Have you ever found yourself in a situation where you were in instant need of money but didn't know where to go? Maybe there was an unanticipated travel cost, a wedding cost, or a health-related crisis. With countless documents and severe qualification criteria, traditional banks can consume a large time of the day. Fortunately, NBFC personal loans are changing the game and saving us in such scenarios.
Many individuals select Non-Banking Financial Companies (NBFCs) because they offer quick, easy access to funds with zero documentation. Let’s discover NBFC loans in detail, including how to select the best of them, loan fees, and how to apply for them.
What is an NBFC Loan?
An NBFC loan is a form of financial assistance offered by non-bank financial institutions that resembles bank loans but has more accommodating terms. In contrast to traditional banks, NBFC processes applications rapidly and covers a wide range of audiences, including low credit history. An NBFC personal loan might be your best partner whether you need money for an emergency, a trip, or a home renovation.
What is the Eligibility for an NBFC Personal Loan?
Compared to traditional banks, NBFC personal loans offer simpler qualifying standards, which is one of their strongest features.
You can easily apply for a credit line if you fulfill these criteria:
Ensure you have all valid identification documents.
Make sure you have a stable income
Maintain a strong credit score and a good credit history to improve approval chance
How Affordable is an NBFC Loan?
The credit profile, loan amount, and repayment duration all affect interest rates on NBFC loans. Depending upon your eligibility, NBFC personal loan rates regularly range from 10% to 36% yearly. The speed and simplicity of the process make it a certified exchange despite the fact that the rates can be somewhat higher than those offered by traditional banks. Moreover, a lot of NBFC firms offer adaptable repayment plans with reasonable rates. Platforms like Viva Money offer a unique feature of a grace period where users do not need to pay any interest for up to 51 days making it the best choice for getting an NBFC loan.
What are the Steps to Apply for an NBFC Loan Online?
Applying for an NBFC loan is simple and takes just a few minutes. Here is how you can easily do it:
Selecting a trustworthy NBFC loan is crucial among various options. Look for platforms with clear paperwork, easy access, and clear guidelines.
Aadhaar, PAN cards, and bank account details are the only basic KYC documents needed for the majority of NBFC personal loan applications. Before proceeding, confirm that you match the eligibility requirements.
You can finish the NBFC loan application online in a matter of minutes because of Digital Progress. Simply fill out the form, upload it, and wait for instant approval.
Your bank account receives the loan amount within a few hours of approval, sometimes instantly! Because of this, NBFC loans are a great choice for short-term financial needs.
How to apply for a Viva Money- line of credit?
Follow these steps to apply for a Viva Money- line of credit:
Download the Viva Money from the app store or Play store
Log in with your mobile number
Select the desired credit limit
Add your PAN & Aadhaar details and check your eligibility
Complete KYC verification
Get instant approval and access your credit line loan anytime
Why Is Choosing the Right NBFC Loan App So Important?
Finding a trustworthy NBFC loan app can be difficult, but make sure the platform procedure is simple. Viva Money, partnered with FincFriends Private Limited—an RBI-registered NBFC that adheres to all regulatory guidelines ensures a secure and transparent borrowing experience. With flexible repayment options, zero paperwork, and instant approval, Viva Money makes accessing funds quick and hassle-free, whether you need a short-term loan or a revolving credit line.
Wrapping Up:
Financial emergencies can happen at any time since life is unpredictable. For quick and simple access to funds, you might think about NBFC loans rather than waiting weeks for bank loans. You could need the appropriate financial cushion for a personal loan from NBFC because of its flexible eligibility requirements, affordable interest rates, and quick online processing. So, you know where to go if you ever find yourself in a financial bind!
Download Viva Money now and have a quick assessment of financial freedom at your fingertips.
