A feature-rich Personal Loan with multiple benefits is considered a great financing tool to fund various needs. It includes your business and personal needs, like a wedding in the family, an international tour, medical emergency, debt consolidation, home repair or renovation, etc.
One can apply for a Personal Loan with different lenders. Most individuals prefer NBFC Personal Loans as they are available at more favourable terms depending on their eligibility criteria. If you find it challenging to choose the best lender, here is an elaboration on some features and benefits NBFC Personal Loans have over Personal Loans from conventional banks.
Why NBFC Personal Loans Are Preferred?
– Flexible Repayment Tenure
The repayment capabilities of borrowers vary, and they need online Personal Loans with a flexible repayment tenure and look for a lending institution that offers flexible Personal Loans. Individuals who have a high, steady income can manage to repay big EMIs, and therefore prefer short-term loans. On the other hand, others may look for longer-term loans. Poonawalla Fincorp offers loan repayment with flexibility and allows partners suitable options to repay their loans: in easy instalments during their preferred repayment tenure, ranging up to 60 months.
– Multi-purpose + High Loan Amount
The amount a loan-seeker needs is the most crucial factor. Personal Loan amounts with reputed NBFCs can go as high as ₹30 lakh. Such a high loan amount can meet your big-ticket expenses, whether it’s education abroad, luxurious car purchase, investment in property or a big fat Indian wedding.
– Attractive Interest Rates
Poonawalla Fincorp’s Personal Loans allow you to get closer to your dreams and ambitions, at competitive interest rates. A loan applicant with a high credit score can get the required funds against a Personal Loan at 10.99% only, which varies with your eligibility and other terms concerning the loan. Most financial institutions should approve applicants who have a credit score of 750+ for a loan at affordable interest rates.
– Minimal documentation
A Personal Loan can be availed of against minimal documentation. NBFCs require basic documents for loan approval, such as – identity and income proof. Here are the commonly required documents by NBFCs:
– For Self Employed Individuals
Permanent Account Number (PAN) card, Aadhaar Card, Residence Address Proof, and Business Address Proof
– For Company
Applicable Registrations including Business PAN Card, Residence Address Proof, PAN Card, Aadhaar Card for Proprietor/Partner/Director
- Bank account statement for previous 6 months
– Digital Approval
Getting a Personal Loan is much easier with a lender like Poonawalla Fincorp, which renders a convenient online digital process from the application to reimbursing the loan amount to save you time and effort. You just need to fill in an online loan application and upload the required documents to get approved for a Personal Loan. The lender will process your application and provide you with funds as quickly as possible after verifying your documents.
– No Foreclosure/Pre-Payment Charges
It is necessary to repay the loan during the decided loan term. You need to pay the amount calculated for EMIs each month. If you repay the loan before ending the loan tenure, it is called pre-payment or foreclosure of the loan. Due to such payments, lending institutions refrain from charging the interest they would have received otherwise during the remainder of the decided loan term. For this loss, some institutions levy foreclosure charges. Even if borrowers pay an amount over the EMI, lenders may charge a fee. Therefore, applicants should look for lenders who do not levy such fees. And NBFC Personal Loans can save you from these fees.
You should shortlist and look for the best NBFC Personal Loans at competitive interest rates. Make sure you look at hidden charges. You can use an online loan EMI calculator to calculate the costs of your loan. Whether you’re looking for a Personal Loan in Delhi or Mumbai or anywhere in India, always ensure you are diligent and find interest rates and loan amounts that are easily available for you and within your capacity to repay easily.