NBFC vs. Bank Loans: Which is Better for Your Financial Needs?

• NBFCs offer quicker loans with flexible eligibility, prioritizing income over credit score (600-650 acceptable).
• Banks require higher credit scores (above 700) and stable income, with longer approval processes (2-7 days).
• NBFCs provide smaller loan amounts (6 months to 5 years tenure) with interest rates from 10% to 30%.
• Banks offer larger loan amounts (up to INR 50 lakh, 1-7 years tenure) with lower interest rates (8% to 18%).
• Choose NBFC for speed and less paperwork; banks for lower interest and larger amounts with strong credit.