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Why I would prefer an NBFC over Bank?

As a hard working individual with untamed confidence I am in a Dilemma.

I came across a situation where I had to take a loan to meet my requirements. I approached a bank a friend referred to me. What I saw was cumbersome paperwork and credentials and reference. During these process of toiling between banks and arranging documents, I noticed a hording that displayed an ad for loan financing. Though little sceptical, I decided to check-in. I took the best decision of my life that day. I opted for NBFC for my finance requirement. Here are a few reasons why: While Banks takes more time and process to approve loan, NBFC loan approval or sanctions are faster. The rate of interest is competitive or almost same as that of banks.

The Banks are regulated by Reserve Bank of India while the NBFCs are regulated under Indian Companies act of 1959 hence less stringent while providing loans to individuals Loans can also be availed by individuals with poor credit ratings.

With the current market trends and scope the NBFC sector all set to expand and will be a major contributor to the India’s economic scenario.

Saving and Investment options for the future generations

Farsighted economists and think tanks are banking on the younger generation’s habit of saving money. Not only does this expand the scope of development in various sectors of the economy but also altercations on the prescribed future indexes and strata of economic data. Let us for once think that the scope of development was not so much visible in last couple of decades; the planned development marked by goals broken into milestones and achievable targets have made futuristic scope much more realistic and achievable. The saving habit and investing attitude of the gen x and gen y has opened up the scope of huge development in various verticals of business. Infrastructure development is one such sector where these savings and investment habit will be visible in times to come. All the right integrants are ready or are getting ready to come to the furore, it is just the farsightedness of the think tanks of the present day that will define the scope of investment and savings for the generations to come.

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