All of us turn towards banks mostly whenever we need an extra set of hands to support us financially. Banks have been in the picture for a long time. A huge percentage of people only rely on banks but the banks are regulated by the law of the land and they might turn you down if they find that the customer is not eligible for assistance as per the rules. There is another financial institution to help you when the banks won’t, and they are Non-Banking Financial Companies (NBFCs).
In India, Non-Banking Financial Companies entered the credit market during the late ’90s. They were established as an alternative for those who did not get financial help from the banks and their needs were not sufficiently met by the banks. In the last few decades, Non-Banking Financial Companies (NBFCs) have gained a prominent position in the Indian credit market.
A personal loan is an unsecured loan (secured in some cases) where the sole aim of the bank or NBFC (Non-Banking Financial Company) is to help the borrower with their immediate financial requirement. A personal loan helps an individual or entity with accessing the funds conveniently and with the flexibility of expending the funds whenever and wherever the borrowers want to.
Till now people were only aware that the banks will provide them with the funds but with Non-Banking Financial Companies entering the credit market, people have more options and offers available. It has to be considered that the personal loan interest rates and other related terms and conditions of banks and NBFCs (Non-Banking Financial Companies) will differ substantially.
SBI personal loan provides the facility of personal loans at the utmost convenience and with a very feasible personal loan interest rate starting from 7.20% p.a. Along with this bank, there are many other companies with an attractive personal loan interest rate and flexible repayment schedule. The competition has gotten tough for the companies but the customers sure have ample options to weigh and check which policy is the most appropriate for them based on their requirements and capacity.
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