Personal Loans are a savior in times of financial emergency. However, traditional banks might take a longer time to process Personal Loan applications owing to strict eligibility norms. In this whole financial setup, Non-Banking Financial Companies (NBFC) have emerged as an excellent source of providing instant Personal Loan online in India. 

Yes, you read that right. 

The growth and advent of Non-Banking Financial Companies (NBFCs) have completely changed the way Personal Loans are offered now. In comparison to traditional banks, NBFCs are less stringent and provide an instant Personal Loan online during a financial emergency.

There are various NBFCs in India that are willing to offer Personal Loans in the quickest time possible without any lengthy documentation. In addition to this, some of the top lenders provide a free online Personal Loan Eligibility Calculator through which borrowers can check the loan amount they are eligible for. 

Thus, this is a perfect solution for a person who needs cash immediately. So, if you are also looking for an instant Personal Loan and do not know which lender to choose, then read this article further to know some of the best Personal Loan lenders that offer instant loans in India.

Top 4 Personal Loan Lenders in India

  • Poonawalla Fincorp

Poonawalla Fincorp, one of the most well-known NBFCs in India, provides instant Personal Loan online with attractive interest rates. You can borrow up to ₹ 50 Lakh to meet your various financial requirements as the lender provides the flexibility to use the loan amount for any legitimate purpose. 

Poonawalla Fincorp provides immediate online Personal Loan processing and quick loan approval in a matter of minutes. Also, they offer a fast and helpful customer service experience. All these features make Poonawalla Fincorp stand out compared to other Personal Loan lenders. 

  •  Mahindra Finance Personal Loan

Personal Loans from Mahindra Finance come with simplicity and flexibility. Online Personal Loans are instantly available from Mahindra Finance, and the transaction is completely paperless. As soon as the loan is approved by the lender, you will receive the loan amount in your bank account directly.

  • IIFL Finance 

IIFL Finance is one of the best lenders where you can quickly apply for Personal Loans and receive fast approval. The lender provides the flexibility to use the loan amount for meeting any financial need. Right from home renovation, medical emergencies, and weddings to higher education and international travel, the loan amount can be used without any restriction. 

  • Aditya Birla Capital

Aditya Birla Capital is one of the top Personal Loan lenders in India. They claim that their approvals are instant and within a few minutes only. Aditya Birla Capital has an efficient and fast online process. Their excellent service is a great example of customer service. They will help you with your ongoing financial needs and other requirements, anytime. 

Additional Read – ₹30K Salary personal Loan

What Factors to Keep in Mind While Evaluating Personal Loan Lenders?

There are some important factors that you should keep in mind to find out the best Personal Loan lender:

  • Interest Rate: Personal Loan interest rates may vary from one lender to another. Compare the interest rates offered by different lenders to find out the one with the lowest rate of interest.
  • Fees & Charges: Look for any fees that the lender may charge, such as processing fees, prepayment penalties, or late payment fees, as these can add to the overall cost of the loan.
  • Eligibility: Check the lender’s eligibility requirements to ensure that you qualify for the loan.
  • Flexibility: Look for lenders who offer flexible repayment options so that you can choose the loan tenure as per your repayment capacity. 
  • Term: Look at the different loan terms offered by the lender to determine which one will work best for your needs.
  • Credit Score Requirements: Some lenders have stricter credit score requirements than others. Make sure you qualify for the loan before applying. 
  • Lender’s Market Reputation: Research the lender’s market reputation and read customer reviews to get an idea of the lender’s reliability and customer service.
  • Speed: Check if the lender offers fast loan processing and disbursement.
  • Customer Service: The lender should have good customer service and be willing to answer any questions you have.

In a Nutshell

By comparing different lenders and considering the above-mentioned factors, you can choose the best Personal Loan lender.