Non-Banking Financial Companies or NBFCs are financial entities that offer you almost the same services as a bank but without a banking license. One of the major significant aspects of dealing with an NBFC is that they have proper access and deals directly with their clients without any intermediaries. The different types of the NBFCs that we have today are as the following-:
The risk pooling NBFC institutions
Life and health insurance companies, reinsurance companies, specialty insurance companies, property and casualty insurance companies are the various types of risk pooling NBFC institutions available around us.
Savings NBFC institutions
The financial entities that deals in pension funds, venture capital funds, mutual funds, private equity funds, hedge funds are known as savings NBFC institutions
General financial service providers
Investment banking companies, credit rating agencies, and management consulting companies are another set of NBFCs.
Payday lenders, real estate lenders, and leasing companies also carry out similar functions.
The greatest benefit of dealing with NBFCs is that you can always expect a relaxed approach regarding your loan eligibility when compared to conventional banks. Your lower credit score will not be a major cause of concern when you opt to lend money from NBFCs. These monetary institutions mainly render their services to individuals and businesses. Loan processing is quick and this is another factor that gives NBFCs an added edge over the traditional banks. The financial service sector of our country is huge and NBFCs are major players in rural areas with almost 70% of India’s total population. As per growth aspects, NBFCs beat the conventional banking sector especially during the time between 2006 and 2013. Due to the minimal costs, NBFCs are more profitable than the traditional banking sector. This in turn helps them to provide cheaper and quicker loans to eligible customers. You can always approach reliable NBFCs for all your financial requirements. The entire process that starts from the loan application procedures and finishes with the payment disbursement, is so fast. You will also get a convenient repayment tenure. NBFCs provide financial support for many major small-scale industries. The growth of NBFCs is very essential for the development of rural India. Now NBFCs are gaining more popularity like never before. They indeed have got a prominent presence all over the globe especially in countries like America, Britain, and Japan.
Vikas Money Limited Pvt Ltd is a reliable name that you can trust for meeting your urgent or unexpected financial requirements. Over the years we have built strong goodwill and trust among our highly valued customers. So please feel free to walk into our office when you are in search of a highly acclaimed and customer-friendly NBFC.