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Personal Loan

How to apply for a Personal Loan

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How to apply for a personal loan

The application procedure for a personal loan is simple and you can avail of up to Rs.25 lakh within 24 hours of approval. Get an easy personal loan to meet a range of expenses such as medical emergencies, higher education, home renovation or even a wedding.

You also have the option to choose the Bajaj Finserv Flexi Personal Loan, which lets you borrow funds when you need from a sanctioned loan amount and pre-pay when you can. 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 20 to 60 years of age can apply for the loan. Meet the eligibility criteria and submit the documents required for a personal loan. Use the 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 loans. As there are no hidden charges, applications are processed with 100% transparency in terms and conditions.
 

Personal loan EMI calculation:
Estimate your monthly cash outflow by determining your instalments using the Personal Loan EMI Calculator and plan your 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. This will enable you to borrow the correct amount. Also, make sure you research your loan requirement as well.
 

You can apply for a Bajaj Finserv Personal Loan online now by following 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 need to get instant online approval.
Step 3: Submit the required documents to our representative, who will get in touch with you.
Step 4: Receive the money in your account within 24 hours.

Frequently asked questions

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

Yes, you can avail of a personal loan. In fact, as an existing EMI Network Card-holder, you may even qualify for a pre-approved offer. All you need to do so is log in to our website with your basic details, such as your name and mobile number, and check the pre-approved offer set aside for you.

What do they mean by disbursal amount?

The disbursal amount is the final loan amount credited by a lender into your bank account after your loan application's successful approval and processing. Bajaj Finserv disburses a maximum personal loan amount of Rs. 25 lakh. The final disbursal amount extended to you depends on your loan application, eligibility, credit score, repayment capacity and other factors. To get a higher loan amount, you should have a robust CIBIL score.

How to get a personal loan instantly?

An instant personal loan is mainly dependent on your creditworthiness. You can check your eligibility by using our personal loan eligibility calculator to know how much you can get as per your income.

Fill out the online loan application form and provide details of your identity, income, and employment. Submit some basic documents such as 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 in your account within 24 hours.

What is the process of applying for a personal loan?

Bajaj Finserv has a simple personal loan application process. Here is how you can apply for a personal loan:

  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.
  4. Get the loan amount into your bank account within 24 hours.

What is the approval time for a personal loan?

To help you get the funds you need as quickly as you need them, Bajaj Finserv has a very short processing period for personal loans. Once you fill out the application form and provide your income, identity and employment details, we ensure that your application is verified quickly. If you are meet our eligibility criteria, you can get a loan approval in as little as 5 minutes.

What documents do I need to apply for a personal loan?

To apply for a personal loan, you need to meet our simple eligibility parameters and submit just a few basic documents. The standard personal loan document list includes:

  • Your KYC documents such as Aadhaar card, driving license and voter ID card
  • Employee ID card
  • Salary slips for the last two months
  • Bank statements of your salary account for the last three months

How much money can you borrow with a personal loan?

You can use a personal loan from Bajaj Finserv to manage your financial requirements with ease. As per your personal loan eligibility, the maximum amount 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 reflects your creditworthiness and shows how well you have repaid your past and current loan EMIs and credit card outstanding. A CIBIL score of 750 or above is considered ideal for getting a Bajaj Finserv Personal Loan. If you have a credit score in that range, you can get the loan you need at a reasonable interest rate.

What is the personal loan application process?

You can apply for a personal loan online in just a few simple steps:

  • Provide details regarding your income, employment and identity in the online application form on the Bajaj Finserv website
  • Select the loan amount you wish to avail of and the tenor you prefer to get instant loan approval
  • Submit your documents to our representative, who will get in touch with you
  • Get the required loan amount transferred to your bank account 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. However, 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. However, your lender will analyse your loan repayment capacity and whether you can afford another loan.

Simultaneously applying for multiple loans with multiple lenders will affect your CIBIL score as you will be considered credit hungry. In the case of a low credit score, your loan application may be rejected.

Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?

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