What can you use a personal loan for?
A Bajaj Finserv Personal Loan can be availed for several scenarios such as:
Medical emergency
Wedding
Higher education
Home expenses
What are the eligibility criteria for a personal loan?
The eligibility criteria are:
a) 21 years to 80 years of age
b) salaried individual employed with an MNC, public or private company
c) must be a residing citizen of India
What are the documents required for a personal loan?
The client will be asked to submit the following documents to get a personal loan from Bajaj Finance:
Passport-size photographs
KYC documents - Aadhaar. PAN. voter's ID. driving licence. passport. Letter of National Population Register
Bank account statements for the previous 3 months
Salary slips for the last 3 months
What is the CIBIL Score required to get a loan?
The ideal credit score to get instant paperless approval for a Bajaj Finserv Personal Loan is 685 and above.
What is the maximum loan that I can get?
The client can borrow up to Rs. 40 lakh without pledging any collateral. This amount will be inclusive of insurance premium. VAS charges, documentation charges, flexi fees and processing fees.
What is the minimum salary required to get a personal loan?
The minimum salary criteria for a Bajaj Finserv Personal Loan depends on the city of residence but the minimum monthly salary should be Rs. 40,000.
How long does it take to get approved for a personal loan?
The turn around time for processing the loan can be within 24 hours to 3 working days.
How can the client repay the personal loan?
The client can repay the personal loan in the form of EMls (equated monthly instalments). Here, a fixed amount is automatically deducted from the bank account every month. The client can set up a NACH mandate with their bank to pay the EMls.
How is personal loan interest calculated?
Lenders provide an interest rate when the client opts for a personal loan. The interest rate on a personal loan depends on several factors including CIBIL Score, income, debt-to-income ratio, employment stability etc.
How does a personal loan work?
Once the client applies for a personal loan the lender usually checks the credit history, income, and a few other parameters to verify the application approved, the loan amount is disbursed into the client's bank account. Bajaj Finance disburses the loan amount into the registered bank account within 24 hours* or. in some cases. on the same day of approval. The client can pay back that amount with interest in regular EMl over the selected tenure.
How is the personal loan processing fee calculated?
Processing fees are charges that are usually levied on the total loan amount sanctioned. Bajaj Finance charges 3.93% of the loan amount (inclusive of applicable taxes). For instance has taken a personal loan of Rs. 1 lakh for which the processing fee of Rs. 3930 will be deducted from his sanctioned loan amount. The loan amount disbursed into his account will therefore be Rs. 96,070.