Getting a personal loan today is easier than ever, especially if you know How to Get Loan from NBFC. In this post, I’ll share India’s most trusted NBFC app—True Balance, where you can easily get up to ₹2 lakh sitting at home. Even with a low CIBIL score and minimum documents, you can still qualify.
NBFCs are perfect for people who face loan rejections from banks. With just your smartphone, Aadhaar, and PAN card, you can apply and receive money within hours. This guide will explain everything: what NBFC means, the difference between NBFC and Bank, interest rate details, what happens if you delay EMI, and how a good CIBIL score reduces your interest.
So, read till the end to learn How to Get Loan from NBFC step-by-step and discover the NBFC App that transfers cash directly to your bank account.
What Is NBFC? How to Get Loan from NBFC
Let us first understand what an NBFC is before we learn how to obtain a loan from one.
An NBFC (Non-Banking Financial Company) is a financial institution registered with the Companies Act, 1956, and regulated by the Reserve Bank of India (RBI). It performs functions similar to those of banks, involving lending, asset financing, and providing credit facilities. However, it cannot accept demand deposits in the form of savings or current accounts.
NBFCs serve customers who may not qualify for a loan from a bank, such as those in the traditional banking channel, freelancers, first-time borrowers, or those with income-based restrictions. They play a vital role in India’s credit ecosystem by providing fast, flexible, and paperless financial solutions.
RBI guidelines on transparency, fair lending practices, and data safety. Major examples in India include Bajaj Finance, HDB Financial Services, and others—but in this article, we’ll focus only on True Balance. This RBI-registered NBFC platform offers quick digital loans with minimum documentation. In short, an NBFC is your digital banking alternative—fast, simple, and customer-friendly.
Difference Between NBFC and Bank
Both banks and NBFCs provide financial services, but they differ in structure, rules, and flexibility. Understanding the gap helps you decide which option is better for your needs. How to Get Loan from NBFC
| Feature | NBFC (Non-Banking Financial Company) | Bank |
|---|---|---|
| Regulatory Authority | Controlled by the RBI under the Companies Act | Controlled by the RBI under the Banking Regulation Act |
| Deposit Facility | Cannot accept demand deposits | Can accept savings & current deposits |
| Processing Speed | Faster—completely online | Slower—more verification |
| Interest Rates | Slightly higher (flexible criteria) | Lower for high-credit customers |
| CIBIL Requirement | Loans are possible even with a low CIBIL | Requires good CIBIL (700 +) |
| Documentation | Minimal (KYC + PAN + Bank Statement) | Heavy—salary slip, ITR, address proof |
| Target Users | Self-employed / new-to-credit / students | Salaried/corporate clients |
| Disbursement Time | Within minutes to 24 hrs | 2–7 working days |
NBFCs are faster, easier, and more flexible, while banks are more traditional and slightly cheaper in interest. If you have low CIBIL or urgent financial needs, an NBFC like True Balance is a better choice.
When you apply for a bank loan, you may wait for days and provide multiple proofs. But through an NBFC app, your entire process is digital—no branch visits, no hidden formalities. That’s the real power of India’s new-age lending system.
NBFC Loan Interest and Mobile Application Process
NBFC loans are known for convenience and speed. The entire process happens on your phone, and the money gets credited directly to your account within hours.
Usually, NBFC interest rates range between 14 % and 30 % per annum, depending on your credit history, income, and repayment capacity. Even though it’s slightly higher than banks, the benefit is clear—no heavy paperwork, no waiting.
Don’t worry, I’ve shared the official direct apply link later in this article so you can apply instantly and securely if you’re searching how to get loan from NBFC.
Steps to apply:
- Download the True Balance App (available on the Play Store).
- Complete KYC using Aadhaar + PAN.
- Enter income or employment details.
- Choose loan amount (₹1,000 – ₹2,00,000).
- Review interest + tenure, then apply.
- Get instant approval and receive the amount in your bank.
Benefits:
- 100 % paperless process
- No guarantor or collateral
- Instant approval in minutes
- Flexible EMI plans
So, if you’re searching how to get loan from NBFC, True Balance gives you the perfect start—trusted, regulated, and completely digital.
What Happens If You Don’t Repay NBFC Loan on Time
Timely repayment is crucial. Missing even a single EMI can hurt both your finances and your credit reputation.
Here’s what happens if you delay:
- Late Fees: A penalty (₹250 – ₹500 per EMI or 2–3 % of the overdue amount) is charged.
- Interest Accumulation: Extra interest keeps adding to your total amount.
- CIBIL Impact: Your score drops 50–100 points per missed EMI.
- Collection Calls: NBFCs may contact you through official reminders.
- Legal Notice: Repeated defaults can lead to legal action under RBI guidelines.
To avoid this, always pay on or before the due date. If you face financial issues, inform your lender—they may restructure your EMI. Responsible repayment builds trust and improves your credit score for future borrowing.
How CIBIL Score Affects Your Loan
Your CIBIL score reflects your credit discipline. A high score (700 +) tells lenders that you’re reliable, which leads to:
- Lower interest rates
- Faster approvals
- Higher loan limits
- Pre-approved offers
For NBFCs and banks alike, a good score means confidence in your repayment ability. On the other hand, a low score attracts higher rates or smaller limits. If you’re starting with a poor or no CIBIL history, you can rebuild it through small, secured credit products.
Improve CIBIL with SBM ZET Credit Card
True Balance Loan App – Full Details
True Balance is an RBI-registered NBFC-based app operated by True Credits Pvt Ltd. It provides instant personal loans to salaried and self-employed users with a completely online KYC process.
Key Highlights
- Loan Amount: ₹1,000 – ₹2,00,000
- Tenure: 3 – 24 months
- Interest Rate: 14 % – 30 % p.a.
- Processing Fee: 3 – 6 % (+ 18 % GST)
- Disbursal: Instant to the bank account
Documents Required
- Aadhaar Card
- PAN Card
- Active bank statement/salary proof
How to Apply
- Download True Balance from the Play Store.
- Log in and complete Aadhaar + PAN KYC.
- Choose loan amount (₹5,000 to ₹2 lakh).
- Select repayment tenure (3 – 24 months).
- Review the interest details and confirm.
- Receive money directly into your bank.
Example Loan Calculation – ₹5,000 Loan from True Balance
| Particulars | Details |
|---|---|
| Loan Type | Unsecured Personal Loan |
| Loan Amount | ₹5,000 |
| Loan Tenure | 6 Months |
| Interest Rate | 2.4 % per month |
| Processing Fee (6 %) | ₹300 + GST (18 %) = ₹354 |
| Interest (Approx.) | ₹422 |
| Monthly EMI | ₹903 |
| Total Repayment | ₹5,776 (includes processing fee + GST) |
Interest rates may vary based on the borrower’s risk profile.
CIBIL Impact and Repayment
- Timely payment improves your score.
- Delays reduce credit rating and may incur late fees.
- Repay on time to unlock higher limits in the future.
Final Thoughts
NBFCs have changed India’s lending landscape. With minimal paperwork and fast approval, anyone can get loan from NBFC like True Balance to manage personal or business needs instantly.
While banks charge slightly lower interest, they demand extensive documentation and thorough verification. NBFCs offer speed, accessibility, and approval flexibility—even for people with low CIBIL scores.
To make the most of it:
- Borrow only what you can repay.
- Always repay EMIs on time.
- Maintain a healthy CIBIL score for lower interest rates next time.
If you’ve been wondering how to get loan from NBFC, simply install True Balance, verify your KYC, and apply for up to ₹2 lakh loan from home. NBFCs are the future of digital credit in India — safe, fast, and completely paperless.
