How to apply For Personal Loan In India - Stepwise Procedure | Bajaj FInserv
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Personal Loan

How To Apply For Personal Loan

How to Apply for Personal Loan

The loan application procedure is simple and you can avail up to Rs. 25 lakh within 24 hours of approval. Get an easy personal loan to meet a range of expenses like paying for a medical emergency, higher education, vacation, wedding and more.

You also have the option to go with Bajaj Finserv Flexi Personal Loan that lets you borrow funds as you require and pre-pay when you can from a sanctioned loan amount. You can also opt to pay only interest as EMI and repay the principal amount at the end of the tenor. This reduces your EMIs by up to 45%.
 

Personal Loan Eligibility Criteria:
Salaried Professionals within the age of 25 to 58 years can apply for the loan. Meet the eligibility criteria and submit documents required for personal loan. Also, you can use Personal Loan Eligibility Calculator to check if you qualify for the loan.
 

Personal Loan Interest Rates and Charges:
Bajaj Finserv offers attractive rates of interest on personal loan. As there are no hidden charges, applications are processed on nominal fees & charges.
 

Personal Loan EMI Calculation:
Estimate your monthly cash outflow by calculating EMI using the Personal Loan EMI Calculator and plan repayment accordingly.
 

Personal Loan Application Procedure:
The most important step in the application process is figuring out your exact requirement and the loan amount you need for it. This will enable you to borrow the correct amount. Also, make sure you research your loan requirement as well.
 

Wondering how to get this loan online? You can apply for a Bajaj Finserv Personal Loan online now, and follow the step-by-step application process:

Step 1:

Fill in your personal, financial, and employment details.

Step 2:

Select the loan amount and tenor that you require, to get instant online approval.

Step 3:

Submit the required documents with our representative, who will get in touch with you.

Step 4:

Receive the money in your bank account within 24 hours.

FAQs for How to Apply for Personal Loan

I have a Bajaj Finserv EMI Card; can I get a personal loan?

If you are an owner of Bajaj Finserv EMI Card, then you can definitely apply for a personal loan. You are already an existing customer of Bajaj Finserv and hence, can enjoy an exclusive deal. You can check out your pre-approved personal loan deal online by sharing some basic details such as your name and mobile number. Such deals are created to make loan procedures simple and less time-consuming for borrowers.

What is a disbursal amount?

A disbursal amount is the final loan amount that is credited by a lender into your bank account after the successful loan application and procedures. The maximum personal loan disbursal amount that is disbursed by Bajaj Finserv is Rs.25 lakh. The final disbursal amount depends on your loan eligibility, repayment capacity and other factors. To enjoy a higher loan amount, you should have a robust CIBIL score.

How to get a personal loan instantly?

An instant personal loan is largely dependent on your creditworthiness. You can check your eligibility by using the personal loan eligibility calculator to know an amount that you can get as per your income. You can simply fill out the online loan application form and provide details of your identity, income, and employment. You can then submit some basic documents like KYC documents, employee ID card, last 2 months’ salary slips and previous 3 months’ salaried bank account statement. Once your details are verified, your loan application will be approved in a few minutes. Now, you can get the loan amount disbursed in your bank account within 24 hours.

What is the process of applying for personal loans?

Bajaj Finserv has a simple personal loan application process. Have a look:

  1. Fill out the online personal loan application form and provide your personal, employment and financial details.
  2. Select the loan amount and tenor as per your needs to get instant online loan approval.
  3. Submit the required documents to a Bajaj Finserv representative, who will contact you soon.
  4. Get the loan amount into your bank account within 24 hours.

What is personal loan approval time?

Bajaj Finserv understands that you need a personal loan to fund your immediate needs. Hence, it does not take a long time for personal loan approval. After you fill out the application form and provide your income, identity and employment details, it will be verified quickly. If you are eligible, then you will get a loan approval in 5 minutes.

What documents are required to apply for a personal loan?

To apply for a personal loan, you need to meet some eligibility conditions and submit some documents. The standard personal loan document list includes:

  • KYC documents like Aadhaar card, driving license, and voter ID card
  • Your employee ID card
  • Last 2 months’ salary slips
  • Previous 3 months’ bank statements of the salaried account

How much can you borrow on a personal loan?

A personal loan facility is to help you cover and manage your many needs, aspirations and urgencies. Bajaj Finserv believes in providing its customers with a large amount, so that they don’t need to borrow more capital from other modes. As per your personal loan eligibility, the maximum amount that you can borrow from Bajaj Finserv is up to Rs.25 lakh.

What is a good CIBIL score to get a personal loan?

Your CIBIL score is the mirror of your creditworthiness and shows how good or poor you have repaid your past and current loan EMIs and credit card outstanding. The good CIBIL score for personal loans considered by Bajaj Finserv is over 750. If you have a Credit score in that range, then you can get the loan approval at a lower interest rate.

What is the personal loan application process?

Applying for a personal loan has become easier with the advent of the internet. The personal loan application process is easy if you can follow some simple steps:

  • Provide the details regarding your income, employment and identity in the online application form on the Bajaj Finserv website
  • Select the loan amount and tenor that you wish to avail and get an instant loan approval
  • Submit the required documents to our representative, who will get in touch with you soon
  • Get the required loan amount disbursed into your bank account within 24 hours

How long is personal loan approval time?

Personal loans are required by borrowers to fulfill their immediate needs and hence, they can’t afford to wait for a long time for loan approval from a lender. Bajaj Finserv understands this and processes the online loan application quickly. Hence, the personal loan approval time is only within 5 minutes after the submission of online loan form*. Once you have the loan approval, you get the desired loan amount disbursed within 24 hours.

Can you cancel the personal loan after disbursement?

Once the personal loan disbursement process gets completed, you get the loan amount into your bank account. But, there may be times when you would like to cancel the loan after disbursement. To do so, you can email Bajaj Finserv or contact your loan relationship manager to initiate the process.

Can I apply for a loan if I already have an existing one?

You can apply for multiple personal loans even if you have an ongoing account. But, the lender will analyze your personal loan repayment capacity, whether you can afford another loan or not. Also, applying for these loans to multiple lenders at a time may affect your CIBIL score, and you may be considered credit hungry. In such cases, your loan application may be rejected.

Personal Loan EMI Calculator

Loan Amount
Rs
|
0
|
5L
|
10L
|
15L
|
20L
|
25L
Tenor
|
24
|
36
|
48
|
60
Annualised Rate of Interest
(Reducing Balance methodology)
%
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20

Loan EMI

Rs.66,429

Total Interest payable

Rs. 10,15,990

Total Payment (Principle + Interest)

Rs. 50,51,552

 
 

Total Interest

 

Principle Amount