I want to know which financial institution should I contact for a loan.
Both banks and NBFCs are financial institutions that provide loans to customers.
A small business loan can be obtained from banks and NBFCs but most of the banks offer loans with some security whereas most of the NBFCs offer loans without any security.
If you want to take a small business loan, it is better to contact an NBFC as they have a simple online application process and the loan disbursal is also quick which is also good when you require some quick funds.
But before you select a lender, it is better to do a proper study on the eligibility criteria of every lender and other terms and conditions so that you do not face rejection.