A Non-Banking Financial Company (NBFC) personal loan is a flexible and convenient financial solution for you when you are stuck in a cash crunch. NBFCs offer loans at relaxed eligibility criteria and at a much faster speed compared to a traditional loan processes. The emergence of NBFCs has been a revolution in the lending field that obsoleting all the drawbacks of a traditional loan process. Now, you can easily avail of a personal loan easily in just a few hours. FlexPay is a loan offering from Vivifi India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI)*. If one submit the necessary details on the platform, their loan can be approved within one hour. This is one of the reason as why we are most popular NBFC among young salaried professionals. We provide line of credit that best fits there need.
NBFCs are the institutions that perform financial activities such as investments, loans, saving schemes.These institutions are easy to work with and they 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 reasonable interest rate. Our loans also come with flexible repayment options, where fixed EMIs are mandatory not required to repay. For all these reasons, NBFC personal loans have become the new favourites for people in cash needs. Our NBFC loan app simplifies the loan application and approval process, making it even more convenient for our customers.
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.
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 relaxed eligibility criteria, minimal and digital documentation along with e-KYC for verification, this loan is just a few steps away from you. The relaxed eligibility that we offer makes this loan accessible to all who have a recurring and regular income every month. This can be your best loan option if you are considering a flexible loan deal for you. Since it's a line of credit that you can keep using and renewing, it can be your permanent credit backup as well.