{"id":1058,"date":"2019-07-29T05:09:59","date_gmt":"2019-07-29T05:09:59","guid":{"rendered":"https:\/\/lawyerinc.net\/learning\/?p=1058"},"modified":"2019-07-29T05:14:28","modified_gmt":"2019-07-29T05:14:28","slug":"advantages-of-nbfc-over-bank","status":"publish","type":"post","link":"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/","title":{"rendered":"Advantages of NBFC over Bank : Is NBFC more Profitable than Bank?"},"content":{"rendered":"\n<p>The NBFC sector is growing at the\ncost of banks in India, which are saddled by bad loans and poor profitability. Gone\nare the days when you use to stand in line for getting loans from banks. The\nAdvent of Non-Banking Finance Companies makes it easier for the common people\nto avail loan facility. The easy accessibility and remote coverage make NBFCs\nthe most opted option for borrowers in comparison to banks. There are many\nadvantages of NBFC over banks in India. Here in this article, we will go into\nthe in-depth advantages of NBFC over banks and the main difference between\nthem.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#What_is_an_NBFC_Is_it_different_from_a_Bank\" title=\"What is an NBFC? Is it different from a Bank?\">What is an NBFC? Is it different from a Bank?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Advantages_of_NBFC_over_Bank\" title=\"Advantages of NBFC over Bank\">Advantages of NBFC over Bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Difference_between_Banks_and_NBFCs\" title=\"Difference between Banks and NBFCs\">Difference between Banks and NBFCs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Why_are_NBFCs_better_than_Banks_in_terms_of_shopping_for_loans_An_In-depth_Analysis\" title=\"Why are NBFCs better than Banks in terms of shopping for loans? An\nIn-depth Analysis\">Why are NBFCs better than Banks in terms of shopping for loans? An\nIn-depth Analysis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Interest_Rates\" title=\"Interest Rates\">Interest Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Quick_Processing\" title=\"Quick Processing\">Quick Processing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Less_Stringent_Rules\" title=\"Less Stringent Rules\">Less Stringent Rules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Loans_to_people_having_a_poor_credit_score\" title=\"Loans to people having\na poor credit score\">Loans to people having\na poor credit score<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#NBFC_Registration_Process\" title=\"NBFC Registration Process\">NBFC Registration Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/lawyerinc.net\/learning\/advantages-of-nbfc-over-bank\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_an_NBFC_Is_it_different_from_a_Bank\"><\/span><strong>What is an NBFC? Is it different from a Bank?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A financial company incorporated\nunder the Companies Act, 2013 having a minimum net owned fund of Rs. 2 crores\nis called a Non-Banking Financial Company. &nbsp;According to the RBI Act, it deals in the\nbusiness of loans and advances, shares, bonds, debentures, and securities which\nare issued by the government agencies or local authority, hire-purchase, and\ninsurance business. In other words, we can say that it is a company having principal\nbusiness of receiving deposits under the scheme or arrangement.<\/p>\n\n\n\n<p>A bank is a government authorized\nfinancial intermediary which aims at providing banking services to the general\npublic.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_NBFC_over_Bank\"><\/span><strong>Advantages of NBFC over Bank<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following are few advantages of NBFC over Bank-<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>NBFC are more profitable than Banks because of their lower costs. This aids in giving cheaper loans to customers. It is also easier to get a loan from an NBFC as banks have stringent regulations and cumbersome paperwork. Since the need for finance is increasing day by day, banks alone cannot cater to the increasing demand. So NBFCs provide finance to both the public and private sectors.<\/li><li><a href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"NBFC registration (opens in a new tab)\">NBFC registration<\/a> is easier as compared to Bank license. <\/li><li>Banks look into the financial needs of large business, whereas NBFC are more concentrated on small borrowers.<\/li><li>The loan processing facility of NBFC is faster than what most banks provide. The banks are more stringent when it comes to giving loans. They have long paperwork with strict eligibility and requirements.<\/li><li>Banks put a lot of stretch on the credit score of a person; therefore if the credit score is low, the borrower are denied finances.<\/li><li>\u00a0When a borrower takes a gold loan, the NBFc gives leverage to them for repaying their regular interest throughout the term of the loan and pay the principal in the end. But it is different in case of banks, both the principal and interest have to be paid at regular intervals.\u00a0 <\/li><li>Since NBFC has no penalty clauses, the repayment of loans is easier as compared to banks.<\/li><li>Another key point is that while computing the loan amount over a property during the calculation, they take into consideration the statutory charges like stamp duty and other enlistments. But the same does not happen in the case of banks.