As a self-employed professional you may be adept at managing your working capital and your personal finances at the same time. However, despite thoroughly planning your finances, there may occur instances when you require additional funds to achieve your goals or tackle unexpected needs.
Whether you need to pay for a medical emergency, your child’s overseas education or a destination wedding, you may not want to borrow a regular personal loan, business loan or any other variant that requires collateral. Fortunately, in times like these you can turn to a customised Bajaj Finserv Personal Loan For Self-Employed professionals.
But first, take a look at 5 things that you need to know before you apply.
Eligibility criteria you need to meet
- 24 years at the time of loan application. 80 years at the time of loan maturity.
- Your business must be at least 3 years old
- You must have filed IT returns for your business for at least the past year
- You must have the previous year’s turnover audited by a chartered accountant
Documents you must submit
- KYC documents
- Passport size photo
- Proof of your business
- Financial documents
- Previous month’s bank account statement
Fees and charges accompanying the loan
In order to enjoy attractive interest rates, you must have a good credit score. So, check your credit score and see if you can work towards increasing it before applying. Simultaneously, also evaluate different lenders to find the best interest rate. Apart from this, look into the processing fees, loan statement charges, secure fees, and others to determine the net cost of borrowing. Bajaj Finserv, for example, levies no hidden charges and has minimal fees. For instance, statement charges are waived off.
Convenient repayment terms
To make repayment truly convenient, choose Bajaj Finserv. Along with a comfortable tenor, you can also enjoy a Flexi Loan facility when you borrow a Bajaj Finserv Personal Loan For Self-Employed professionals from this NBFC. With this facility you can borrow as you need to from your sanction without submitting multiple applications. You also have to pay interest only on the amount you utilise and you can pay interest-only EMIs until the end of the tenor and repay the principal then. Further, with online account management, you can track and manage your loan from anywhere in the world.
Effortless application process
Top lenders like Bajaj Finserv offer an online application mechanism that allows you to apply for this personal loan conveniently. However, before you do, check your pre-approved offer. This way you can view customised loan deals as per your requirements and repayment capacity and apply in a flash.
With a deeper understanding of the ins and outs of this loan from Bajaj Finserv, you’re all set to apply. Start by adhering to the eligibility criteria and documentation requirements to ensure approval.
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