Personalized Approach
NBFCs have a strong command of the niche market and offer personalized financial solutions. They are closing the financial gap in society one step at a time by providing financial solutions to people from both organized and unorganized sectors of the country.
Their business model has a seamless integration of technology that helps in the execution of tailored products and services. The R & D teams of NBFCs have done their ground research about customer acquisition costs, the cost of serving existing customers, underwriting, and loan disbursement. So, if you avail of a personal loan from an NBFC, you will get a customized solution.
Lenient Eligibility Criteria
One of the biggest reasons for getting a personal loan from the NBFC is their lenient eligibility criteria. NBFCs have placed their financial products in the market to offer easy accessibility to people from different backgrounds. Personal loans without a cibil check or credit score are also available from NBFCs. However, they check the credit history of the person for instant personal loan disbursal.
Faster Loan Approval
An individual applies for a personal loan in case of a financial emergency or to fulfill their planned financial expenses. NBFCs have efficient lending models and faster and simpler loan approval processes. They have a greater focus on customer service and convenience through their streamlined process.
Flexible Repayment Option
NBFCs offer flexible loan repayment options to their customers. It is a big advantage for those who want a longer repayment tenure. Borrowers are at ease knowing that their EMI amount will not have a great impact on their monthly budget. Some of the best NBFCs also allow a repayment schedule that suits your needs and budget. You can also make prepayments or part-payments without incurring any additional charges. This can give you greater control over your finances and make it easier to manage your debt.
NBFCs are a good option for individuals looking to get a personal loan.