Top Benefits of Choosing NBFCs for Personal Loans in India

A personal loan is an unsecured loan that can be used for a variety of purposes such as home renovation, medical expenses, wedding expenses, or any other personal need. NBFC personal loans generally offer a fast and convenient way to obtain funds for personal needs. They have fewer requirements and are more lenient with credit scores for approval. It makes them accessible to a wider range of individuals. NBFCs may also offer more flexible loan terms and competitive interest rates compared to traditional banks. It can be a good option when you are for quick funds because they offer you convenient credit access.

What is an NBFC?

Nonbanking financial corporations or nonbanking financial institutions or predominantly engaged in financial activities. They perform like a bank but don’t own a banking licence. You can borrow money from these institutions but cannot open a savings, current or checking account with them.

NBFCs are set up and regulated by the reserve bank of India under the RBI Act 1934.

The regulations governing NBFCs are designed to ensure that they maintain adequate levels of capital, have proper risk management systems in place, and operate in a transparent and ethical manner.

They primarily provide credit to sectors and individuals who cannot access traditional banking services. These have been an important funding source for small and medium-sized enterprises.

NBFCs provide a wide range of financial services such as loans, investments, leasing, and hire-purchase. They may also offer services such as insurance and asset management. However, unlike banks, NBFCs cannot accept demand deposits or issue checks.

Top 5 Reasons to Choose a Personal Loan from an NBFC

1. Fast processing: NBFCs have more streamlined processes and fewer regulatory requirements it has fast processing time. When you need quick credit support you can use a loan from an NBFC. Mostly within 24 hours, the credit is transferred to your account.
2. Easy with credit score: Getting a loan is easier with a good credit score, but NBFCs (Non-Banking Financial Companies) are generally more flexible than banks when it comes to credit scores. They may sometimes offer personal loans to individuals with lower credit scores or even those with no credit history, as they have an inbuilt mechanism to review the customer profile. So, even if your credit score is above 600, there are still chances of getting a loan from them. Although a higher credit score is still considered an advantage
3. Better approval basis: Your credit score is not the only factor considered when applying for a loan here. Other factors, such as your income, employment history, credit history, and debt-to-income ratio, are also evaluated. These factors can help you get instant approval for your NBFC personal loan in India.
4. Flexible loan option: NBFCs may offer more flexible loan options than banks, such as longer repayment tenures or the option to choose between fixed or variable interest rates. If you are unable to manage a fixed EMI, choosing this type of loan may be a better option for you.
5. Competitive rates: On instant personal loans NBFCs can offer a competitive rate of interest. Due to the competition in the market and for promoting financial services, they offer reasonable interest rates. With a sound credit history and repayment capacity which is assessed by your income statement

If you are looking for the best NBFC personal loan FlexSalary can make the right choice for you. It’s an RBI-approved NBFC product that gives credit exclusively to salaried professionals. Here, you can get a credit of up to Rs.2,00,000 starting from Rs.500. It works perfectly for both your small and bigger cash needs. You can apply for it in a simple and 100% digital application process.

FlexSalary: Best NBFC Personal Loan for Salaried

1. Easy eligibility: This NBFC offers easy personal loan eligibility which is open for people with a salary of Rs.8000 per month. Based on your salary slips and bank statement you can apply for a loan here. Sometimes a soft credit enquiry is performed but there is never a hard credit pull.
2. Line of credit: This can be the best NBFC personal loan for a salary professional call it works like a line of credit. In a line of credit, you get a credit limit approved on your account out of which you can keep on spending money as you need. It works perfectly for variable financial needs you can maintain it as a continuous credit support as well.
3. Reasonable rates: After spending and on the spent part only you are liable to pay the interest thus it is a pocket-friendly credit solution. Besides this here you also get a reasonable rate of interest. There are no hidden charges and only a one-time processing fee is applied.
4. Quick access: It has a 100% online application process starting from registration till verification. For documentation as well you just have to upload all the records using its mobile app or the official website to proceed. This feature makes the loan processing faster and you can access the money within 24 hours of application.
5. Smooth repayment: It doesn’t demand fixed EMI for repayment of the loan. You can pay off your dues in variable instalments suitable for you. A flexible tenure of 10 to 36 months is offered during which you can repay your dues at any time. There were no prepayment of foreclosure charges against the loss of interest if you decide to pay off your loan in one go. Partial payments are also accepted without any added charges. Based on your behaviour as a borrower and current credit health you can choose for a credit renewal as well.

NBFCs are designed to offer quick credit facilities to people who are in urgent financial need. For an instant personal loan NBFCs have relaxed eligibility criteria and give you more power to negotiate for a better loan deal. As a salaried professional flex salary can be the best NBFC for personal loan. Along with having easy loan processing, it is equally smooth in repayment and renewal. Since there is no restriction on the purpose you spend the money on this can be your one-stop solution for every financial need.