As the name suggests, a non-banking financial company (NBFC) is not a bank and neither does it hold a licence to function like one. That means it cannot let people deposit or withdraw funds. However, NBFCs provide a few financial products and services similar to banks, with the most popular offering being different types of loans, such as auto, small business, and personal loans.
Of late, NBFC personal loans are gaining more popularity among loan buyers compared to banks. To dig deeper into this subject, we asked five people to explain their reasons for choosing an NBFC loan. The first-hand insights may help you make an informed decision if you are torn between banks and NBFCs when getting your loan.
Shania, 29, chose an NBFC loan for easy eligibility and a quick approval process.
When Shania’s single aunt in Germany was diagnosed with cancer, she and her mom had to plan a sudden trip to take care of her. She said, “I considered my bank for a loan to cover my travel expenses, but their eligibility criteria were stringent—they needed high credit scores, and the processing time was too long—nearly 10-12 days. A quick search led me to an NBFC: Manba Finance. Looking at their easy eligibility and quick loan approvals, I immediately went ahead with the ‘personal loan apply online’ option and got funds credited to my account in just 48 hours.”
Dhruv, 25, chose NBFC personal loan for minimal documentation requirements.
Dhruv worked 9-5 on weekdays and created food content for his YouTube channel on weekends. As his subscriber list grew, he wanted to invest in high-quality camera equipment to upgrade his creative content.
He said, “Initially, I considered a bank personal loan, but I was taken aback by the number of documents they needed. It was my dealbreaker, and I started looking for other options. That’s when I discovered Manba Finance, an NBFC, who only needed three documents—proof of identity, residence, and income. I did not think twice before applying for the NBFC loan, and I do not regret it!”
Soham, 35, chose NBFC for competitive personal loan interest rates and lucrative offers.
Soham had decided to permanently relocate to Bengaluru with his wife and kids to support his ailing parents. His cash flow was tight due to the many relocation expenses. Since he had scheduled the move during his kids’ Diwali vacations, he noticed various NBFCs had festive season loan offers.
He said, “Manba Finance was offering NBFC personal loans at the lowest interest rates and most flexible repayment terms, especially for those with a good credit history. These deals were way better than any of the traditional bank loans. With the looming expenses, NBFC loan apply seemed the most cost-effective option!”
Palak, 55, chose instant personal loan NBFC for tailored customer service.
Palak was a strong, independent businesswoman running her own clothes boutique in Mumbai. Being a single mother with her only daughter busy with studies, she decided to take a solo trip abroad for a much-needed break. Instead of breaking her fixed deposits, she decided to take a personal loan.
Sharing her loan journey, she said, “Since I didn’t have much experience with loans, I needed someone to guide me. Manba Finance had excellent customer service. They understood my needs, offered financial advice, guided me on using a personal loan EMI calculator, and helped me with a personalised loan solution.”
Ramesh chose an NBFC loan with no collateral requirement.
Ramesh, a skilled worker in Mumbai, needed a huge sum for his daughter’s university studies. He did not have any properties, tremendous savings, or securities to provide as collateral to his bank. He jumped upon the opportunity when he heard about NBFCs offering collateral-free loans. He shared, “My bank had strict loan regulations, but Manba Finance resolved all my problems. Without their assistance, I could never get a personal loan and fund my daughter’s education.”
NBFC loan apply in three easy steps
If you are looking for a trusted lending partner, look no further than Manba Finance. With features such as a paperless journey, flexible tenure, low personal loan interest rates, quick approvals, and customised schemes, Manba Finance has simplified the NBFC loan process for everyone. You only need to follow three easy steps:
- Do your groundwork: Before you apply for the NBFC personal loan, you must check the eligibility criteria, gather the required documents, use the personal loan EMI calculator, and read up on the T&C regarding loan amount, repayment tenure, interest rates, extra charges, processing period, and more. If you have more questions, contact Manba Finance customer service via phone, email, or WhatsApp.
- Personal loan apply online: Once you have everything needed for the online application process, click ‘Apply now’ and fill out the quick form. You must fill in basic personal information, select your type of loan, mention your CIBIL score, and submit.
- Complete the onboarding process: After you get the approval, you can submit the documents and complete other necessary formalities. Your loan will get sanctioned within 48 hours!
Key takeaway
By now, you know the critical differences of getting a personal loan from a bank v/s non-banking financial company (NBFC). Due to regulatory differences, NBFCs offer various benefits, such as:
- Easy eligibility criteria
- Minimal documentation
- Quick approval process
- Competitive interest rates
- Flexible loan options
- Tailored customer services
- Collateral-free loans
You can avail yourself of the above benefits and more at Manba Finance, so don’t delay any further and apply now for the best instant personal loan NBFC!
