What should one compare when choosing between bank and NBFC loans?

Choosing between a bank loan and an NBFC loan involves more than comparing interest rates, according to CNBC TV18. Borrowers should assess the total cost of credit, eligibility criteria, repayment terms and safeguards available in case of disputes, it added. Banks and NBFCs offer several overlapping loan products, but their pricing, underwriting practices and product terms can differ.