Catering to the diverse financial needs of the country, Non-banking financial companies play an important role in promoting inclusive growth. NBFCs like Bajaj Finserv Limited often take the lead role in providing innovative financial services to Micro, Small, and Medium Enterprises (MSMEs), a sector neglected by banks. Even though MSMEs account for 45% of the total manufacturing output and 40% of the exports in the country, they find it difficult to access formal credit. However, business loans and small business loans can be availed on Finserv MARKETS which is a corporate agent for Bajaj Finserv Limited, within a day. Even start-ups can get custom-made business loans on Finserv MARKETS, a sector with limited credit options. Besides providing credit to businesses, NBFCs play a critical role by participating and providing a fillip to transportation, employment generation, and wealth creation. They also provide credit to rural segments and the financially weaker sections of the society.
NBFCs also provide Important services like financial assistance and guidance to customers. For instance, Finserv MARKETS offers customers, in-depth information pertaining to financial health, reasons to get insurance and investing for the future through mutual funds. It is one of the leading digital financial intermediaries engaged in the business of loans, investments, payments and insurance, and also plays an important role in channelizing the scarce financial resources for capital formation. Finserv MARKETS help in meeting the increasing financial needs of the people in need of business loans, other loans, insurance, investment or payment, delivering the best in class customer experience. It is important to note that they do not include services related to agriculture activity, industrial activity, sale, purchase or construction of immovable property. In India, despite being different from banks, NBFCs are bound by the Indian banking industry rules and regulations.
However, compared to NBFCs, you may see that the banking sector would always be the most important sector in the field of business because of its credibility in supporting critical pillars of manufacturing, infrastructural development and being the backbone of the common man’s hard-earned money. Considering the limitations of banks, the role of NBFCs is critical and their activities power the economy in the right direction.
NBFCs aid economic development in the following ways –
- Resource mobilization – It converts savings into investments
- Provision of Long-term credit and specialized credit such as business loans for start-ups
- Aid in employment generation
- Help in the development of financial markets
- Helps in attracting foreign investment
- Breaks the vicious circle of poverty by serving as the government’s instrument
With the rise of credible NBFCs, the sector has grown by leaps and bounds. It has started playing a crucial role in the development of the country. Innovative NBFCs have also revolutionized the disbursal of credit, which has reduced the cost of operations for small businesses. It is possible to get a small business loan or a business loan approved within three minutes on Finserv MARKETS, which was unimaginable a few years ago. Customers can check the status of their loan, or choose to make payments through the Finserv MARKETS mobile app, besides a host of other functions.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.