How a Quick Personal Loan Boon To Financial Crisis?

Immediate financial crunches require quick solutions. With no collateral requirement and minimal documentation, personal loans have emerged as a viable solution for credit seekers. As these loans are sanctioned with no collateral or security submission, the nature of these loans is considered risky. Hence the approval of these loans is dependent on the credit score and income of the applicant.

Where can you get the Best Personal Loan Interest Rates?

Through easy accessible & quick personal loans, financial hurdles are no longer a crisis. Once you have decided on personal loans, the next question that arises is: banks or NBFCs?

Let’s understand the differences through the listed pointers.

• Competitive Interest Rates-

Interest rates at NBFCs are customised based on the creditworthiness of the applicant. Lenders like Fullerton India provide the best personal loans at flexible interest rates that range from 12.99% to 36%.

• Faster Processing Time and Disbursal

Most NBFCs utilise more rapid processing techniques through their digital apps. These online loans are available with the submission of essential KYC documents of identity proof, address proof and PAN card.

• Loan Availability for Individuals with a Lower Rating

As RBI governs banks, the preliminary condition for loan approval is a credit score of 750 or above. However, at NBFCs, individuals with lower credit rating have the scope of their application getting approved.

• Minimal documentation

With minimal documentation, the approval ratio is higher at NBFCs compared to banks.

Conclusion

With faster disbursal, along with minimal documentation, personal loans are a viable option for emergencies.

Additional Read: The Do’s And Don’ts While Taking An Instant Personal Loan