A personal loan is a financial tool that provides individuals with a lump sum of money, typically unsecured by collateral. Borrowers can use these funds for diverse purposes, including medical expenses, home renovations, or covering unexpected expenses. The loan amount, interest rate, and repayment terms are predetermined, with fixed monthly payments. A personal loan usually has shorter repayment periods compared to other loans, ranging from one to eight years. Interest rates may vary based on the borrower's creditworthiness. As an unsecured loan, personal loans do not require assets as collateral, making them accessible to those with good credit histories.
Can I get a 10-year personal loan?
While some lenders may offer 10-year personal loans, they are less common, and eligibility criteria on factors like your credit history, income, and the lender's policies. However, choosing an 8-year personal loan over a 10-year term can be financially advantageous for borrowers. With a shorter duration, you pay less total interest, saving money in the long run. Though monthly payments may be higher, this personal loan for a tenure of up to 8 years ensures quicker debt repayment, potentially offering greater financial flexibility and reduced overall borrowing costs.
How to apply for a personal loan?
You can apply for a Bajaj Finance Personal Loan 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 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
What documents are required for a personal loan?
The documentation requirements for a personal loan can vary from lender to lender. Below are the personal loan documents that are 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
What are the personal loan eligibility criteria?
The eligibility criteria for a personal loan 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.
In conclusion, choosing an 8-year personal loan provides financial benefits, striking a balance between manageable monthly payments and minimising total interest paid. This option facilitates a quicker debt payoff, ensuring greater financial efficiency and reduced long-term borrowing expenses.
Bajaj Finance Limited offers personal loans with a tenure of up to 8 years, and the funds will be deposited into your account within a day of approval. You can also use the Bajaj Finserv Personal Loan EMI Calculator to determine the total interest payable. This calculator simply asks you to select your preferred loan amount, interest rate, and tenure to calculate your total cost of borrowing.
