Top 5 Reasons to Choose an NBFC

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Top 5 Reasons to Choose an NBFC
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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.

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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.

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2. CIBIL Score

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

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3. Mode of Operations

• NBFCs, most of the process can be done online,
  from application to uploading of documents.

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4. Time

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

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5. Loan Amounts

• Personal loan from an NBFC is available at a
  higher bracket than from a bank.

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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.

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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.

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8. Customer Service

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

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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.

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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.

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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.

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• Website https//www.fullertonindia.com/knowledg
  e-center/why-prefer-reputed-nbfc-as-personal-loan-
  provider.aspx

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