NBFCs Earnings Go Up Tremendously!
In recent years, Non-Banking Financial Companies (NBFCs) have come out as winners all the way in India, with a remarkable growth rate!
Those NBFCs that are offering multiple product lines have witnessed astronomical growth in their business.
This is no miracle; it is all because of their foresightedness; they anticipate which segment will potentially grow in terms of demand and then with meticulous planning launch the services.
Being early entrants, these NBFCs reap full benefits as they fill up the vacuum that existed before!
Travelling: The Latest Fad Among Millennials!
The travel or holiday loan segment has witnessed exponential growth, thanks to the NBFCs for providing easy finance. Their tag line, which works as a perfect bait, is ‘travel NOW, pay LATER”. As a result, in five years time period, its demand has shot up 200% higher than what it was!
The reasons for this may be that young people take breaks from work quite often and love to explore. So, if it is a long weekend, the flights and hotels are pre-booked, short domestic trips materialize. If it is a long vacation, the trip is well-planned to exotic destinations, from Andaman to Venice to Switzerland, Indian travelers are everywhere.
All thanks to NBFCs who offer loans with ease and flexibility, easy EMIs, and lower interest and to top it all and this paired with convenient online bookings has done wonders!
Capitalize on Growth Opportunities!
Breaking the barrier of traditional methodologies of lending, NBFCs have advanced into varied services- personal loans, housing loans, education loans, and now, travel loans!
This industry experienced a 39% growth in 2017-2018, and now its total size is estimated at Rs 1,48,097 crore.
As markets grow, so do the opportunities for the NBFCs to maximize potential earnings through new avenues. The ‘mantra’ of success lies in diving deep into the needs of the customer and what better way than taking advantage of digital technologies and interfaces.
As in the last decade, the NBFCs made a killing by offering loans on consumer durables like smartphones, flat screen tv, automatic washing machines, etc. The best way is to explore the wants and needs of the customer base and work towards a tool that would satiate the thirst of the customers.
NBFCs find social media a potent platform to enlighten, draw and make customers. With more and more people connecting through various social networks, it has turned out to be the most effective tool to connect with customers.
It Is Never Too Late!
Are you contemplating venturing into the world of NBFCs?
Are your dreams growing but you are intimidated from the unforeseen?
Not to worry! The NBFC market is still growing and the necessities of Indians for its services, are increasing at a faster pace, so there is space for more players.
The market and people at large were skeptical of NBFCs, looked down at them as small players, who might not survive adversities.
But NBFCs have proved them all wrong and they have established a new trend, “Small is Big”! Their turnover has beaten all expectations and now, even big businesses have ventured into this.
Take Refuge in MUDS!
MUDS has tons of experience in NBFCs and will help and guide you in the entire nbfc registration process. The domain experts for NBFCs have complete grasp over all aspects related to it- their structure, their functioning, and their legalities.
“Exploring new avenues and introducing innovative ideas is the driving force behind the wonderful growth story of NBFCs!”
-Shweta Gupta, Founder and CEO, MUDS