NBFCs or Non-Banking Financial Institutions are private entities that strive to make the loan lending application, approval, and disbursal processes much easier and faster than conventional banks. One of the most popular financial products offered by NBFCs is Personal Loan. It is an exclusive kind of loan that you can use for any personal purpose you need funding for, be it a wedding, education, travel, used car purchase, medical emergency, or home renovation. If you are already indebted, you may also apply for a personal loan to consolidate your debts and set free.
You will find hundreds of NBFCs offering personal loans out there, but you can’t accept the first loan you come across. There are specific qualities that make NBFCs like Clix Capital better than the others. Here are a few things to check.
Restrictions on Usage
As its name suggests, a personal loan is a financial aid that you can use for any personal purpose. Whether you want to use it for debt consolidation, wedding, international trip, education, home renovation, or medical emergency, the lender must not put any restrictions on how you use your loan amount. They must be concerned about how you repay your loan, not about how you use it.
Look at the loan amount offered by the NBFC. When you apply for a personal loan, it must be sufficient to meet the expense you want to make with it. There’s no use of a loan if it can’t satisfy your financial requirement.
Interest rate is one of the most crucial factors that you must check while applying for a personal loan. Even a small difference of percentage points may make a big difference in your monthly installments and your total interest outgo. Therefore, it’s important to compare the interest rates offered by different NBFCs before opting for one.
The NBFC you choose for a personal loan must be flexible with its repayment tenure. For instance, Clix Capital allows you to repay your loan amount over a period of 12 to 48 months, depending on your income and convenience. You may use a personal loan EMI calculator to calculate your EMIs and see how much you are comfortable paying every month. Depending on that, you will be able to decide your loan amount and loan tenure.
It is extremely significant to look at the lender’s eligibility conditions before you apply for a personal loan from them. No matter how simple the criterion is, if you do not meet even a single condition, they will reject your loan application outright. Consequently, loan rejection can negatively affect your credit score, thereby making it even more difficult for you to secure a loan from another lender.
One of the major reasons why more people are heading towards NBFCs for a personal loan rather than to banks is their hefty documentation requirements. Banks ask for a heap of documents that makes the entire loan process extremely slow and unsteady. One of the best qualities of NBFCs is that they have minimal documentation requirements. Lenders like Clix Capital do not even ask you to submit or upload your documents. Their documents verification process is done completely online within a matter of minutes.
So, before you apply for a personal loan from an NBFC, look at their documentation requirements and see if you can fulfill them.
Loan Application and Approval Procedures
An NBFC with lenient eligibility conditions and minimal documentation requirements will take minimum time to approve your loan application. If you need quick money, look for an NBFC that has a completely online loan application process. With this, they will be able to offer fast loan processing time and easier loan approval.
Looking for an NBFC that perfectly fits into all these conditions? Apply for a personal loan of up to ₹ 25 lakhs from Clix Capital and rest assured that you have chosen the best NBFC in India with the best terms and conditions.
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