Personal Loan: Top 5 Reasons to Go With NBFCs

Although many people are scared to apply for a personal loan, at some point of time every 4 out of 10 people are compelled to reach out to their family, friends, and even finance investment companies in Delhi, India.  No matter how speculative you may be, personal loan is a boon for every individual who is in need of money and is need of some assistance from outside.

Fixed Repayment Time Frame:

Personal loan always comes with repayment options. And, most of the personal loans offered by finance investment companies in Delhi, India have a term of 1, 2, 3, or 5 years, and when you've made all the payments, you’re done. So that you take the personal loan knowing exactly how long your debt will take to pay off, instead of watching it stretch into the future for a very longer period of time. In addition to this, some personal loans can be paid off early without a penalty for repayment. Many loans that are sanctioned by financial institutions have this penalty, and thus are designed in the best interest of the lenders rather than the borrowers.

No Collateral Necessary:

Whether you’re planning to take a home loan or any other traditional type of loan through a financial institution you’ll definitely need collateral. Finance institutions as well as traditional lenders ask you to put something on the line so that they can retrieve the money in case you can’t repay the loan. On the contrary, personal loan do not require this, so the valuable possessions that you've earned over the years do not get trapped in the form of collateral with the finance investment companies.

Get Rewarded for Good Credit:

Loans that you can get via traditional means, as well as credit cards, have standard interest rates. No matter how good your credit is, you’ll pay the same amount of interest on your loan as someone with a poorer credit history. This is not so with personal loans. These loans offer a variety of interest rates and you’ll be rewarded with a lower one of your credit score is high. That means you’ll pay back less money overall and there will be more in your pocket along the way.

Fixed Rate = Fixed Payment

If you have a good credit rating you can avail lower interest rates on personal loans. And, once you've qualified for a low rate of interest on your personal it’s fixed for the life of the loan. This one thing distinguishes personal loan from credit cards and lines of credit, where the interest rate can go up or down at any time. So, as your rate gets fixed, your monthly payment gets fixed too. This is a highly beneficial feature as you can have all the peace of mind knowing that the amount won’t suddenly sky-rocket and leave you scrambling for cash. Thus, you can plan ahead and design you budget accordingly avoiding all the inconveniences.

Added Advantage:

When you take a personal loan from a Non-Banking Financial company, you get it within a very short period of time following a hassle free process. This is in fact the most valuable advantage of asking for a personal loan from a Non-Banking Financial company. A little in-depth research on your part and you can mark the advantages of a getting a personal loan from Finance Investment companies in Delhi, India.

Hence, next time when you consider applying for a personal loan from finance investment companies in Delhi, India not only will you get better financial deal, but you’ll also be rewarded with good credit while dealing with them. Have you ever had an experience of getting a personal from a Non-Banking Financial Company in Delhi, India? We would love to hear about your experiences in the comments below!