What is a Non-Banking Financial Company (NBFC)?
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).
NBFCs are doing functions similar to banks. What is difference between banks & NBFCs?
NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:
(i.) NBFC cannot accept demand deposits;
(ii.) NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;
(iii.) deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.
What is Loanwalle and how does it work?
Loanwalle, a cutting-edge fin-tech solution from Naman Finlease Pvt. Ltd., allows young salaried professionals to get short-term personal loans using a simple but powerful app. Loanwalle allows young professionals to avail loans in minutes, without the hassle of paperwork. All you need is your salary slip, bank statement, PAN card, and address proof, which you can upload through the Loanwalle app. Within minutes, money is in your bank account.
What is a Personal Loan?
Personal loan is a short term loan that aims to help you in case of out of the blue circumstances where in you are burdened with out of pocket expenses. Such loans usually come with fixed rates, fixed monthly payment and no collateral.
Who can apply for a loan with Loanwalle?
Any Indian citizen residing in India, above the age of 21, with a proof of current employment, earning a minimum monthly salary of 15,000 and above with a valid Id and address proof can avail loans from Loanwalle.
What documents are required for applying for a Personal Loan from Loanwalle?
Just upload these 5 basic documents and you can get yourself credit approved with Loanwalle.
- Photo Identity Proof – PAN card.
- Latest salary slip.
- Aadhar Card.
- Permanent Address Proof – Any one (1): Passport/Driving License/Voter's Identity Card or Utility Bills i.e. Electric/landline phone bill/ Gas Bill (not more than 2 months old) If Current Address is different from Permanent Address, then additionally: Utility Bill- Electric/landline phone bill/ Gas Bill of current address (not more than 2 months old), Leave & License Agreement/Rent Agreement.
- Latest statement of your Bank Account, showing your salary credit.
Do we need any collateral/security?
No. We trust our customers and treat them like our own. We do not require any collateral/security. We just need your valid documents to see if you're eligible and that's it.
Can I Reapply?
Absolutely. If you feel that your application should be reviewed or if you believe that there have been material improvements in your creditworthiness since you last applied, do re-apply after 3 (three) months from the rejection of your previous application. We will look into it. However, approval remains solely at the discretion of Lender.
What if I default?
Lender offers you money as a Loanwalle app user because it believes in your creditworthiness and ability to repay it. Should you default despite the faith placed in you, the Lender will be required to make your default status public on the Loanwalle app and website, the Lender's website, and on your social media accounts, as well as initiate necessary recovery actions. CIBIL and other credit rating agencies will also be notified by the lender.
When will I be considered a defaulter?
Default is a failure to repay the full amount due including Interest within the time frame (including extended periods) from date of disbursement of loan amount. If you fail to repay within the stipulated time period allotted to you, you will be classified as a defaulter with Loanwalle and you will be unable to take a loan with Loanwalle.
