Individuals seeking instant funds often find personal loans to be the ideal choice. These loans offer monetary flexibility, providing a lump sum for diverse purposes. Typically unsecured, a personal loan comes with fixed interest rates and predetermined repayment terms. Lenders assess eligibility criteria such as credit score, employment history, and income before approving requests. Borrowed funds can be applied to various needs, including medical emergencies, educational expenses, or other substantial financial obligations.
What are the eligibility criteria for a Rs. 20 lakh loan?
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.
What documents are required for a Rs. 20 lakh personal loan?
The documentation requirements for a personal loan can vary from lender to lender. Below are the 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
How to apply for a Rs. 20 lakh personal loan?
For swift access to a fund of Rs. 20 lakh, consider applying for a personal loan through Bajaj Finance Limited. Meet the simple eligibility requirements, submit necessary documents like ID, address proof, and income details, and finalise the personal loan application on our website or mobile app. Ensuring accuracy in the information provided is vital for expediting the approval process. Bajaj Finance Personal Loans are known for their efficient and prompt disbursal procedures. You can initiate the application for a Bajaj Finance Personal Loan by adhering to these straightforward 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.
Bajaj Finance Limited provides a smooth process, delivering substantial loan amounts swiftly, ensuring immediate access to funds in your account. Benefit from flexibility with our adjustable EMI options, paired with appealing interest rates on personal loans designed to accommodate diverse financial requirements.
Borrowers can get a personal loan of up to Rs. 55 lakh, which can be utilised for a range of expenses like health care, wedding costs, educational expenses, and house improvements. Avail of funds with minimal documentation and get the funds that you need within 24 hours* of approval. Apply now for the best personal loan deal.