If you need a lump sum amount, consider Bajaj Finance Personal Loan as it is the easiest way to meet money requirements with no collateral risk. The collateral is not required because it is an unsecured loan. In this type of loan product, the lender provides money based on the borrower’s credibility which is calculated as per his/her income and credit history. Let’s take a look at the post below and know more about Bajaj Finance Personal Loan and its benefits.
Bajaj Finserv Personal Loan Offerings for Customers
When you choose Bajaj Finserv as your lender, you should know that it comes with the following benefits with its loan.
High Loan Amount – You can borrow a maximum amount of INR 25 Lakh from Bajaj Finance. And the amount will be provided to you based on your income, expenditure, credit score, etc. These factors play a vital role in deciding whether you’re capable of paying off your debts or not. So, if you have an income more than the requirement, you’ll be considered for a higher loan amount. But that’s not the only factor, your credit history also makes you eligible for a high loan amount. How? If you have paid your previous credits without any late payment charge or default, it means you have a clean credit history with no spots of foul payments. And this could be a plus point in getting a high loan amount from Bajaj Finance.
Flexible Interest Rate – After knowing about the loan amount, let’s see how much interest will Bajaj Finserv charge on the borrowed amount. Well, it starts from 13.00% per annum. And you could get the lowest rate of interest on your borrowed amount by proving that you’re capable of paying the debt. For this, you need to ensure that you have enough monthly savings for paying the EMI amount easily. And to build more trust, you could borrow the loan jointly with a person who has a good credit score and solid income. When you do that, the risk attached to the loan will decrease and so will the interest rate.
Pay at Your Convenience – You’re allowed to repay the loan within the following tenures of your choice –
- 12 months
- 24 months
- 36 months
- 48 months
- 60 months
And to choose your tenure, you can get help from Bajaj Finance EMI Calculator. An online tool that’ll generate the approximate EMI of your loan amount based on the following –
- Loan amount
- Interest rate
- Repayment period
The longer the repayment period, the lesser the EMI amount. For payment, you can use any of the following services –
- Post-dated cheques
- Standing instruction
What is Bajaj Finserv Personal Loan Eligibility Criteria?
To borrow a personal loan from Bajaj Finance, you should meet the following –
- Indian resident – As per the eligibility criteria of the Bajaj Finance personal loan, you can borrow money if you are an Indian national. And to prove the same, you need to submit KYC documents like – Aadhaar Card, Voter ID card, Driving Licence, Passport, etc. After the satisfaction of the lender, you’ll be allowed to proceed with the personal loan application.
- Salaried – To borrow a loan from Bajaj Finserv, it is important that you have a regular flow of income and that could be possible if you’re a working employee.
- Minimum 21 years old – Your age should be at least 21 years to borrow a personal loan from Bajaj Finance.
- Maximum 67 years old – The maximum age limit for borrowing Bajaj Finance personal loan is 67 years which is quite high compared to other banks or NBFCs.
- The minimum salary is INR 22,000 per month – For borrowing the loan, your monthly income should be at least INR 22,000.
- Credit score 750 or above – A credit score of 750 indicates a well-managed credit history. So, apply for the loan if you have a score of 750 or more.