NBFCs refer to Non-Banking Financial Companies which are governed by the Reserve Bank of India and primarily include financial services such as lending Nbfc Loan to MSMEs and investment of shares or stocks issued by the Government of India. They have a major impact on our Indian economy since the comprehensive approach of nbfc loan not only uplift the Economically Weaker Section (EWS) but also facilitates innovative solutions to the financial requisites of corporates.
- Types of nbfc loan:
NBFCs aim to provide financial assistance and guidance to the ones who are untouched of the beneficiaries associated with the Government schemes. Therefore, as per the demand requested by either the individual or the enterprises (MSMEs), nbfc loan is processed accordingly which includes personal loans, home loans, commercial loans, industrial loans, agriculture loans, term loans, demand loans, secured and unsecured loan.
- The audience targeted by NBFCs:
On the whole, Nbfc Loan is facilitated to the unorganized sector of the industry substantially comprising of the self-employed, small scale firms, retailers and wholesalers depending on their investment and current financial status. To be very honest, NBFCs are the easiest and efficient intermediaries to ask for business-related financial advice and assistance.
- Eligibility criteria for nbfc loan:
With reference to financial capability, the firm should fulfil a minimum turnover of INR 10 lakhs and ITR of more than INR 2.5 lakhs for the latest financial year. Further, the firm should fulfil the capability of business operations for at least the past 2 to 3 years. Eligibility may vary w.r.t the capitalization of the stakeholder.
- Documents required for availing nbfc loan:
Generally, NBFCs require Address Proof, Aadhar Card, PAN Card, ITR of the last 2 to 3 years and the bank statement of the latest 12 months to check the eligibility and processing further formalities for the approval of nbfc loan. It is their greatest advantage that they ask for the general (yet the most important) documents which can be easily arranged for applying for the nbfc loan.
- Can nbfc loan be applied online or offline mode is the only way to go with?
Not at all! Since we are living in the space of digitalization, online options are also available for applying for the Nbfc Loan. Also, you don’t need to worry if you are not comfortable with computers as the representatives/agents available at NBFCs help you out in processing the application online.
Hence, NBFCs act as a catalyst in improvising the economic growth of India. They are best known for subsidizing the available financial resources into profitable capitalization. The amalgamation of defined methodology with comprehensive approach results into the development of financial markets encouraging employment, capital generation andsystematic inclusive growth of MSMEs.
So, what are you waiting for? Help the small firms around you! Make them aware of Nbfc Loan and contribute towards their sustainable growth. You can conduct a small workshop or seminar for such MSMEs by inviting professionals from NBFCs (representatives/agents). Remember – “Make in India” can happen with these small initiations and greater awareness.