Getting a Personal Loan from an NBFC

Today any person seeking a Personal loan to fulfil his requirements rushes to a financial institution for availing the cash. There are many financial institutions in our country which serve the purpose of helping its customers by providing the required amount depending upon the risk-bearing capacity of a loan seeker.

One such major institution which plays a vital role in our economy by catering thousands of lakhs of customers every year is NBFC, Non-Banking Financial Company. Every day we come across the term NBFC in newspapers and magazines so it may strike our mind What is NBFC and how does it work?

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 of India. It is involved in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but it does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of the immovable property.

Though an NBFC does not own a licence to be operated as a bank yet it is supervised within a certain framework of Reserve Bank of India. Getting a personal loan from an NBFC is easier as well as a wise decision to get financial stability to pursue numerous works with the amount one receives as a personal loan. The NBFCs have become a reliable source of granting loan amounts in recent years and their businesses have grown substantially day by day in the Indian market.

In India, there are many NBFCs which provide personal loans at attractive interest rates but before applying for a personal loan a customer needs to be familiar with the minimum eligibility criteria set by the NBFC so that his request for a loan advance is amicably accepted at the disposal of an NBFC.

One such NBFC Suryodaya small finance bank has welcomed its customers with open arms in this financial crisis to cherish their dreams. The personal loan eligibility criteria for getting a loan Suryodaya small finance bank from are mentioned below which can be checked online in a fraction of time without visiting the branch.

Documents are as follows:

PAN, Proof of Residence, ID card, passport size photos

Age: 21-60 ( at loan maturity )

CIBIL: Minimum 750 or above

Salary Slip: Last 6 months

Bank statement: Last 3 months

Loan amount: up to 10 lakhs

Interest rate: Starting from 9.99℅

Tenure: 12-60 months

Occupation: Salaried/self-employed

Prepayment charges: NIL

Part-payment Charges: NIL

Suryodaya small finance bank supports its customers by assigning them a personal executive who handles all the documentation at the doorsteps and it provides instant loan approval to all eligible customers, for any financial assistance, please do visit the Suryodaya small finance bank personal loan.