How to Get a Loan Quickly Through an NBFC

By Jai Finance | June 17, 2025

In a world where speed and convenience are non-negotiable, getting a personal loan shouldn’t feel like running a marathon. That’s exactly where Non-Banking Financial Companies (NBFCs) come in.

These agile financial institutions have transformed the borrowing experience; offering simpler documentation, faster approvals, and tailored loan solutions.

Whether you’re planning a wedding, covering medical expenses, or managing an emergency, this guide will walk you through how to get a loan from NBFC quickly and safely.

Let’s decode the process step by step.

What is an NBFC Personal Loan?

A personal loan by NBFC is an unsecured loan provided by a registered financial company that operates under RBI guidelines but is not a traditional bank.

These loans are typically used for personal expenses like travel, education, or urgent medical needs.

What sets NBFCs apart is their digital-first approach and flexibility in assessing creditworthiness.

This makes them particularly useful for individuals who may not meet the stringent criteria of banks but still need quick financial support.

Documents Required to Apply for the Loan from an NBFC

Getting a personal loan from an NBFC is typically a smooth process, provided you have the right documents. Here’s what most NBFCs ask for:

• Identity Proof: Aadhaar card, PAN card, or passport
• Address Proof: Utility bill, rental agreement, or driving license
• Income Proof: Latest salary slips, bank statements, or Form 16
• Employment Proof: Employment ID or offer letter for salaried individuals
• Photograph: Passport-sized recent photo

Digital uploads and e-KYC options make the process even more seamless with the best loan agency NBFCs.

How to Apply for a Loan with an NBFC?

Applying for a loan from NBFC is as simple as shopping online. Here’s how it typically works:

• Visit the NBFC’s Website or App: Choose a reputed NBFC with positive reviews and transparent terms.
• Select Loan Type & Amount: Choose the loan category—education, wedding, travel, etc.—and set the amount and tenure.
• Fill Out the Application: Submit basic details like name, PAN, income, and employment status.
• Upload Documents: Scan and upload the required documents securely.
• Get Verified: The NBFC will run a credit and background check.
• Loan Disbursal: If approved, the amount is credited; sometimes within 24 hours, especially for an instant personal loan NBFC offering.

Eligibility Criteria for NBFC Loans

Meeting the NBFC personal loan eligibility criteria increases your chances of quick approval. While criteria vary slightly between companies, here are the common benchmarks:

• Age: Typically 21 to 60 years
• Employment: Salaried or self-employed with stable income
• Minimum Monthly Income: Usually ₹15,000 to ₹25,000
• Credit Score: Ideally 650 or higher
• Work Experience: At least 6 months for salaried, 1 year for self-employed

NBFCs may be more lenient than banks but still assess repayment capacity carefully.

Factors Affecting Personal Loan Eligibility

Even if you meet basic criteria, some additional factors can influence whether or not your loan gets approved:

• Credit Score: A higher score means better chances and lower interest rates
• Existing Liabilities: Too many EMIs can reduce your eligibility
• Job Stability: Frequent job switches can raise red flags
• Banking History: Overdrafts or bounced cheques may affect credibility
• Loan Amount vs. Income: Applying for a disproportionately high loan lowers your chances

Planning ahead and improving these factors can lead to faster approvals and better terms.

Why Consider a Personal Loan from an NBFC?

Here’s why more and more borrowers are turning to NBFCs:

• Faster Processing :Minimal paperwork and AI-powered credit assessment
• Flexible Criteria :Better suited for new earners or those with thin credit files
• Customized Products :NBFCs offer tailored plans like small loans for women, education loans, travel loans, etc.
• Better Digital Experience :Smooth user interface, 24x7 application support
• Transparent Charges :No hidden fees with the right provider

Whether you’re salaried or self-employed, NBFCs make financial access more inclusive and efficient.

Conclusion

To recap, applying for a loan from NBFC is a fast, straightforward option, especially if you’re looking for flexibility and quick disbursal.

You’ve learned what a personal loan by NBFC entails, how to apply, what documents are needed, and the eligibility factors to keep in mind.

In India’s evolving lending landscape, NBFCs are playing a vital role in bridging financial gaps and offering smarter alternatives to traditional banks.

If you choose the right online lending app or NBFC, you're in good hands.