Loans & credit
NBFC
Also known as: Non-Banking Financial Company
A lender that offers loans and credit but isn't a full bank and can't hold savings accounts.
An NBFC lends money and offers financial products, but unlike a bank it can't accept regular savings deposits or issue cheques.
They often approve loans faster and to people banks reject, but sometimes at higher rates.
Many popular app-based lenders and gold loan companies are NBFCs, regulated by the RBI.
For example
Rejected by a bank, someone might get a personal loan from an NBFC more easily, though possibly at a higher interest rate.