The Ultimate Guide to Choose the Best NBFC in India for Personal Loan

Comparing the personal loan providers is always a difficult job when it comes to choosing the best NBFC in India. You must understand their working procedure, types of loans they provide, rates of interest, etc. Moreover, you need to undergo their application checklist and search for the latest client ratings and reviews.

There are many NBFCs in India that offer personal loan services. Some of them include Money View, Money Tap, Kreditbee, ZestMoney, and Fullerton India. You can compare among such FinTech organizations and easily choose from them. Let’s discuss how to find the Top NBFC in India in terms of borrowing personal loans!

Factors That Decide the Best NBFC in India for Personal Loan

Take a look at the points that help you find the Best NBFC in India for borrowing personal loans.

1. Fees and Charges

You must ponder the fees and charges that you will pay to the lender, excluding the interest and principal amount. A few lenders have high fees like documentation and processing fees, whereas some others keep it low for alluring clients. However, you must be cautious to delve into the matter and find out whether the lender has any hidden costs. After assessing all charges and fees to be paid amid the tenure, you can finalize a lender.

2. The Rate of Interest

Before applying for a personal loan, this is another concern for many people. By combining the length of the payback period and the rate of interest, you can decide a loan’s complete cost. Hence, the loan must offer low rates of interest to reduce the borrowing cost. However, the rate of interest varies from lender to lender. Make sure to compare several lenders’ offers to get the lowest rate of interest.

3. Payback Flexibility

Alongside the aforesaid concerns, you should know about the lender’s payback flexibility also. Since these are installments, the loan is ideally repaid in EMIs for a fixed period. But during the repayment period, you may save some extra funds and want to pay that towards the payback for saving your interest payment. In that case, the lender must accept the loan prepayment. A few lenders may charge a prepayment penalty whereas some others may not allow for doing the same. Hence, apply for prepayment only if your lender approves.

4. The Loan Tenure

You must also check the loan tenure or payback period in case you are searching for the best personal loan offer. The repayment period highly impacts the complete loan costs. A few lenders may provide a longer repayment period for making the EMIs smaller. Nevertheless, longer loan tenure will always cost you more as you need to pay the compound interest. Hence, before deciding anything, always use the EMI calculator to find the precise loan payback period.

Money View Offers the Best Online Personal Loans in India!

Now, you can borrow instant personal loans online with Money View during any type of emergency. The organization follows a simple process. Let’s take a look at the process they follow:

• To enjoy the advantages of a personal loan online, you need to fill an online application that is available on the Money View website or download the loans app. The organization processes each and every application in no time.
• Since the documentation is done online, the applicant needs to upload all necessitous documents online on the portal. It is an effective, fast, and easy process and extremely favorable in an emergency situation.
• As early as you do this, you will get a confirmation for all your details’ verification and to understand your requirement for a personal loan in detail.
• And in case everything goes well, your loan application will be approved by the NBFC and it will be disbursed in your account in 24 hours. This is the easiest and fastest process for both the borrower and lender.

This paperless digital process not just saves paper but also reduces the loan processing time. Money View provides unsecured personal loans online so you do not need to show any collateral as a guarantee. This is why their interest rate is also a bit higher compared to other loans.

If you have any queries, just go through the website for all types of information. The pages display the best loan deals you are eligible for and other details related to your personal loan.

What’s more?

Money View provides the best personal loan deals at cost-effective rates of interest. Stay connected with this FinTech agency for borrowing a loan today!