Hi team I wanted to know all the details about NBFCs like avance, prodigy, auxilo. I wanted to know what documents they'll take from co-applicant like signed cheques etc. i wanted to know about their floating interest rates, about repayment things. I am opting NBFCs instead of public or private banks since my father doesn't have any income source or even he never filed ITR and even our property doesn't have link documents to put in as collateral. I don't have any option apart from NBFCs. I will be adding my 1st cousin as a co-applicant as he's working from past 12 years. I wanted to check whether these NBFCs can be trusted because my co-applicant will be giving each and every detail about his bank account and even signed cheques. Moreover inorder to take any loan they were charging mandatory insurance and for that insurance premium is very very high. There isn't any proper information found anywhere in YouTube or any websites. I have been following your YouTube channel since 1 and half year and I wanted to change my personal finances. If there's any expert about above topic please respond to my query. It would be very helpful for me. Thanks in advance.
NBFC Loan
- Thread starter saketh
- Start date
Hi, understand your situation. I would recommend you to only go for reputed NBFCs - Bajaj Finance, Muthoot Finance, Tata Capital, etc. Amongst these both Bajaj Finance and Tata Capital could offer you a good deal.
Also, Insurance is NOT a mandatory condition for Personal Loan, so you can try to negotiate with the NBFC to remove that as a per condition. NBFCs are recommending an Insurance because there is no Security/ Collateral for your Personal Loan, but you can counter them by saying - you are giving them a co-applicant along with Post Dated Cheques. Mostly they will agree for waiving off the insurance once you negotiate like this
Also, Insurance is NOT a mandatory condition for Personal Loan, so you can try to negotiate with the NBFC to remove that as a per condition. NBFCs are recommending an Insurance because there is no Security/ Collateral for your Personal Loan, but you can counter them by saying - you are giving them a co-applicant along with Post Dated Cheques. Mostly they will agree for waiving off the insurance once you negotiate like this
Hi shavir, thankyou for responding to my question. Actually I need an educational loan for pursuing my masters in USA. NBFCs you mentioned would be providing personal loans right?
I need an educational loan where actual repayment would start after completion of my course. Please suggest me if you know any alternatives.
I need an educational loan where actual repayment would start after completion of my course. Please suggest me if you know any alternatives.
प्रफूला_56
KF Expert
Did your loan approved ?
Yes all of the suggested NBFCs were for Personal Loan. For Education Loan the names you mentioned were decent. Also what is the status as of now, are you still looking or have applied for a loan?
Vishalpalak
KF Rookie
Hi my name is Vishal loan expert don’t go with NBFC , choose Bank for educational loan
