any idea for help? thank you very much.
If you are looking to get a business loan, Non Banking Finance Companies (NBFCs) are good option. This is because of four reasons:
- You can get a loan from an NBFC within 1-3 days. The loan approval process is fast.
- They can also offer a lower rate of interest than banks. Sometimes, this can mean you will have to pay less EMI. Obviously, the interest rate is decided on taking into consideration factors such as income, credit scoring etc.
- NBFCs are not covered under the Companies Act, which means the rules of lending are not as strict as the banks. It makes it easier for people to get loans quickly.
- At times NBFC may give you a loan if you have a slightly lower credit score, you can still get a loan from a NBFC, but banks generally don’t do that. But this differs from bank to bank and NBFC to NBFC and their policies.