A digital personal loan moves fast, so slow down at 2 points:
- Read the Key Fact Statement before you accept: It shows the annual rate, the fees, the EMI and the repayment schedule.
- Check the bank account you verify: Use the account your salary reaches, so the auto-debit works from the first EMI.
Zoya's home upgrade
Zoya, 28, works as a salaried merchandiser at a silk export firm in Varanasi. Her salary of Rs. 61,000 reaches her account each month. Her CIBIL score is 744. She applied for a digital personal loan of Rs. 1.4 lakh from home to replace her home appliances. She took it at an illustrative 15% per annum and compared 2 and 3 years.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. Here P = Rs. 1,40,000, R = 15 ÷ 1,200 and N = months.
| Tenure | Monthly EMI (Rs.) | Total interest (Rs.) | EMI as share of salary (%) |
|---|
| 24 months (2 years) | 6,788 | 22,915 | 11.1 |
| 36 months (3 years) | 4,853 | 34,713 | 8.0 |
Last updated: 27th October, 2026
The longer tenure saves Rs. 1,935 a month in EMI, but costs Rs. 11,798 more in interest. Processing on her loan could cost Rs. 5,782 at most. Zoya chose 24 months and tracked every EMI in My Account.
What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.
Prefer a digital personal loan you can start from home? With a Bajaj Finance Personal Loan, you can borrow Rs. 40,000 to Rs. 75 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → funds may be credited within 24 hours* of approval, subject to verification.
