A personal loan can help you meet your numerous pressing financial needs when you don’t have enough money or can’t spend all of your cash on one thing. While there are other lenders and institutions that offer personal loan services, here is a simple guide to assist you understand the Bajaj Finance Personal Loan.
You may acquire an immediate loan up to INR 25 lakhs with Bajaj Finance Personal Loan and get speedy approval with minimal documents. There are no hidden fees and salaried professionals can get rapid personal loans at moderate interest rates. Bajaj Finance also has a pre-approved option that will get you money even faster, also called the Flexi personal loan facility.
How can I apply for a Bajaj Finance personal loan ?
To apply for a Bajaj Finance Personal Loan, follow the four steps below.
- Step 1: Go to the personal loan application form available on the website or you can directly visit the branch to opt for a personal loan application form. Fill in your personal information, as well as your employment and financial information.
- Step 2: Based on your repayment capacity, choose the required loan amount and loan length. You need extra careful consideration so as to avoid default payments.
- Step 3 – Submit the relevant documents to the Bajaj Finance agent who will contact you after you complete out the application form. However, if you are filling the application form online, the Bajaj Finance representatives will call you by themselves after receiving the application for further process.
- Step 4 – If your loan application is approved, you will receive the funds in your bank account within 24-48 hours. If you are an existing customer, you may get the loan faster.
Documents needed to apply for a loan
- Aadhaar, PAN, and voter ID cards as part of the KYC process.
- Employee identification card.
- Salary slips from the previous three months.
- For the last three months, keep a bank statement of your account
To get a Bajaj Finance personal loan, you must meet certain conditions.
- You must be between the ages of 20 and 60 to qualify for the loan, .
- Being an Indian resident is compulsory.
- You must have a CIBIL score of at least 750 to qualify for the loan, .
- The person must work for a public, private, or multinational corporation.
- The candidate’s minimal monthly compensation ranges from 22000 to 35000 INR, depending on the city in which they work. In Bajaj finance personal eligibility criteria, the minimum salary varies according to the work location.
Benefits of a Personal Loan from Bajaj Finance
The benefits of Bajaj Finance Personal loan, as claimed by them itself, are mentioned below –
Online process with minimal paperwork
The application process for a Bajaj Finance personal loan is simple and straightforward. Only some general information and basic documentation are required to complete the application procedure online. The documents required to avail a Bajaj Finance personal loan are mentioned above.
45 percent of EMIs that are lower
Bajaj Finance offers a unique feature called Flexi personal loan, which lowers your monthly instalments by 45 percent. You don’t need any more papers or several applications to sanction it. Flexi personal loans are the pre-approved offers that are only available to the existing customers of the bank.
Within 24 hours, funds will be disbursed.
Bajaj Finance offers immediate payment of loan funds within 24 hours of loan approval. If your personal loan application is approved without any errors, you may get the funds instantly.
Loan terms are flexible.
The loan term is variable, allowing users to repay the loan amount over a period of up to 60 months. You can choose the repayment period of your choice based on your monthly budget and other expenses.
Large loan amount
You may be eligible for a loan of up to INR 25 lakhs, depending on your eligibility and other considerations. If you are completely eligible according to the criteria set by the bak, you may get the loan of 25 lakhs and pay it back according to the loan tenure selected by you.
The Bottom Line
Applying for a Bajaj finance loan is an easy procedure, provided that you are eligible for a personal loan as per the criteria set by the bank. Overall, the process is simple and straightforward, and you can obtain an immediate personal loan with funds disbursed within 24 hours of loan approval. You need a high CIBIL score and the relevant documentation. You can also use the Bajaj Finance EMI calculator to calculate your EMIs so as to plan your financial obligations very well.
Read Also: Importance of Personal Loan EMI Calculator