An individual can get a personal loan through any NBFC or bank. A personal loan, unlike other loans, is unsecured, which means it does not require any collateral. They can be used for a variety of purposes, including covering expenses of a grand wedding, paying for emergency medical care, and improving the interior of your home.
Let us discuss the many advantages of personal loans that make them the best choice for you when you need money urgently.
- Fast disbursal of funds
Applying for a personal loan is one of the ideal options if you require money immediately. You might get your money faster with a personal loan than with other mode of credit options because of the rapid disbursal process. With Bajaj Finserv Personal Loan, funds can be disbursed within 24 hours* of approval. - Hassle-free documentation
If you apply for a personal loan online, all your documentation is simply required in digital form. Online applications only demand a minimal amount of paperwork, so uploading the documents is very simple. In some cases, financial institutions even offer document collection at the customer's doorstep.
The applicant must provide evidence of their age, place of residence, income, credit history, bank account details and more while applying for a personal loan. - No end-use restriction
One of the best features of a personal loan is that you can use the money for any of your financial needs. A personal loan can assist you in reaching your financial objectives, whether you need to pay for a medical emergency, house remodeling, or higher education. Personal loans offer total flexibility, in contrast to other loans where the lender may impose restrictions on how the money shall be used. - Convenient tenures
Flexible tenures are one of the many perks of personal loans. With Bajaj Finserv Personal Loan, you can choose a loan tenure of up to 96 months based on your budget, overall spending, and ability to repay the loan. If you have savings and you wish to return the loan quickly, you can choose a shorter loan tenure. And if you want to keep your monthly instalments low, you may choose a longer tenure instead. - Collateral is not required
Personal loans do not ask you to put up any asset as collateral. Therefore, this feature makes personal loans available to everyone with a stable job and a good credit history. Since these loans are fully unsecured, they do not have a lengthy process of asset valuation during application. - No hidden charges
Bajaj Finance gives you a thorough explanation of all the fees related to the loan when you apply for a personal loan. Processing fees, prepayment fees, and other penalties fall under this category. Personal loans do not have any hidden fees, in contrast to other loans. This implies that there will not be any surprises during the repayment process because you know exactly how much you need to pay back.
Eligibility criteria for personal loan
Personal loan eligibility criteria differ from lender to lender. You can qualify for a Bajaj Finance Personal Loan once you meet the five simple eligibility criteria mentioned below:
- Nationality: India
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for a personal loan
The documentation requirements for a personal loan can vary from lender to lender. Below are the documents required to be submitted when applying for a Bajaj Finance Personal Loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
How to apply for a personal loan when you need money urgently?
You can apply for a personal loan with Bajaj Finance by following these simple steps:
- Visit the personal loan page and click on ‘APPLY’.
- Enter your 10-digit mobile number and OTP.
- Fill in the application form with your basic details.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Bajaj Finance Personal Loans offer up to Rs. 40 lakh with minimal documentation and quick disbursal of funds. You also get convenient tenures that range between 6 months to 96 months. Bajaj Finance also offers three unique variants of personal loan- Flexi Term loan, Flexi Hybrid Loan and Term Loan. You can choose any that suits you best.
Click here to apply for a personal loan today.
