Why Getting a Personal Loan from NBFCs is a Better Option than Bank?
In today’s digital era, everything has become online. Availing cash for meeting immediate requirements has become extremely easy with the introduction of online lending apps. Due to this, the Non-Banking Financial Companies(NBFCs) have gained high popularity in comparison to the banks because of the following reasons:
- Personalized offerings
- Broader reach
- Well-structured risk management framework
- Various co-lending agreements
- Digital presence
Due to all these reasons mentioned above, NBFCs are being preferred by various borrowers to avail of a personal loan. If you want to know why borrowers prefer NBFC a personal loan over a bank loan, keep reading:
Why is NBFC a better option?
Easy Eligibility Parameter
While applying for a personal loan through the Non-Banking Financial Companies, you do not have to undergo long, lengthy procedures or comply with all the complicated eligibility criteria. The primary parameter that the lenders of online lending apps consider is the credit score. You must have at least a score of 750 to avail of an online loan without any hassle. Those who are first-time borrowers or have a low credit score can even apply for a Level Up loan from TrueBalance to avail immediate cash during an emergency without any hassle.
Minimal to Nil Paperwork
The existing users need not submit documents while applying for a personal loan from the loan app. For the new customers, minimal documents are required just to complete the KYC process. Whereas, in the case of banks, both the existing and the new customers are required to undergo lengthy procedures to avail of a loan, which is a time-consuming and hectic process.
The loan availing process from the loan app is quite easy. It takes a maximum of 42 hours for the loan amount to be disbursed into the borrower’s account. Moreover, pre-approved customers can receive a loan within just a few minutes. In comparison, this is not possible in the case of banks. This is because they have more internal processes to comply with before accepting the loan application.
The NBFCs are known to process the application within just one working day. Therefore, the borrowers can easily receive the amount without delay during an emergency. This makes the online loan app an ideal funding option during uncertain times.
Online Application Process
Various online lending apps like TrueBalance offer borrowers 100% digital and paperless loans. The borrower only has to provide basic details for KYC and initiate the procedure. In contrast, if you apply for a loan from banks, you will have to undergo a long application process and submit all the required documents, which is time-consuming.
For all these above-mentioned reasons, NBFCs are in high demand these days. In case you wish to apply for a hassle-free, instant cash loan during financial emergencies, you can download the TrueBalance app from Google Play Store. It is the best loan app that lets the lender borrow up to INR 50,000 without any collateral backup in return. The entire loan application process is quite easy and straightforward. The personal loan interest rates charged by the lenders on this app are just 5%, which is quite low compared to the interest rate charged by other lenders. For more details, visit the TrueBalance app or website!