Is a Non-financial company reliable than Financial Banking Companies?
Tuesday August 22, 2017,
3 min Read
CIBIL score otherwise known as credit score is a three-digit numeric summary of one’s credit history. Based on the credit history in the CIR the individual’s score is determined. A CIR is a credit payment history for loans over a period. However, this does not contain the details of savings, investments or fixed deposits. So, the lower your CIBIL score the better it is. Low CIBIL scores in Delhi is a recurring issue. Banks and financial institutions need a guarantor to be provided on any form of a loan. A guarantor will guarantee that the repayment of the loan by the applicant will not be affected by any means.
Private finance providers in East Delhi are introducing loan schemes. With low-interest rate personal loan in Delhi NCR provides a solution. With best interest rates and favourable loan policies, this helps an individual gets lesser insurance premiums. This way you can improve your CIBIL score with very easy processing, less tenure, no foreclosure charges, basic list of documentation, no ITR, and soon processing.
What’s the difference in finance banking system and a non-finance banking company?
A non-finance company provides loan as per one’s need. Unlike the bank which can only provide a minimum amount of 1 lakh rupees while the applicant needs just 35,000; the rest of the money becomes a burden. This issue is taken care by a non-finance loan provider, who provide you with the basic amount that’s necessary with low-interest rates. This makes it easier and faster in closing loans which in turn increases one’s CIBIL Score.
A non-banking finance company is the best provider of loans for various reasons. You can reduce your CIBIL score in Ghaziabad since there is N number of a non-banking finance company. There are few documents and details that must be submitted to prove one’s identity such as a photograph, income proof, bank statement, employment proof, identity proof, address proof and signature proof. After which, the applicant will need to go through a background verification and assessment process. This is based on information that’s collected from various sources of data like verification reports, credit bureaus, pay slips, bank statements etc. Though this might take some time, it’s fully automated therefore an individual’s loan will be approved in 2-3days. There is also another advantage in relying on loans to a non-finance company, one can repay the loan within the period with no closure charges.
A non-finance company is hence a reliable source for a loan when compared to financial companies.