India’s lending market is largely dominated by short-term, unsecured credit options like personal loans. These advances have thus served as the go-to options for financing big-ticket purchases, bridging the emergency funding gaps, and any other type of financing needs, with personal loans from NBFCs fast gaining popularity under this credit segment.
Even amid the slouched economic growth during mid-2020, personal loans assumed a steady growth in demand across the nation.
- According to data published by the Reserve Bank of India, the share of personal loans grew to 24% (of total institutional credit) in March 2020.
- More than 27 crore credit accounts were recorded in March 2020, a year-on-year increase of nearly 17.3%.
Recent RBI rate cuts have further made quick personal loans more affordable than earlier. It has also given rise to an increase in competition as lenders, including Non-Banking Financial Companies, rush to one-up their competition and provide better offers to their customers. One can thus apply for a personal loan with an NBFC conveniently by fulfilling a handful of eligibility requirements.
The process to avail a personal loan from an NBFC
Popular personal funding options from NBFCs offer some of the best loan terms, features and benefits available in the market right now. Applying for credit is also significantly easier, as these often require minimum documentation and processing.
Here’s how you can avail a personal loan from your selected NBFC.
- Find a suitable lender
Prospective borrowers should conduct thorough research while narrowing down on a particular lender. There may be several reasons to apply for a personal loan, and one’s budget may get affected depending on his or her current financial standing.
Selecting a financial institution that checks on all the requirements can, nevertheless, prove extremely beneficial during the loan tenure.
- Go through the terms and conditions
After selecting a particular lender, one should carefully go through the terms and conditions offered. Factors like personal loan interest rates, loan amount, repayment tenure, applicable fees and charges, etc. play a crucial role in ensuring an efficient repayment. For instance, a steep interest rate will increase the EMIs, putting an additional burden on a borrower.
One should also check customer reviews and successful loan disbursal rate while availing a personal loan from an NBFC.
- Fill up the online application form
An individual can apply for a personal loan online by filling up the application form on his/her preferred lender’s website. One needs to share his/her personal and financial details, along with details regarding employment, while applying for credit.
Lenders like Bajaj Finserv simplify the process to apply for a loan with their streamlined application process.
They also extend pre-approved personal loan offers to existing customers, further making financing hassle-free and less time-consuming. Such offers are available on personal loans, business loans, credits cards, and various other types of advances. You can check your pre-approved offer online by sharing only some essential details.
- Submit the necessary documents
After the application is processed, borrowers will need to submit some essential documents (to attest to their age, income and employment eligibility fulfilment) while applying for a personal loan from NBFC. These documents also undergo a verification process, post which the loan application is approved.
It is thus essential to know which documents are necessary to apply for a personal loan to ensure hassle-free processing.
Usually, it takes up to 24 hours* to process and disburse the loan amount, which is why many often opt for quick personal loans to mitigate their emergency financing needs. Other than that, provisions like flexible repayment tenure, top-up loan, etc. also benefit borrowers significantly.
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