Why NBFCs Are Better Than Banks For Instant Loans
There comes a time in every person’s life when they are in urgent need of money. The need could arise from a financial difficulty or the realisation of a dream. If this has happened to you, then you should consider getting a personal loan. But a word to the wise: don’t approach your bank for it, go to an NBFC (Non Banking Financial Company) for the instant loan.
1) More relaxed credit score and eligibility criteria.
The single most critical factor in favour of approaching an NBFC for an instant loan, is that it has a more relaxed approach to assessing the applicant. Banks study your CIBIL score, while NBFCs may overlook a lower CIBIL score favouring a high regular income, younger age and a promising career portfolio. Some loan apps follow unique AI-backed algorithms to arrive at your credit score – this is a more intuitive and reliable way to measure creditworthiness.
2) Faster processing times.
Those applying for personal loans usually need the money as soon as possible. If you’re in a hurry to get access to funds, forget about going to the bank. Most banks take a while to study your credit score and application. The processing times for NBFCs, on the other hand, are quite fast. This works to your advantage if you need the money for a financial emergency.
3) Paperwork is processed digitally.
Most NBFCs follow a digital-only interface when accepting and approving instant loan requests. This means that you finish applying and getting the loan using just your smartphone. NBFCs have a friendlier UI than most bank websites, and they do not insist on applicants submitting paperwork at the branch office. This is a faster, more efficient process as compared to the bank’s.
4) Easy documentation and swift approval processes.
Leading NBFCs in India have bug-free loan apps, intelligently designed and operational 24/7 to meet your needs. The documents required are listed on the app, and you can upload the entire set on your smartphone along with your photograph and the completed application form. The documentation is entirely hassle-free and the approval comes swiftly once all checks are performed. This saves a lot of time and energy.
5) Great customer service.
Though banks improve most operations by leaps and bounds, they fail most often on customer service. This is another area where NBFCs score more points. They are quite prompt in reverting to inquiries or following up if any issues are faced during or after the loan disbursal.
Conclusion
The above points illustrate why applying for an instant loan with an NBFC is better than approaching a bank. You can get started by downloading a leading loan app for your personal loan needs.
