NBFC Personal Loan for Bad Credit (2026): Eligibility & NBFC List

Updated on 20 January 2026
(Latest NBFC approval criteria, interest ranges, and eligibility checks revised.)

NBFC Personal Loan for Bad Credit is often the only option after bank rejection. This happens when your CIBIL score falls below bank limits. In India, this situation is common, not rare.

Let’s be real for a second. There is no worse feeling than needing money for an emergency, applying to a bank, and getting that text message: “We regret to inform you that your loan application has been rejected due to internal policy.”

“Internal policy” is just polite code for “Your CIBIL score is too low.”

I have seen this happen to thousands of Indians. Maybe you missed a credit card payment three years ago, or maybe you are new to credit and have no score at all. Does that mean you can’t get money? Absolutely not.

While big banks (like HDFC or SBI) slam the door, NBFCs (Non-Banking Financial Companies) open a window.

In this guide, I am not just going to give you a lecture. I am going to give you the verified list of Top 10 NBFCs that actually lend to people with bad credit in 2026. I will also expose the hidden charges they don’t tell you about and show you how to “creck” your approval chances even if your score is 600.

(Quick Note: If you only need a small amount immediately, check my guide on [how to get a 10,000 loan on Aadhar card] first. It’s faster for smaller needs.)

Why Do NBFCs Say “Yes” When Banks Say “No”?

You need to understand the game. Banks are like strict school principals—they only look at your Report Card (CIBIL Score). If it’s below 750, you fail.

NBFCs are different. They are more like investors. They don’t just look at your past mistakes; they look at your Current Repayment Capacity.

In 2026, modern NBFCs use “Alternative Data” to approve you. Instead of just CIBIL, they check:

1. Your SMS History: Do you get transaction alerts for spending?
2. Utility Bills: Do you pay your phone recharge on time?
3. Social Score: Yes, some apps even check your digital footprint.

Banks vs. NBFCs: The Quick Difference

Feature	Bank Personal Loan	NBFC Personal Loan
Min CIBIL Score	Usually 750+	600+ (Sometimes 550)
Interest Rate	10.5% – 16%	18% – 36% (High)
Approval Time	3 – 7 Days	2 Hours – 24 Hours
Documentation	Heavy (Physical verification)	100% Digital (Video KYC)

Top 10 NBFC Personal Loans for Bad Credit (2026 Verified List)

I have tested these apps personally or reviewed their latest terms as of January 2026. These are RBI-registered NBFCs, not fake Chinese loan apps.

Warning: “Bad Credit” loans come with higher interest rates. Only borrow if you can repay on time, otherwise, you will fall into a debt trap.

1. KreditBee (Best for Young Professionals)

• Min CIBIL: 600+ (or New to Credit)
• Loan Amount: ₹1,000 to ₹4 Lakhs
• Why it works: They have a specific category for “Salaried” people, which ignores minor CIBIL drops.

2. MoneyView

• Min CIBIL: 600 – 650
• Speed: Disbursals often happen within 2 hours.
• The Catch: They are strict about your monthly income proof (Bank Statement).

3. mPokket (For Students & First Timers)

• Min CIBIL: Not Required (For students)
• Loan Amount: Small ticket (up to ₹30,000)
• Best For: Building your CIBIL score from zero so you can get big loans later.

4. Paysense

• Min CIBIL: 600+
• Feature: They actually send a person for KYC sometimes, which increases trust and approval chances for lower scores.

5. Navi

• Min CIBIL: 650
• 2026 Update: Their automated system is arguably the fastest in India right now. No paperwork, just CIBIL fetch.

6. Cashe

• Min CIBIL: Uses a proprietary “Social Loan Quotient” instead of just CIBIL.
• Requirement: Official work email ID boosts approval by 50%.

7. Bajaj Finserv (Insta EMI Card / Personal Loan)

• Min CIBIL: 700 (Strict) BUT…
• The Trick: If you buy a product on EMI first and pay it off, they offer “Pre-approved” personal loans regardless of score later.

8. Fibe (Formerly EarlySalary)

• Min CIBIL: 650+
• Target: People stuck in the “End of Month” cash crunch.

9. L&T Finance

• Min CIBIL: 650+
• Feature: Good for two-wheeler loans that can be topped up as personal loans.

10. InCred

• Min CIBIL: 625+
• Why: They manually review files that algorithms reject.

The “Real Cost”: Hidden Charges No One Tells You

This is where the agents stay silent. Since NBFCs take a risk on your “Bad Credit,” they charge you extra. Before you click “Accept,” look at this calculation.

Example: You borrow ₹50,000 for 1 Year

Item	Cost	Reality
Interest Rate	24% p.a.	You pay ₹6,700 approx in interest.
Processing Fee	2% – 5%	₹1,000 – ₹2,500 (Deducted upfront).
Insurance (Optional)	₹500 – ₹1,000	Often “forced” on you (Uncheck this box!).
Money in Bank	—	Only ₹46,500 (After deductions).
Total Repayment	—	₹56,700

Avinash’s Tip: Always look at the APR (Annual Percentage Rate), not just the interest rate. APR includes the processing fee.

5 “Insider Tricks” to Get Approved with Bad Credit

If your score is 550-600 and you keep getting rejected, stop applying randomly. Every rejection drops your score further. Use these 5 tricks instead:

1. The Co-Applicant Strategy

If your score is bad, add your mother, father, or spouse as a “Co-borrower” (if they have a good score). The NBFC will consider their score for approval, but the loan comes to you.

2. The “Step-Up” Method

Don’t ask for ₹1 Lakh immediately.

• Month 1: Apply for ₹5,000 from an app like mPokket or KreditBee.
• Month 2: Pay it back on time.
• Result: Your internal score with that app increases. Now apply for ₹20,000. They will approve it instantly.

3. Enable NACH (Auto-Debit)

When applying, give permission for “Auto-Debit” from your bank account. NBFCs love this because it guarantees they get paid on the 1st of the month. It boosts approval chances by 30%.

4. Show “Stability”

NBFCs hate job hoppers. If you mention you have been in your current job for more than 1 year, they might overlook a bad credit score.

5. Pledge Gold (The Ultimate Backup)

If no personal loan works, stop begging. Go for a Gold Loan. They don’t check CIBIL at all. The interest rate is cheaper (10-12%), and you get money in 30 minutes.

How to Apply: The 2026 Process

Thanks to the RBI Digital Lending Guidelines (April 2026 Update), the process is safer now.

1. Download the Official App: Do not download APK files from Google or Telegram. Only use the Play Store.
2. Mobile Number Link: Ensure your Aadhaar is linked to your mobile number for OTP.
3. Video KYC: Keep your original PAN card in hand. You will have to show it on a video call.
4. Bank Statement: Most NBFCs for bad credit will ask for 3 months’ bank PDF. They want to see that salary is credited, or at least regular money is coming in.

FAQs on NBFC personal loan for bad credit

Avinash’s Final Conclusion

Look, taking an NBFC personal loan for bad credit is a temporary fix, not a lifestyle. The interest rates are high, and the penalties are strict.

My honest advice:

1. Try the “Step-Up Method” with small amounts first.
2. Compare at least 3 apps from the list above using their calculators.
3. Never pay anyone money before getting a loan (Processing fees are always cut from the loan, never paid in advance).

Disclaimer: I am a researcher, not a financial advisor. Loan approvals are at the sole discretion of the NBFCs. Interest rates mentioned are subject to change. Always read the Key Fact Statement (KFS) before signing.