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Loan

Personal Loan Features and Benefits


Personal Loan Features and Benefits

What is a Personal Loan and how does it work?

A personal loan is an unsecured loan, which means you don’t need to pledge a collateral to receive the funds. Availing one is easy – you can apply online – and you can use the money to meet almost any expense. 

Bajaj Finserv, one of the most diversified NBFCs in the country, offers personal loan up to Rs.25 lakh with instant approval and quick disbursal.

What a Personal Loan can be used for?

It can help you manage the expenses of a variety of needs including:

Travel

Wedding

Medical emergencies

Home renovation

Higher education

How can I get approved for a Personal Loan?

Getting approval on your Bajaj Finserv Personal Loan application is easy.

Just meet the basic eligibility requirements

Keep your PAN ID handy

Get approval in an instant.

Alternatively, you can check if you qualify for a pre-approved personal loan.

How long does it take to get approved for a Personal Loan?

With a Bajaj Finserv Personal Loan, you can expect approval for application in under 5 minutes.

What is the minimum salary required for Personal Loan?

The minimum salary required to avail a Bajaj Finserv Personal Loan depends on your city of residence. For instance, if you reside in Mumbai, Pune, Bangalore, or Delhi you must have a monthly salary of Rs.35,000.

What is the eligibility criteria for Personal Loan?

To avail a loan, you only need to meet the basic eligibility criteria.

You must be a residing citizen of India

Aged between 23 and 57 years

Employed with an MNC, public or private company

As long as you meet the salary requirements as specified based on your city of residence, you can qualify for a personal loan.

What are the documents required for a Personal Loan?

To avail a personal loan, you will need to submit the following documents:

Passport-size photographs

KYC documents – PAN, Aadhaar, Driving license, Voter’s ID, Passport

Bank account statements for three months

How can I calculate EMI for a Personal Loan?

You can use the handy Personal Loan EMI Calculator to determine your monthly instalments.

What are the foreclosure charges for Personal Loan?

Bajaj Finserv charges a 4% foreclosure charge plus applicable taxes on principal outstanding.

What are the part-prepayment charges for Personal Loan?

Bajaj Finserv charges a 2% part-prepayment charge plus applicable taxes on the part- prepayment amount paid.

What is the processing fee for Personal Loan?

You will be charged a processing fee up to 2% of the loan amount.

What is the maximum loan that I can get?

You can borrow up to Rs.25 lakh without pledging any collateral with Bajaj Finserv. You can repay your loan over flexible tenors ranging from 12 months to 60 months.

What is the difference between term loan and Flexi Personal Loan?

A standard term loan is a fixed loan amount that you borrow as a lumpsum. It is availed at a fixed rate of interest and must be repaid over a specific tenor.

A Flexi Personal Loan, on the other hand, essentially provides you with a pre-approved loan limit based on your credit score and eligibility. You can withdraw money from your loan limit as many times as you need – without having to apply multiple times. You also have the option to prepay your loan as per your convenience.

With the option to manage interest-only EMIs, you can lower your instalments by as much as 45%*. For greater flexibility and convenience, choose a Flexi Personal Loan by Bajaj Finserv.

*terms and conditions apply.

Why should you choose Bajaj Finserv Personal Loan?

Bajaj Finserv offers personal loans with a range of attractive benefits including:

Flexi Personal Loan facility

Instant approval

Minimal documentation

Money in bank in 24 hours

Flexible tenors

Pre-approved offers

No hidden charges

Complete the application form online and avail your personal loan.