NBFC Personal Loan

For a very long time, banks were the only options available for those looking to avail loans. But with the coming in of NBFCs or Non-Banking Financial Companies like Money View, this has completely changed.

NBFC Loans or NBFC personal loans come with a number of advantages that sets them apart from regular financial institutions such as banks which contributes to their popularity.

Why are NBFC Loans So Popular?

• NBFC loans are easy to avail as compared to those from banks or other traditional lenders. One can apply from the comfort of their own homes easily through online apps

• The documentation requirements are minimal and does not require photocopies or even physical copies of documents if the application is done online

• Another advantage of availing NBFC personal loans is instant loan disbursal. While certain banks take a few days to disburse the loan amount, lenders such as Money View provide the loan within 24 hours of application approval

• The eligibility criteria for personal loans from NBFCs are less stringent as compared to traditional loans. This means that applicants can avail personal loans a more easily

  • Did you know that certain lenders such as Money View also have more lenient credit score cut-offs? As long as applicants have a CIBIL score of over 600 or Experian score of over 650, they can still avail personal loans.

Online personal loans are here to stay thanks to the numerous advantages offered by them. One of the most popular lenders in the market today is Money View and here’s why you need to avail personal loans from us instead of opting for traditional sources.

Why You Should Avail Personal Loans from Money View

Instant Eligibility Check

Check your eligibility from the MoneyView website or loan app within just 2 minutes

Minimal Documentation

We require only three documents - ID proof, address proof, and income proof

Loans on Low Credit Score

Even if your credit score is low, thanks to Money View’s unique credit rating model, you can still avail a loan

Flexibility of Loan Amount

Choose a loan amount of up to Rs. 5 lakhs based on your eligibility

Flexibility Repayment Term

Choose repayment term of up to 60 months based on your eligibility

100% Paperless

Enjoy a complete online process, right from application to loan disbursal

24 Hour Disbursement

Once your loan application is approved, your loan amount will be sent to you within just 24 hours

To know more about Money View personal loans, click here.

NBFC Personal Loans Vs. Bank Personal Loans

There are a number of differences between the features of an NBFC personal loan and that of a bank as given below -

• Loan Eligibility

The eligibility criteria imposed by NBFCs are a lot more flexible as compared to those required by banks. For example, most NBFCs require applicants to fulfill the following eligibility criteria* -

• Should be between 21 years to 57 years

• Should have an income of at least Rs. 13,500 per month

• May lend to self-employed applicants

Banks on the other hand are a lot stricter when it comes to income requirements, especially for those who are self-employed.

* Disclaimer - This information can vary from one lender to another.

• Documentation Requirements

Nobody wants to run from pillar to post trying to get multiple copies of multiple documents. But you might have to do this if you are applying for a personal loan from a bank.

But this is not the case for most NBFCs. The documentation requirement is minimal, sometimes requiring only 3 of the most important ones.

• Processing Time

While the processing time required for a loan varies from lender to lender, banks generally take anywhere between a few days to a few weeks. This includes the time required to verify documents, approve the loan application, etc.

On the other hand NBFCs have started providing loans with just a few hours of approval time making this the perfect choice for those looking for instant personal loans. For example, Money View provides loans within 24 hours of loan application approval.

• Application Process

The traditional way of applying for a loan is to visit the lender, fill in the required forms, provide documents, and wait for approval. This process is cumbersome and time consuming. With NBFCs however, the entire process is hassle-free and quick as it is all online.

• Credit Score Requirement

Your credit score is one of the most important factors that lenders take into consideration. Higher the score, higher is the chance of availing a loan at low interest rates. Most banks require applicants to have a CIBIL score of 750 or above. But when it comes to NBFCs, loans for bad credit are also provided. The credit score requirement is not stringent and even those with relatively lower credit scores can apply for one.

NBFC Personal Loans vs. Bank Personal Loans - At a Glance

While banks have been the traditional source for personal loans for a long time, NBFC personal loans are gaining popularity due to the many reasons mentioned above. 

Here’s a quick comparison of NBFC loans (NBFC personal loans in particular) and bank loans with respect to the various features offered by each.

In Conclusion

While NBFC loans are relatively new as compared to banks, there are a number of advantages to choosing these loans. 

Quicker processing time, great customer service, hassle-free application process are just some of the reasons for the popularity of these loans. Additionally, the credit score requirements are also a lot more flexible making NBFC personal loans one of the more popular loans available in the market.

If you are looking for a personal loan that fulfills all the criteria mentioned above, visit the Money View website or download the app and apply today.