee.
KreditBee – India’s Fastest Personal Loan & Online Credit Platform
Ratings 4.6