NBFC stands for Non-Banking Financial Company. Personal loans from NBFCs are given to individuals at competitive interest rates, better EMI options, and longer repayment tenures as compared to banks. NBFCs are running businesses registered under the government of India to lend money to families and individuals in need, but need not require any banking licence under the Reserve Bank of India. Also, getting a personal loan from an NBFC is much quicker than getting one from a bank.
Top 10 Reasons to Choose an NBFC
Compared to a conventional banking system, a non-banking financial company like SMFG India Credit offers the following benefits of borrowing a personal loan:
- Eligibility Criteria: With NBFCs, the personal loan eligibility criteria for applying for and getting an approval on personal loans is less stringent than it is for a banking firm.
- CIBIL Score: NBFCs consider your loan application even with a CIBIL score of 750 or more. They can ask for an additional guarantor in place, but the chances of getting a personal loan from an NBFC approved and sanctioned still remain considerably higher than that in banks.
- Mode of Operations: Banks often require you to visit the nearest branch offline and get the documents verified to get the procedure running. Through NBFCs, most of the process can be done online, from application to uploading of documents.
- Time: Banks take longer than non-banking lending firms to get the verification done, authentication checked, amount sanctioned, and loan passed. That is why NBFCs come into help better during a personal loan requirement in a time crunch.
- Loan Amounts: An personal loan from an NBFC is available at a higher bracket than from a bank. With lending institutions like SMFG India Credit, you can get personal loans up to even INR 25 lakhs for expenses like debt consolidation, home renovation, medical emergencies, festive season expenses, and weddings.
- Employment Type: More often than not, salaried employees can get personal loans from NBFCs as well as banks. Self-employed persons have to prove their experience in handling businesses. In all cases, preferring a reputed NBFC as a personal loan provider can prove to be beneficial.
- EMIs: Not all financial institutions have the service of offering EMI calculations to the customer. However, NBFCs like SMFG India Credit have an online EMI calculator for public use if you wish to understand how to budget your monthly finances to accommodate your personal loan repayment instalments.
- Customer Service: The customer service that a non-banking lender provides includes provisioning for a personal loan, offering a top-notch website or app with customer interactivity for ease of application, and enabling pre-approval systems for personal loans. Several NBFCs have in place a separate customer service department to take care of dispute resolution and query addressal.
- Previous Relations: When you opt for a personal loan from an NBFC, your previous relationship with the lending institution is taken into account while deciding your personal loan interest rates. This means that customer loyalty is rewarded through lower interest rates.
- No end usage: There are several ways you can put your personal loan funds to use. You can direct them towards a vacation, a family function, a medical emergency, purchase of gold, festive season shopping, or home improvement projects.
Must Read: Personal Loans in Metros vs Non-metro Cities
Best Features of NBFC For Personal Loan
Personal loans from NBFCs like SMFG India Credit are best given with the following features:
- Interest rates starting from only 11.99% per annum.
- Loan tenures touching up to 60 months.
- No requirement of collateral.
- Maximum age bracket, from 21 years to 65 years.
- 100% paperless application process.
- Loan amounts going up to INR 25 lakhs.
- Funds disbursal within 72 hours of approval*.
- Online tools for checking eligibility, calculating eligibility, and calculating EMI.
If you are looking for options to take up a personal loan from an NBFC, you can turn to SMFG India Credit for hassle-free, time-saving, and reasonable lending. We offer personal loans for all salaried and self-employed individuals for quick utilisation to help them achieve their financial goals. You can check out your personal loan eligibility through our online calculator and apply for your loan today. You are one click away from financial success!