Non-banking financial companies: 5 loan benefits
What's the story
Non-banking financial companies (NBFCs) have become a popular choice for personal loans in India. Unlike traditional banks, NBFCs provide a range of benefits making them an attractive option for borrowers. From quick approvals to flexible repayment options, NBFCs are changing the way people access credit. Here are five key benefits of getting personal loans from NBFCs in India.
Fast approval
Quick loan approval process
One of the biggest advantages of NBFCs is their fast loan approval process. They use technology to assess creditworthiness quickly, which means that applicants can get their loans approved within hours or a day. This is especially useful for those who need funds urgently and can't afford to wait for long processing times.
Flexible terms
Flexible repayment options
NBFCs also provide flexible repayment options that can be tailored according to the borrower's financial situation. Borrowers can choose from different tenures and EMI amounts, making it easier to manage monthly payments without straining their budget.
Simple documentation
Minimal documentation requirements
Another benefit of taking a personal loan from an NBFC is that they have minimal documentation requirements. Most NBFCs only ask for basic documents like identity proof, address proof, and income proof. This makes the process simpler and quicker for applicants, as they don't have to deal with a lot of paperwork or complicated procedures.
Affordable rates
Competitive interest rates
NBFCs also offer competitive interest rates on personal loans, which are often at par with those offered by traditional banks. Since they have lower overhead costs than banks, NBFCs can pass on these savings to customers in the form of affordable interest rates.
Pre-approved offers
Access to pre-approved loans
Many NBFCs also provide pre-approved loan offers to existing customers based on their credit history and relationship with the company. These pre-approved loans come with faster disbursal times and reduced documentation requirements, making them an attractive option for those looking for quick access to funds again.