NBFC or Bank: Which is a Better Option for a Loan for Doctors? - Loan Trivia


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Tuesday 19 March 2019

NBFC or Bank: Which is a Better Option for a Loan for Doctors?

Bank or NBFC is going to remain one of the most important and never-ending debates associated with financial sector. One one hand, banks are more reliable and function directly in sync with RBI regulations, NBFCs, on the other hand, are more flexible with their terms and conditions, allowing everyone practically eligible to access their credit schemes. So, which one out of the two types of financial institutions is better for a loan, be it a loan for doctors for that matter?

The answer can be derived by comparing the credit schemes based on one’s need/ expectations. For instance, if you have clarity about your needs such as (1) you want to borrow a higher amount, (2) you want sufficient time for repayment or (3) you want the loan to be available at a lower interest rate. If you have such clarity, making a choice won’t be difficult - go for financial institution catering to your needs.

If the above said doesn’t work out for you, you can follow the below discussion and make a rational decision.

NBFCs offer a variety of schemes whereas banks have only generic ones. For instance, a doctor is eligible for all regular schemes and other professional loan for doctors, offered by NBFCs.
Approval of loan is much faster with NBFCs in comparison to time taken by banks to approve a loan. 
Lastly, the repayment plan offered by NBFCs are much more flexible and practical compared to banks.

Read Also: NBFC vs bank: Which one Should you Choose When Opting for a Loan for Doctors?

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