<\/li><\/ol>\n\n\n\n<p>Hence, it can be summarized that\nNBFC is a hassle-free option for availing a quick loan. It takes around 10\nworking days to avail the loan facility through NBFCs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Difference_between_Banks_and_NBFCs\"><\/span><strong>Difference between Banks and NBFCs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"715\" height=\"510\" src=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-91.png\" alt=\"The main differences between banks and NBFC\" class=\"wp-image-1077\" srcset=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-91.png 715w, https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/07\/Screenshot-91-300x214.png 300w\" sizes=\"auto, (max-width: 715px) 100vw, 715px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_are_NBFCs_better_than_Banks_in_terms_of_shopping_for_loans_An_In-depth_Analysis\"><\/span><strong>Why are NBFCs better than Banks in terms of shopping for loans? An\nIn-depth Analysis <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>With load of advantages of NBFC over bank people are choosing NBFC more oftent. NBFC cannot accept demand deposits, but they can make investments and give loans. Even though Banks are more regulated with clear rules and have less rate of interest, borrowers prefer NBFCs over banks as banks have stringent rules and regulations. Moreover, they take more time for approving or sanctioning a loan. On the other hand, NBFCs are quick and disburse the loan in no time. Although the rate of interest is high, still people prefer NBFC due to fewer complicated procedures.&nbsp; <\/p>\n\n\n\n<p>Here are the main reasons why\nborrowers prefer NBFC over Banks:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Interest_Rates\"><\/span><strong>Interest Rates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When taking a loan, the borrower\ncompares the rate of interest; NBFCs have brought down the interest rates. With\nlower interest rates getting loans from NBFCs are becoming more beneficial,\neasy, and affordable. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quick_Processing\"><\/span><strong>Quick Processing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Loan approval is easier in case\nof NBFC as they follow lenient eligibility criteria. Generally, people apply\nfor loans when in need of quick money, and NBFCs fast service makes it the best\noption. Many times borrowers compromise on the interest rates if the loan\namount is huge.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Less_Stringent_Rules\"><\/span><strong>Less Stringent Rules <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>NBFC has less stringent rules and regulations. Since they\nhave less complicated loan processing, borrowers are satisfied.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loans_to_people_having_a_poor_credit_score\"><\/span><strong>Loans to people having\na poor credit score<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Banks usually reject applications from individuals having a very\npoor credit score. But NBFCs offer loan to individuals having low credit\nscores. But mostly the interest rates are higher than the market value in NBFC.\n<\/p>\n\n\n\n<p>Due to these reasons, NBFCs are preferred over Banks. Since they\nare more accessible as compared to banks, many new NBFCs are coming in the\nIndian market. Let\u2019s look into the registration procedure of NBFCs in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NBFC_Registration_Process\"><\/span><strong>NBFC Registration Process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Following are a step by step\nprocess for registration-<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The applicant has to apply online through the <a href=\"https:\/\/cosmos.rbi.org.in\/COSMOS\/rbilogin.do\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">official website<\/a> of RBI.<\/li><li>After the submission of the application form, the applicant will get a reference number for facilitating future inquiry.<\/li><li>Furthermore, the applicant has to print the application and submit a hard copy of all the documents with the regional office.<\/li><li>The regional office of RBI sends the application to the Central office who examines the application.<\/li><li>If the company complies with section 45-I A of RBI, then the certificate of registration is given.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NBFC sector is set to expand further in the upcoming days. If someone is looking to get a quick loan approval, then the first option is NBFCs as banks are more stringent in approving loans. There are so many advantages of NBFC over bank. But both of them have their own disadvantages also, and it is up to the borrower to choose one of them. Because of the popularity of NBFC over Banks these days, many new NBFCs are also being incorporated. Therefore, it is equally important to understand the <a href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"NBFC registration (opens in a new tab)\">NBFC registration<\/a> also.<\/p>\n\n\n\n<p>For more information on NBFC and NBFC registration, contact our team of experts here at <a href=\"https:\/\/lawyerinc.net\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">LawyerINC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The NBFC sector is growing at the cost of banks in India, which are saddled by bad loans and poor profitability. Gone are the days when you use to stand in line for getting loans from banks. The Advent of Non-Banking Finance Companies makes it easier for the common people to avail loan facility. The [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Advantages of NBFC over Bank : Is NBFC more Profitable than Bank? - LawyerINC<\/title>\n<meta name=\"description\" content=\"There are many advantages of NBFC over bank, therefore people have started opting for NBFC more often. 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