5 reasons to choose a personal loan from an NBFC 

Explore the key benefits of getting a personal loan from an NBFC, gaining insight into how they offer flexibility in repayment and convenience to cater to a range of requirements.

Published - April 25, 2024 04:50 pm IST

Frequently, we find ourselves sacrificing our goals and ambitions because of the ever-rising demands of daily life. For instance, you might have wanted to pursue advanced studies or revamp your home’s interior. However, financial constraints often necessitate sacrificing our dreams or putting them on hold. In such circumstances, getting a personal loan can be a practical solution. Many Non-Banking Financial Companies (NBFCs) and banks in India offer personal loans at competitive interest rates and straightforward qualification criteria. You can easily compute your EMIs in advance with the help of online tools like the EMI calculator provided on the websites of financial institutions.

Bajaj Finance Limited stands out among these NBFCs and banks, offering personal loans with speedy approval processes, minimal document requirements and easy eligibility terms.

Here are five noteworthy benefits of taking out a personal loan from top NBFCs like Bajaj Finance Limited: 

1.    Large loan amount

A key benefit of choosing a Bajaj Finserv Personal Loan is getting considerable funds. Personal loans empower borrowers to secure a substantial amount of financing, subject to the lender’s terms and the borrower’s creditworthiness. This financing avenue is particularly appealing to individuals in need of a sizable sum for personal use. Bajaj Finance Limited offers personal loans of up to Rs. 40 lakh, furnishing the resources to tackle various significant expenses.

2.   Hassle-free documentation

Another significant advantage of personal loans lies in their streamlined documentation process. Personal loans reduce the burden of extensive paperwork by enabling the submission of all required supporting documents digitally. Documents such as those about age, address, income tax returns, credit history, and other essential details are crucial during the application process.

3.   Swift disbursement process

Bajaj Finance Limited is well-known for its swift processing and approval of personal loans, making it a top choice for individuals requiring urgent financial aid. Bajaj Finserv Personal Loans are typically disbursed within 24 hours* of approval, at affordable personal loan interest rates providing a quick remedy for addressing unforeseen financial responsibilities without burdening your financial situation.

4.  No collateral required

Unlike secured loans, personal loans do not require collateral, which enhances accessibility for individuals reluctant to pledge their assets. Furthermore, the absence of collateral removes the necessity for asset verification or appraisal, streamlining the verification process for personal loans.

5.   Flexible tenures

Personal loans usually offer flexible repayment terms, enabling borrowers to handle their debt with greater ease. Bajaj Finserv Personal Loans stand out for their attractive repayment options. Borrowers have the flexibility to select a tenure spanning from 6 to 96 months, offering an ideal solution for those desiring freedom and flexibility in their repayment schedules.

A Bajaj Finserv Personal Loan provides a dependable and safe avenue for fulfilling your financial commitments. You can conveniently determine your instalments using the personal loan EMI calculator available on the Bajaj Finserv website. Simply input basic information such as the loan amount, tenure, and interest rate to calculate your EMI. Head to the Bajaj Finserv website to apply for a personal loan.

*Terms and conditions apply.

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