Setting up a Non-Banking Financial Company (NBFC) in India can open up a world of opportunities in lending, investment, leasing, and more. However, with the complexities of financial regulations and strict RBI scrutiny, a pressing question many entrepreneurs face is: “Can I complete NBFC Registration without hiring an NBFC consultant?”
In this blog, we’ll explore whether NBFC Registration in India is feasible without professional help, what challenges you may face, and why working with an NBFC registration consultant might save you more than it costs.
Understanding NBFC Registration in India
An NBFC is a company registered under the Companies Act, 2013 and regulated by the Reserve Bank of India (RBI) under the RBI Act, 1934. To legally operate, obtaining an NBFC license from RBI in India is mandatory.
NBFCs are not allowed to accept demand deposits like banks, but they do play a vital role in providing credit to underserved segments, especially in personal loans, microfinance, asset finance, and infrastructure funding.
To begin the process, one must apply for NBFC registration online in India through the RBI’s official platform.
Can You Do NBFC Registration Without Consultants?
Technically, Yes.
The RBI does not mandate hiring a consultant for NBFC Registration online. The process is available digitally and the guidelines are accessible on the RBI website.
But Practically, It’s Challenging.
While the steps may look simple on paper, executing them without experience or legal knowledge can result in:
- Delays in approval
- Rejection of your application
- Compliance issues during scrutiny
- Improper documentation or classification
This is why most successful applications involve support from an experienced NBFC registration consultant in India.
Key Challenges of DIY NBFC Registration
1. High Regulatory Scrutiny
The RBI has become increasingly strict in reviewing applications. Any misstep in documentation, KYC compliance, or business model presentation can lead to rejection.
2. Complex Documentation
You must submit:
- Business plan
- Net Owned Fund (NOF) certificate
- Board resolutions
- Financial statements
- Policy documents (AML, KYC, Fair Practice Code)
3. Net Owned Funds Requirement
The RBI requires a minimum of ₹2 crore as Net Owned Funds to be eligible for an NBFC license in India. Proving the source, structure, and adequacy of this fund is a meticulous process.
4. Post-License Compliance
Even after getting your NBFC license online, you must follow ongoing RBI compliance, including audits, returns, and inspections.
Without expertise, managing these alone is risky and time-consuming.
Why Most Choose NBFC Registration Consultants
Here’s what a professional NBFC registration consultant offers:
- End-to-end documentation
- Error-free filing on the RBI portal
- Compliance-ready business plans
- Quick resolution of RBI queries
- Time-saving and higher approval probability
With expert assistance, Online NBFC Registration in India becomes more efficient and structured, reducing the risk of rejections or legal issues.
How to Apply for NBFC Registration Online in India
Here’s a brief step-by-step process for NBFC license online:
- Register the company under Companies Act
- Ensure ₹2 crore NOF is in place
- Open a fixed deposit for proof of funds
- Prepare all policy documents (KYC, AML, lending policy)
- Apply through RBI’s COSMOS portal
- Respond to any queries raised by RBI
- Wait for RBI approval and NBFC license issuance
Final Verdict: Is It Possible Without a Consultant?
Yes, it’s possible—but it’s rarely advisable.
Unless you or your team has extensive legal, financial, and compliance experience, applying for NBFC registration in India without a consultant could cost you more in delays, rework, or even rejection. Professional support ensures you remain compliant, save time, and meet RBI expectations from day one.
Final Thoughts
Starting an NBFC is a significant step in the Indian financial sector. With opportunities growing, the demand for NBFC license from RBI in India is also rising. Whether you choose to go solo or hire an NBFC registration consultant in India, make sure your documents, processes, and strategy are bulletproof.
Still wondering whether to do it yourself or get expert help?
It’s your call—but the stakes are high, and the RBI doesn’t make exceptions for errors.