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In the constantly evolving landscape of personal finance in India, various new options have come up, among which the most mentionable is Non-Banking Financial Companies (NBFCs) which have emerged as dynamic players in the world of finance. NBFCs have gained immense popularity due to the convenience and advantages that they offer to borrowers. This article will focus on the benefits of opting for a personal loan from NBFCs in India. Let’s start by looking at what NBFC is.
A Non-Banking Financial Company (NBFC) is a financial institution that offers various financial and banking services to individuals but doesn’t have a full banking license. This financial institution offers a wide range of various services, such as wealth management and investments. Loans and advances, insurance, asset financing, as well as money transfer services.
As compared to traditional banking services, there are some restrictions imposed on the part of NBFCs; these are:
Individuals who choose to borrow from NBFCs in India receive several benefits, which are mentioned below in detail:
As banks are restricted by legacy procedures, rules, and various guidelines laid down by the Reserve Bank of India for assessment, the time involved in processing is more. While on the other hand, NBFCs can process and approve loans faster as they entertain the utmost flexibility concerning norms and regulations. Therefore one can apply for a personal loan in any NBFC in India at any time and from anywhere, be it from home or office.
Banks don’t offer credit to a borrower having a low credit score. The application of individuals with a low credit crore are usually turned down by the bank. However, they can opt for a personal loan from NBFC by providing some extra documentation and paying higher rates of interest.
NBFCs offer improved customer service throughout the process of loan application, approval, and disbursement. Borrowers can easily view the status of their loan and enable notification on the payment deadline of the installment.
NBFC offers comparatively easier loan criteria as compared to banks. Here are given some common criteria that one needs to meet while opting for a personal loan from NBFCs in India.
The simplicity of availing loans, flexibility, and convenience have made individuals consider taking personal loans from NBFCs in India. They don’t entertain the rigidity that conventional banks come with and offer a higher possibility of approval of the loan for those in dire need of it.
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