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Why are NBFCs preferred over banks for personal loans?

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Personal loans are very popular nowadays. It is used for all kinds of small and big expenses. Since it is completely flexible, it can be used for all kinds of needs and emergencies. However, when it comes to instant personal loan online, non-bank financial institutions are much preferred by users in comparison to banks. Non-bank financial institutions are more popular for personal loans. Here are a few reasons why people are choosing NBFCs over banks:

Online borrowing experience

Personal loan apply is one area where non-banking financial institutions are gaining a lot of prominence over traditional banks. This is because they are offering online personal loans. When you take a personal loan from a non-banking financial company, you can easily process the application online. The entire borrowing process takes place online through the official website or mobile applications. This means, unlike banks, you don’t need to visit the branch physically in order to get a personal loan. You can easily get a personal loan while sitting at home or working at your office. You just need a laptop to apply online.

Instant approval

Non-banking financial institutions are integrated with technology and the latest modern features. Due to modern technologies involved, fintech organisations are able to instantly approve your loan application. When you apply for a personal loan online, you simply get the approval within a few hours. Instant personal loans or same-day loans are very popular now with non-banking financial companies. You can get the approval within three to four hours. Like banks, it does not take weeks or months to get approval. If you need an instant personal loan on the very same day, you need to go to one of the non-banking financial companies. They process the loan request very quickly and get you approval only within a few hours. This makes it the best choice for coping with any kind of emergency or financial crisis instantly.

High rate of approval

When you get a personal loan from a non-banking financial company, the rate of approval is very high. The eligibility criteria imposed by non-banking financial companies are much lower in comparison to banks. Chances are high that you will get a loan even with a low credit score or income from a non-banking financial institution. Non-banking financial institutions and fintech organisations are not very strict with the eligibility criteria. Banks are very strict. You can increase your chances of getting a personal loan from non-banking financial institutions due to the high approval rate. They may offer you a high personal loan interest rate if you do not have a good credit score, but you may still get the loan approval. Banks are very strict when it comes to eligibility criteria and thus reject loan applications easily. If you need an instant personal loan for an emergency, get in touch with non-banking financial institutions. The chances of approval are much higher.

Rates and fees that are reasonable

Affordable personal loans have given non-banking financial companies huge prominence. Starting from a low rate of interest and loan charges, it is very affordable when you get a personal loan from a non-banking financial institution. When comparing loan costs with banks, the rates in banks are much higher. Banks follow an orthodox style of interest rate, which makes it expensive for the individual.

Minimal and online documentation

When you apply for a personal loan from a non-banking financial institution, you get minimal online documentation. This means you will be able to get a loan by just uploading all your documents online. You simply need to scan the original copies of the documents and upload them along with the online application form. You don’t need to visit the bank branch several times to complete the documentation process. It is easy and you can quickly get it done using the official website. Also, non-banking financial institutions work with technology, which helps you get a loan with just a single document like a PAN card or an Aadhaar card. Yes, it is that easy. This is not possible for banks.It is easy to get a personal loan . When you take a personal loan you have to meet all the credit eligibility as set by the loan provider and financial institutions. You should have good credit, high income, low debt to income ratio, and a past debt repayment track record should be good.

Same day disbursement

When you choose to take a personal loan from a non-banking financial institution, you will get a same-day disbursement. The banks take a lot of time in completing the disbursement. When you choose to borrow from non-banking financial institutions, you can get an instant disbursement on your account on the same day. It is important that you choose non-banking financial institutions if you need an instant disbursement on your account.

Wrapping up

Get a smooth personal loan apply process with Clix Capital. You can easily get an instant personal loan online. Get personal loan in Bangalore at a low rate of interest by getting in touch with the experts today.

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