NBFCs are non-banking financial companies that deal with loans, stocks, shares, bonds and securities but a savings account like a bank. Post Covid lockdown due to the demeaning economy of the people, financial institutions are gearing up to get a hold of their business.
A recent survey by RBI has confirmed that NBFCs have outperformed banks by 15% in offering loans, providing customer satisfactory service, robust risk management, and a wide digital outreach.
How can NBFC personal loans easily tackle your financial issues?
If you are in such a financial crisis where you need liquid assets immediately, NBFCs are the go-to place. They can easily solve your financial issues provided you are an eligible candidate to avail the best NBFCs for personal loan. There are a number of reasons such as low personal loan interest rates and quick personal loans because of which NBFCs are better than banks to avail quick personal loans.
Eligibility criteria –
The eligibility criteria required for availing personal loans is lesser than the long list provided by banks. The basic eligibility criteria required are –
- Age limit between 20 to 60 years of age
- Residing citizen of India
- CIBIL score above 750
- Employed individual whose minimum salary is as per the city of residence
Instant loan approval –
Contrary to the delaying process of your loan getting sanctioned, an NBFC’s classic feature is that it approves the loan as soon as within 5 minutes after all the documents are provided.
Quick personal loan –
After the loan is approved within a few minutes, the money is transferred to your bank account within 24 hours. This is extremely useful when personal loans are required for urgent medical needs, or other emergency situations. On the other hand, banks take several days to weeks to disburse a loan.
Interest rates –
Personal loan interest rates are much lower compared to banks when your CIBIL score is 750 or above. The valid reason why a slightly high personal loan interest rate from an NBFC is better than that of a bank is because it is a type of unsecured loans, because of which your assets are not at a risk of being confiscated by banks.
No heavy paperwork –
Minimal documentation is required that leads to quick personal loan.
Online platform –
When taking a loan from a bank, you have to go to the bank for several days to do all the paperwork and physical interactions. This takes a lot of time and energy. Instead, NBFCs have opened a vast online platform for hassle-free personal loan approval. For example, Bajaj Finserv offers a completely online application process to begin the procedure of loan approval.
Pre-approved offers are available on a wide range of products from Bajaj Finserv, like home loans, credit cards, and personal loans. Submit your name and contact information to see what offers are available for you.