Non-Banking Financial Companies also called Non-Banking Financial Institutions are governed by the Reserve Bank of India Act 1934 where they are allowed to perform multiple financial services in which lending, investment, and insurance are prominent. Apart from these, NBFCs are not allowed to get the deposit from the customer’s side and there are no services like saving accounts. But it plays a significant role in the country’s development in economic, infrastructural, and other segments. It has strengthened the country’s economic growth by providing financial services for household needs. There are multiple NBFCs functioning with all the permission and under the supervision of the Reserve Bank of India and as per their financial services, they are classified.
Types of NBFCs
There are different types of NBFCs, especially based on their services.
Lending Company
A loan company comes under the NBFC which provides personal loans to customers as per their eligibility and terms and conditions. There are various loan schemes such as a personal loan for the short-term, long-term etc. Rate of interest and tenure, everything pertaining to the services are fixed under the guideline of the Reserve Bank of India.
Housing Finance
Several NBFCs are there that provides home loan to ensure the dream of owning a house. These days, home loans are broadly borrowed from these types of NBFCs because of their flexible and easy services.
Asset Finance company
These kinds of NBFCs provide loans to procure assets for different enterprises, small-scale industries etc. It provides business loans for individual purposes also.
Microfinance Company
These types of finance companies are there to help entrepreneurs in rural areas to start their small businesses. It’s there are multiple finance company in Delhi NCR that provides fund to start a business for young people and it is a great initiative to strengthen the employment scheme.
Mortgage Company
It comes under the scheme of a secured loan where a loan is provided against the property or collateral where one can borrow a significant loan amount as per his requirement and the true value of the property.
Benefits and features of NBFCs.
With immense competition in the market, every NBFC always try to be ahead and to accomplish this process and achieve their target they provide multiple offers, flexible services, competitive interest rate, tenure, etc. that can be comfortable for your requirements.
NBFCs always enrich their customer’s relationships and services using state-of-the-art services that enhance the customer’s experiences. The best features of NBFCs are their instant response to your concerns which makes them more worthy.
Why NBFC are better than banks?
Although it’s all about the delivery of services and their speed, transparency, flexibility, and all, NBFCs are far ahead of the banks. Because they proceed with their services as soon as possible without any approach or presupposition. However, the approval of the loan and other services are completely subject to the eligibility criteria of customers.
Conclusion
There are different NBFC companies in Delhi NCR, which is functioning with the guidelines of the Reserve Bank of India and all the NBFCs across the country are playing a huge role in the nation’s economic, infrastructural, and overall development. Overall, non-banking finance companies are soaring higher by releasing loads of banks with their fast, transparent, and reliable services.