Difference between NBFC Personal Loan and NBFC Business Loan

Before getting into the nitty-gritty of NBFC personal loan and NBFC business loan, let’s first talk about the meaning of these loans and what purpose do they serve.

A personal loan is a kind of loan that people take to manage their personal expenses or achieve their personal goals. The purpose can be many, such as wedding, home renovation, medical, education etc.

Business Loan is a kind of loan that lenders give in order to help you grow or sustain or revive your business. This loan helps you achieve your business goals.

Most of the NBFCs offer unsecured personal loan and unsecured business loan. This implies that you can avail both these loans without worrying about any collateral/security needs. For all your personal and business goals/requirements, you can avail these loans with our stressing about security. Hence, these are unsecured loans.

The business loan and personal loan interest rates offered by NBFCs are also very affordable and competitive. Some NBFCs don’t charge any penalty on pre-payment or part-payment of loan. Apart from this, they also offer advantages of quick loan approval with minimum documentation.

A business loan can help your business loans in following ways

• Get Business Loan amount up to? 30 Lakhs
• Business rate of interest
• 0 prepayment charges with no hidden charges
• No Collateral Needed

Personal loan can help you get closer to your goals or manage your expenses in following ways:

• Get Loan amount up to? 30 Lakhs
• Affordable interest rate
• No Charges For Pre payment and Post payment
• Loan tenure up to 60 months

A Personal Loan can help you to plan international trips, a lavish wedding, making down payment for a new house, medial emergencies, higher studies, interior decoration of your house, buying a new vehicle, etc.

A Business Loan can help you revive or sustain or take your business to the next level by fulfilling business goals and requirements, such as - hiring more resource, expanding your office space, integrating new technology and equipment, consolidating debts, infusing fresh working capital, opening a new branch, etc.

The eligibility for both, business and personal loans depend on certain factors such as - age, income, business stability, etc. You also need to submit all the documents for address and employment proof, identity and income documents, bank account statement.

These lenders provide digital lending platform where you can fill the loan application form online within a few minutes, along with minimum documents and get a loan approval in just 2 working days.

NBFCs are in good demand. Especially in the year 2020, NBFCs are seeing new opportunities opening up for them. They are helping in disbursing emergency loans to help borrowers tide over the immediate crisis. They are becoming more and more popular in the small and big cities alike and if the trend continues, they can see a splurge in demand in the coming years.

Before applying for loan do inquire in detail to have clear idea about charges.

I am 32 years old married person who is a loan guider.