A Non-Banking Financial Company (NBFC) is a financial institution that provides services such as loans, advances, leasing, hire-purchase, and insurance, but does not engage in agriculture, industrial operations, or the sale of goods or services. It is registered under the Companies Act 1956 and is not allowed to accept deposits from the public — which is why NBFCs are also known as residuary non-banking companies.

• NBFCs cannot accept demand deposits.
• NBFCs do not form part of the payment and settlement system and cannot issue checks drawn on themselves.
• The insurance facility of the Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in the case of banks.

A personal loan is a type of unsecured loan typically used for personal expenses, such as unexpected medical bills, home repairs, or other unplanned costs. Unlike a mortgage or car loan, it doesn't require collateral — instead, the lender evaluates your creditworthiness and income to determine your ability to repay. Personal loans usually carry a fixed interest rate and a fixed monthly payment, repaid over a period of one to five years, and can be obtained from banks, credit unions, and online lenders.

Clearly, no. We believe in our customers and have trust in them, so we do not require any collateral or security when applying for a personal loan. All we need are your valid documents to verify your eligibility.

You're welcome to reapply for a personal loan 3 months after the rejection of your previous application, if you believe there have been material improvements in your creditworthiness. We will review your application, but approval remains at the discretion of the lender.