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Top 5 Reasons to Choose an NBFC

People prefers Personal loan from NBFC than bank. There are various reasons to choose NBFC for instant personal loan.<br><br>https://www.fullertonindia.com/knowledge-center/why-prefer-reputed-nbfc-as-personal-loan-provider.aspx

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Top 5 Reasons to Choose an NBFC

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  1. Top 5 Reasons to Choose an NBFC

  2. Why to Choose NBFC for Loan? NBFC stands for Non-Banking Financial Company. Every NBFC should be registered with RBI. NBFCs are running businesses registered under the government of India to lend money to families and individuals in need, but need not require any banking licence under the Reserve Bank of India. Hence, people prefers Personal loan from NBFC than bank.

  3. Eligibility Criteria: personal loan eligibility criteria for applying for and getting an approval on personal loans is less stringent than it is for a banking firm.

  4. 2. CIBIL Score The required CIBIL score is of 750 or more, if you are going to apply for the personal loan.

  5. 3. Mode of Operations NBFCs, most of the process can be done online, from application to uploading of documents.

  6. 4. Time Banks take longer than non-banking lending firms to get the verification done, authentication checked, amount sanctioned, and loan passed.

  7. 5. Loan Amounts Personal loan from an NBFC is available at a higher bracket than from a bank.

  8. 6. Employment Type salaried employees can get personal loans from NBFCs as well as banks. Self-employed persons have to prove their experience in handling businesses.

  9. 7. EMIs Not all financial institutions have the service of offering EMI calculations to the customer. However, NBFCs like Fullerton India have an online EMI calculator.

  10. 8. Customer Service Several NBFCs have in place a separate customer service department to take care of dispute resolution and query addressal.

  11. 9. Previous Relations When you opt for a personal loan from an NBFC, your previous relationship with the lending institution is taken into account while deciding your personal loan interest rates.

  12. 10. No end usage You can direct them towards a vacation, a family function, a medical emergency, purchase of gold, festive season shopping, or home improvement projects.

  13. Features of NBFC For Personal Loan Interest rates starting from only 11.99% per annum. Loan tenures touching up to 60 months. No requirement of collateral. Maximum age bracket, from 21 years to 65 years. 100% paperless application process.

  14. Website: https://www.fullertonindia.com/knowledge-center/why-prefer-reputed-nbfc-as-personal-loan-provider.aspx

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