While nationalized banks mandate collateral for a business loan to hedge against non-repayments, Non-Banking Financial Companies (NBFCs) do not put such onerous requisites. They provide loans minus security or guarantee if the loan seeker fulfils certain criteria. Though the interest rates are slightly higher vis-à-vis the nationalized banks, the loaning process is simple, efficient and quick.
Here’s exactly what a typical NBFC loaning process looks like. Eligibility criteria: Specifications may vary but generally, all NBFCs have similar eligibility criteria. Typically, the business loan without any security seeker should be an Indian citizen aged between 25 and 58 years, preferably salaried for at least 3 years. The minimum CIBIL score requirement of 750 is also applicable.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |