When a crisis strikes, a lump sum amount of funds can make all the difference. When time is of the essence, procuring a quick personal loan from one of the leading Non-Banking Financial Companies or NBFC can be a good idea. In this article, you will learn all the nuances of this financing option and why you should consider NBFCs for personal loans.
In the face of an emergency, people often find themselves looking for quick ways to cover their diverse financial obligations. The requirements can range from grim situations, like hospitalization, to family emergencies, like taking admission in a high-end college, wedding, and the list goes long. In such cases, the thought of obtaining a quick personal loan often crosses the mind.
Personal loans are unsecured finance options and borrowers can get a very high loan amount through them. The personal loan interest rates vary from lender to lender. In the hope of getting their desired loan amount, people approach the various Non-Banking Financial Companies, owing to their multiple service features. Take a quick look at the advantages that make people choose NBFCs for personal loans.
Flexible Eligibility Criteria
The eligibility criteria for personal loans are quite flexible. The primary eligibility parameter with NBFCs is a good credit score. With a CIBIL score of 750 and above, a borrower can easily apply for a personal loan. Individuals without a high credit score can still qualify for the loan if they have a good source of income and an established career. Both salaried and self-employed applicants, aged between 20 to 60 years, are eligible for a personal loan if they have substantial income in regard to the living expenses of their residing regions. They do not have to fulfill a long and stringent list of eligibility compliance.
Nil to Nominal Documentation
Existing customers of NBFCs do not have to do any paperwork while applying for a personal loan. The documentation process for new customers is also minimal, requiring only valid photo id proofs for KYC, such as passport, voter id, etc., latest salary slips, and bank statements.
Swift processing, speedy approval, and quick disbursal of funds make personal loans from NBFCs, the most sought-after quick financing option, especially during medical and other emergencies. Post-approval, it typically takes one working day for NBFCs to process a quick personal loan. Leading NBFCs can disburse the loan amount into the borrower’s account within 24 hours.
NBFCs provide efficient service that is essentially customer-oriented. These lending organizations appoint customer relationship and customer support agents who offer extensive assistance to the loan applicants throughout the process. Select lending companies also offer competitive personal loan interest rates.
Depending on the NBFC, borrowers may get additional facilities. Bajaj Finserv, for example, offers a completely digital application process. Borrowers can check eligibility parameters, see the personal loan interest rates, apply for loans, submit documents, manage funds, and track their application status through the online customer portal Experia. They do not have to visit a branch for manual application.
To get approval within minutes of application, submit your details and check out your eligibility for their pre-approved offers on several products, such as credit cards, home loans, personal loans, and more.
All the above-discussed features, surely prove the merit of NBFCs for personal loans.