Bajaj Finserv is one of the most promising NBFCs (Non-Banking Financial Companies) in India. It offers a host of credit products including personal loans, consumer loans, credit cards, business loans, etc.
Bajaj Finserv personal loan
You can get a Bajaj Finserv personal loan at competitive interest rates for your several financial needs. It offers a personal loan up to Rs. 25 lakh for a flexible repayment term ranging from 12 months to 60 months. The loan amount can be used for home repair, debt consolidation, medical bill payment, purchase of car, wedding, etc.
Getting a personal loan from Bajaj Finserv is a short, hassle-free, fast process.You need to meet Bajaj Finserv personal loan eligibility criteria to get a personal loan from Bajaj Finserv.
Bajaj Finserv personal loan eligibility criteria
Salaried individuals who fulfil the following eligibility criteria can avail of a personal loan from Bajaj Finserv.
Bajaj Finserv personal loan eligibility criteria:
| Age | · The minimum age required to get a personal loan is 23 years at the time of application
· Your age should not cross 55 years before the maturity of Bajaj Finserv personal loan |
| Minimum income | Net monthly salary varies from city to city:
· Rs. 35,000 per month: Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Noida, Thane, Ghaziabad · Rs. 28,000 per month: Surat, Cochin, Jaipur, Chandigarh, Nagpur · Rs. 30,000 per month: Ahmedabad, Kolkata · Rs. 25,000 per Month: Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Rajkot, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut |
| Credit score | Your credit score should be 750 or above |
| Employment | Any salaried person working with MNC, public or private company |
| Loan tenure | From 12 to 60 months |
| Residential status | Any Indian residents |
| Interest rate | 12.99% onwards |
| Processing fee | Up to 4.13% of the loan amount + GST |
| Foreclosure charges | 4% + applicable taxes on outstanding principal |
| Part pre-payment charges | 2% + applicable taxes on part-prepaid amount |
You need to submit supporting documents along with Bajaj Finserv personal loan application to apply for the loan.
Documents required for a personal loan from Bajaj Finserv
Here is the checklist of documents you will need to submit for a personal loan from Bajaj Finserv:
- Identity proof: A copy of Passport / Driving license / Voter’s ID / PAN card /Aadhaar card
- Address proof: A copy of Leave & License Agreement/ Ration card /latest Utility bill / Passport – that has the present address mentioned in loan application form
- Employee ID card
- Income proof: Salary slips of the last 2 months along with salary certificate and latest Form 16
- Bank statement: Bank statement of your salary account that shows the salary credit for the last 2 months
Factors that affect your eligibility for a Bajaj Finserv personal loan:
Age:Lenders looking at your age while assessing your eligibility for a personal loan. Younger applicants (in their early 20s) can have more chances of qualifying for a personal loan than individuals who are in their 50s. Older people can also get a personal loan from Bajaj Finserv but their loan tenure and loan amount may be reduced.
Monthly salary:Monthly income is one of the most important factors considered for a personal loan. It gives a clear picture about your repayment capacity: the higher your income is, the more likely you are not to default on a loan. Bajaj Finserv personal loan requires varied minimum monthly income based on your city of residence.
Credit score:A personal loan is an unsecured loan and the credit score helps a lender to guess how trustworthy a borrower is based on his past credit behaviour. Your credit history shows how responsible you are in managing your debts. Individuals whose credit score is equal to or more than 750 can get a Bajaj Finserv personal loan.
Employment stability:You should have a stable job with reputed public or private organisation to get a personal loan from Bajaj Finserv. Employment stability helps lender to find out your income flow. You should have a minimum of 2 years of work experience and should be working for at least 1 year in your current organisation.
Bajaj Finservpersonal loan EMI calculator
You must use Bajaj Finserv personal loan EMI calculator to find out the monthly EMI amount that you can afford easily. Bajaj Finserv personal loan EMI calculator is easy to use and displays EMI in just a matter of seconds.
How to apply for Bajaj Finserv personal loan
You can apply for the Bajaj Finserv personal loan both online and offline. It is much easier to apply for the loan online. All you need to do is visit the Bajaj Finserv personal loan page on its website and click the Apply Now button.
- Share some details like your PAN number, name, city of residence and 10-digit mobile number to get an OTP.
- Complete a short and simple Bajaj Finserv personal loan application form with basic details like your income, loan amount, loan tenure, address, etc. to check your eligibility.
- You will receive the loan offer from Bajaj Finserv based on your eligibility.
- Submit the required documents to proceeds further.
Conclusion
Any individual who fulfils the Bajaj Finserv personal loan eligibility criteria and submits required documents can get a personal loan. Bajaj Finserv offers a personal loan up to Rs. 25 lakh, but the final amount and interest rates will be decided by the lender at the time of application.
