Applying for a loan while sitting at home is one of the easiest tasks. With the help of technology, several banks and NBFCs are providing personal loans to solve all financial crisis.
What is NBFC?
NBFC stands for Non-Banking Finance Company; they provide fast loans for those who are looking for money to pay their bills and other expenses. These NBFCs are registered with the RBI (Reserve Bank of India), and they are providing a lower interest rate with a fixed monthly EMI to repay the amount.
There is no need to worry if your application gets rejected by the bank. A reputed NBFC will provide a quick loan to cover all money crisis. How many NBFCs are open in the country? Not one, but several NBFCs are open in the country, and they are providing a loan in a few hours at a competitive interest rate. Let’s find out more at the points below about NBFCs.
What is NBFC Eligibility Criteria
The NBFC eligibility criteria are quite simple, and anyone can apply for a loan. Always ensure that a borrower provides all valid documents, such as monthly income proof and other identification documents. Several people apply for loans in various scenarios, but only a few will get the loan amount.
Getting an instant personal loan with a few documents will be beneficial for a borrower. The following are the NBFC Eligibility criteria so you can easily to apply for loan online:
The loan applicant’s age should be above 21 years old when applying for a loan.
The personal loan maximum age should be less than 58 years, and it depends on lender to lender.
Salaried persons should provide their salary slips for a minimum of 6 months, or ITR for self-employed persons.
The candidate must provide at least a year of professional experience.
The loan borrower must be a citizen of India and provide valid identification proof.
Top Features and Benefits for taking NBFC Loan
Quick transfer of money: After applying for a loan from an official NBFC website, their executive will directly call you for verification. After the verification, you will get money directly into your bank account in a few hours.
Minimal Documentation: Minimum documentation is required when applying a loan from NBFC.
Less rigorous with a credit score: A credit score is essential after applying for a loan. If your credit score is less than 700, then most likely it will be a challenging task to get a loan from a bank. In NBFC, only your basic salary and ID proof will provide you with a huge loan. If someone has a credit score of less than 700, they will get an instant loan in a few hours.
Get a collateral-free loan: One of the key benefits of applying for a loan from NBFC is that there is no need to provide collateral or mortgage your house to get a loan. Submit all your monthly income proof and valid documents to get this loan directly into your bank account.
Conclusion
Non-banking financial companies, or NBFCs, lend money and manage investments, and this is one of the easiest ways to get instant money from registered finance companies. Get quick money transactions with minimal documentation and a low interest rate. A personal loan is beneficial for a borrower to solve all financial crisis. NBFC loan are among the better-known loans available in the market.