NBFC Personal Loan

A Non-Banking Financial Company (NBFC) personal loan is a convenient financial solution for you when you have urgent financial needs. NBFCs offer loans with simple eligibility criteria and at a much faster speed compared to traditional loans. The emergence of NBFCs is a revolution in the digital lending space. Now, you can avail of a personal loan easily in just a few hours. FlexPay is a quick loan app backed by an RBI-registered NBFC that provides loans through a streamlined process.

NBFCs are institutions that perform financial activities such as investments, loans, and saving schemes. These institutions are easy to work with and cater to a larger population as well. As an NBFC, we specialize in providing personal loans to the unserved and underserved population. We offer relaxed eligibility criteria and give loans at competitive interest rates. For all these reasons, NBFC personal loans have become the new favourites for people with financial needs. Our NBFC personal loan app simplifies the loan application and approval process, making it even more convenient for our customers.

Difference between a Personal Loan from an NBFC and a Bank

The sharpest distinction between an NBFC and a bank's personal loan is the streamlined application process provided by NBFCs. Unlike banks, NBFCs often offer a quicker and more convenient loan application process, allowing borrowers to access funds in a shorter time frame.

The second significant difference lies in the determination of interest rates. For bank loans, the rate of interest is typically decided by the regulatory authority, such as the Reserve Bank of India (RBI). In contrast, NBFCs have the liberty to set their own rates of interest. This flexibility allows NBFCs to potentially offer better interest rates compared to banks, depending on their individual terms and conditions.

Moreover, NBFCs provide the convenience of online loan applications with minimal documentation and digital verification. This means that borrowers can apply for a loan from the comfort of their own homes, eliminating the need for extensive paperwork. In contrast, traditional bank loans often involve more paperwork and physical verification processes, which can be more time-consuming.

Top 7 Reasons to Choose FlexPay for Your NBFC Personal Loan

Online Access: We have a 100% online application process. You can complete the onboarding using our mobile app or the official website simply by providing your name, contact and PAN details. To complete the application, all you need is your income and occupational details. Since the application is simple and automated, you can apply for the loan easily. It is time-saving and helps in quick loan processing.
Quick Processing: The processing of this loan is also faster and you can get the credit in your account within 1 day. For urgent monetary needs, you can avail of this loan easily and meet your requirements. Also being an unsecured loan, you need not look for collateral for getting the loan in an urgency.
Competitive rate of interest: We offer a competitive rate of interest with no hidden charges. All terms and conditions are clear and transparent.
Better approval measures: While with many other lenders only the credit score is observed for approval of the loan, we check multiple measures for it. This values all the factors like your income, employment status, credit health and history along with the quantum of the loan; rather than just focusing on the credit score. With this, if you have a clear credit history or even are new to credit, you can easily clear this NBFC loan eligibility.
Easy eligibility criteria: Since we focus on distributing our loan in financial needs, This include salaried individuals with regular monthly income & we offer relaxed eligibility criteria. With a minimum monthly income of Rs.8,000, you can avail of this loan.
Flexible repayment options: Getting this loan is simple but easier is its repayment. We provide flexible repayment options with easy fixed EMIs. You can prepay your loan as we charge no foreclosure fees.

Conclusion

NBFC personal loans have emerged as a viable alternative for individuals seeking financial assistance. You can apply for a loan with us in a short and streamlined process. With simple eligibility criteria, minimal and digital documentation along with a digital KYC process for verification, this loan is just a few steps away from you. This can be your best loan option if you are considering a quick and hassle-free loan deal for you.

FAQs

An NBFC that gives you an unsecured loan in a simple process and with quick disbursement can be quoted as the best one. The answer can vary depending on your monetary needs and repayment preferences. With us, you get the loan in a 100% digital process and disbursement within 24 hours. You can borrow this loan without any collateral and up to Rs.3 Lakhs.

The one which provides an end-to-end encrypted lending platform is the safest NFBF for online loans. We ensure it and give you a loan experience where your details and documents are insulated against any privacy breach.

Yes, an NBFC does provide a personal loan along with various other credit options. With us, you can borrow a loan that is a line of credit. Using this, you can spend on your fluctuating financial needs with no added charges. It also comes with a reasonable rate of interest and flexible repayment options.

Yes, it's completely OK to take a loan from an NBFC. We are also RBI approved NBFC credit line provider where you get a loan easily without any collateral. Here, you get the loan in a streamlined process and at a reasonable rate of interest. While getting a loan is easy and fast, it's equally smooth in repayment given its flexible EMIs and term.

Isalaried individual with a regular income, you can apply for a personal loan from NBFC. With us, you can get a loan if you have a minimum monthly income of Rs.8,000 and your age is 21 years and more. For this loan, we take no collateral and based on your income statement only you can get the approval.

The credit limit varies from one another NBFC lender. at FlexPay, the credit limit varies between Rs. to Rs. 3 Lakhs.