A personal loan is a great way to meet your financial needs without much hassle. If you don’t want to borrow money from family or friends, apply online for a personal loan. You can choose the loan amount and the repayment period according to your convenience. However, many banks and finance companies offer different types of personal loans that come with different features and benefits.
Many companies like loan, investment, microfinance, asset finance, and housing finance offer personal loans with slightly different features. If you are confused about choosing a personal loan for your needs, you should read this guide. Once you find the right loan, apply for it to receive the fund quickly.
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What is an NBFC Personal Loan?
NBFC personal loans are loans offered by Non-Banking Financial Companies. You can find attractive deals and offers on personal loans if you avail loan from NBFC. NBFC offers personal loans similar to personal loans offered by banks. However, some NBFCs offer additional benefits with their loan product. You can research several NBFCs and their loan product details online. You should also compare the personal loan schemes offered by other NBFCs to ensure you are picking the right loan.
Consider these factors, including maximum loan amount, flexible repayment period, low-interest rate, and low processing fees when looking for a personal loan. You should also check other features and eligibility criteria of the loan, as different NBFCs have different requirements.
Features of NBFC Loan
Generally, the features of a personal loan applied online are similar. Most banks and NBFCs don’t require any collateral to avail of this loan. You can easily get a personal loan without needing any assets. NBFX also approves the Personal loan instantly. You require minimum documents such as proof of identity like an Aadhaar card, proof of address like utility bills, and proof of income.
Most lenders won’t charge a penalty for part-prepayment on the Personal loan. Lenders allow an applicant to choose the repayment time for the loan. You can repay your loan via mobile transfer, cheques, ECS, or deposit cash at the branch. You can complete the whole loan application process online or visit the bank.
Eligibility Criteria for NBFC personal loan
When you apply for a loan, your lender will check your eligibility to provide you with this loan. Learn about the eligibility criteria for an NBFC personal loan to ensure the lender doesn’t reject your loan application during the verification phase.
Generally, lenders check the applicant’s source of income and ability to repay the loan in a fixed period. Your lender may provide different eligibility requirements based on whether you are salaried or self-employed. You will also require a good credit score to easy avail of the personal loan. Most lenders ask for the applicant’s Adhaar card and PAN card as minimum documentation.
Key Advantages of NBFC personal loans
Some benefits of applying for a personal loan online include the following:
- You can perform a personal loan application online on the website or by visiting your nearest branch. Filling out a loan application is quick and straightforward.
- You can get a personal loan for any purpose, such as needing funds for a holiday, medical bill, wedding, studying abroad or buying a gadget.
- You don’t need to provide collateral against the loan, meaning you don’t require mortgage collateral like property or shares to get this loan.
- You can choose the loan amount per your requirement and decide the repayment period according to your monthly income. However, you should remember that you must pay more interest on the loan if you choose a longer repayment period.
- Lenders quickly verify the loan application and disburse the money within a few days. Also, the processing fees of these loans are low.
Getting an NBFC personal loan allows you to enjoy various benefits. You can get a personal loan for any reason from an NBFC. However, it is best to estimate your work’s expense as you should borrow the precise amount you can easily return. Gather all the required documents for quick disbursal of money. Compare personal loan interest rates from different NBFCs and choose the affordable one.