Non-Banking Financial Companies (NBFCs) are not banks, yet NBFCs provide loans, credit, investments, and other financial services like banks. NBFCs help firms buy stocks, bonds, debentures, and government securities.
Benefits of taking Personal Loan from NBFCs
Fast processing:
Most banks must follow RBI rules, processes, and guidelines. From the moment you apply for a Personal Loan, they follow different standards to check eligibility, documents, and creditworthiness. Getting your money can take 1-2 weeks. NBFC personal loans have more flexibility with loan processing and approvals; thus, they are speedier.
Credit score:
Banks are unlikely to work with a borrower who has a low credit score, and a loan application from such a person will likely be rejected. But NBFCs may still lend to them, albeit with stricter requirements, more paperwork, and a higher interest rate.
Customer service:
When compared to traditional banks, NBFCs offer superior customer care both before and after a loan is approved and disbursed. Loan information can be viewed, and borrowers can choose to get reminders before payments are due.
Personal Loan Interest Rates in India
A personal loan is just one of the many types of credit available to you. A personal loan can help you out financially in several ways. The greatest personal loans are offered by several Indian banks, and you can apply for one quickly and conveniently through either the institutions’ websites or the post office. Interest rates for personal loans range from 7.90% p.a. to 49% p.a., so it’s important to shop around before you commit to one.
You can get a quick personal loan if you fulfil the following requirements
- Apply online with the required info for quick approval.
- Submitting online applications takes minutes.
- Get loan approval and submit papers.
- Experts review the application and documents.
- After approval, you receive the loan amount in your bank account.
Additional Read: 4 ways that NBFC personal loans can help you fund big-ticket expenses
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