Know Everything about NBFC Personal Loan

 

NBFC personal loan is a kind of credit designed to provide substantial funds to the borrowers without any obligation of pledging collateral. The potential borrowers can use the loan to meet different types of financial obligations. Complete flexibility of use is one of the salient features of this variant. Anyone, who wants to get the loan, can use a personal loan EMI calculator to know the size of repayment. 

A recent report shows 41% growth in the number of young borrowers getting personal loans. These borrowers are in the age group of 18-30 years. The report also reveals that various non-banking financial organizations initiated most of these loan disbursals.

Important Factors 

Followings are some important factors for the potential borrowers to learn so that they can get a peace of mind when putting their signature on a personal loan agreement. 

Considerable Amount

A NBFC personal loan provides the borrowers with substantial fund to meet big-scale expenditures. Since this form of credit needs no guarantor or collateral, it is quickly accessible. In fact, borrowers usually get their loan approved within a few minutes of submitting the application.

Documentation 

The potential borrowers need to follow a certain procedure of loan application and documentation. If you are an applicant, you have to submit the following documents:

• KYC

• Employment Proof

• Salary Slip of last 2 months

• Bank Statements of the last 3 Months 

These are the standard documents required by every financial institution across India. However, some lenders may require additional documents. 

Eligibility

Financial institutes have different sets of parameters to approve NBFC personal loan. However, some requirements are common. These are as follows:

• The applicant must belong to the age bracket of 20-60 years.

• The applicant must work in an MNC or public or private sector.

• He/she must have a credit score of 750 or more.

• He/she should have a sustainable source of income. 

Bajaj Finserv has reputation for providing pre-approved offers at attractive interest rates. Their financial offers include personal loan, home improvement loan etc. These funds are quickly accessible. They allow you to pay according to your convenience. Visit their website page and check the details. 

Read Also: What Is loan repayment and why is it important?