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Earlier applying for a loan application with a bank was a complicated process. Because, banks ask for a lot of paperwork, manual effort, and of course, much of your valuable time should also be invested. But today, with the digitization of the FinTech industry, applying for a loan has become easier now.<br>
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4 Reasons to Consider NBFCs When Looking for a Loan? Earlier applying for a loan application with a bank was a complicated process. Because, banks ask for a lot of paperwork, manual effort, and of course, much of your valuable time should also be invested. But today, with the digitization of the FinTech industry, applying for a loan has become easier now. Non-banking Finance Companies (NBFCs) are perfect alternatives to the institution of banking, and there are many reasons to justify the same. In this write-up, let us try to understand why NBFC is a better choice to avail a loan when compared to a bank. Why Choose NBFCs Over Banks for Personal Loan? ● Prioritises customers - NBFCs are a more customer-centric service provider in comparison to banks, as NBFCs evolve to provide the best customer service through which you can stay up-to-date with respect to your loan details, repayments, and any extra charges that are used for your online accounts. ● Flexible eligibility criteria - Generally, availing of a loan from a bank can be tedious as they impose strict regulations in some cases. Whereas NBFCs are more lenient, flexible, and inclined toward borrowers’ needs. For example, if you want to avail of a loan from a bank, but your credit score is less than 750, banks usually reject your plea. Because banks approve loan requests only if your credit score is 750 and above. Don’t worry! This is when NBFCs come into the picture. With the help of advanced technologies like AI (Artificial Intelligence), ML (Machine Learning) and other innovative fintech-based solutions, NBFCs look beyond your credit score and approve you with a personal loan based on your creditworthiness. ● Digitization - With new-age digital fintech, there is hardly any space for hard copies to survive. Currently, many NBFCs offer a completely online application process where you can borrow money just by uploading your information digitally and then transferring the loan amount into your account, without even stepping outside. Whereas, on the other hand, banks still require you to submit hard copies concerning your identity and income. The conventional methods of banks are much slower in this digital era when NBFCs on the other side are running at a fast pace.
● Hassle-free loan application process - The loan process with NBFCs is seamless when compared to banks. While a loan disbursal in a bank can take a few days to weeks, NBFCs can process your application in less than 24 hours. When it comes to flexibility of loan approval, NBFCs always surpass banks, saving you more time, especially helpful during an emergency crisis. Conclusion Now that it is established that NBFCs are a better option in comparison to banks. So, in case you fall short of funds and are planning to apply for a personal loan with an NBFC, then, don’t worry! Try FlexSalary. You can avail yourself of FlexSalary best NBFC personal loan! FlexSalary is a loan offering product of an NBFC called Vivifi India Finance Private Limited, which is registered with the Reserve Bank of India (RBI). You can easily avail a loan ranging from a minimum of INR 4,000 to a maximum of INR 2,00,000. Not only this, there are additional advantages of applying for a loan with FlexSalary, such as: ● No collateral. ● No prepayment and other hidden charges. ● No-fixed EMIs. ● Pay interest only on the amount used. So, apply for a loan from an NBFC and get cash within no time.
