Did you just applied for a personal loan with a bank and faced rejections? Were you in a state of shock as you had a clear repayment and income history?
If yes, then you may not be the only one whose loan applications have been rejected by banks. It is because when it comes to personal loans, banks have stringent terms and conditions.
It means that if they are not 100% sure of your repayment capacity, then they may reject your loan application.
It is where the NBFC personal loan comes into the picture! On that note, let’s check out the benefits and demerits of the NBFC personal loan!
Advantages of NBFC personal loans
Eligibility and processing time
The eligibility and the processing time of the NBFC personal loan are hassle-free and fast. You don’t need to meet complex eligibility criteria and wait for an indefinite time to get the loan approval. The approval may come instantly with money disbursements within 24 hours*.
Online loan approval
You can land on the website of the NBFC to apply for the loan and save your time and efforts.
Minimal to nil paperwork
Applying for the NBFC personal loan does not mean submitting a bucket of documents if you happen to be an existing or pre-approved customer. Even for new customers, the list of documents required is limited to KYC, bank accounts, and Salary slips.
Disadvantages of NBFC personal loans
Higher interest rates
There are chances of higher rate of interest on personal loan depending on the NBFC you are borrowing from. However, if you borrow from a leading and reputed NBFC, you might get a loan at an attractive rate of interest.
Are you all set to apply for the NBFC personal loan?
Bajaj Finserv, one of the top NBFCs in India, offers pre-approved offers on personal loans and more. It is to simplify your loan processing.
You can check out your pre-approved loan offers by sharing your basic details like your name and mobile number.