Rs. 40000 - Rs. 55 lakh
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Enter mobile and OTP | Check offer | Apply online in 5 minutes
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There are no restrictions on applying for multiple loans, but remember that you will have to repay the loans responsibly. Want to see if you have a loan offer waiting? Check your pre-approved loan offer in just 2 steps.
When looking for money to buy a house, you may ask: Can I take a home loan after a personal loan? Yes, you can! There's no limit on how many loans you can take at the same time. Taking a personal loan with a home loan can be smart. Use the personal loan to make the 20% down payment or decorate your house, while using the home loan to buy the property. With Bajaj Finserv Personal Loan, you can get funds in 24 hours* and handle your home-buying needs without delay.
Additional Read: Build Your Home Gym with An Online Personal Loan
Things to consider while applying for multiple loans
The key to getting two loans together is proving to the bank that you can handle paying both back. Here are four important things to remember:
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Keep your credit score healthy
Before approving your loan, banks check your credit report and score to see if you pay loans on time. Most of the recent loans disbursed, went to people with a credit score of 685 or higher. This 3-digit number shows how well you handle credit. A good score is super important when you take two loans simultaneously, especially when one doesn't need collateral.
Pro-tip: Check your credit score regularly and pay all bills on time to keep it high.
Additional Read: How to get a loan without a job
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Keep your debt-to-income ratio low
Banks want to see that your income can support EMI payments. Your debt-to-income ratio shows this best. Ideally, all your monthly debt payments (including home and personal loan EMIs) should not be more than 50% of your monthly income. Banks know you need the other 50% for daily living expenses.
Why this helps: A low ratio makes you look less risky, increasing your chances of getting both loans approved.
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Apply jointly to show stronger repayment power
One smart way to show you can repay is to apply with your spouse or parent. When you show more than one person's income, banks feel more confident about your ability to pay on time. This teamwork approach increases your chances of getting both a personal and home loan together.
Additional Read: Apply for a Bajaj Finserv Personal Loan Online in a Few Minutes
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Look for a personal loan with flexible terms
To handle two loans well, pick a personal loan with flexible repayment options. With the Bajaj Finserv Personal Loan, you get up to Rs. 55 lakh at good interest rates with a repayment period of 12 months to 96 months. The Flexi Loan facility lets you borrow money as needed from a dropline limit- you only pay interest on what you withdraw.
Quick approval tip: To speed up loan application, check your pre-approved personal loan offers. This gives you access to custom deals and super-fast finance.
Eligibility criteria and documents for personal loan
You can easily get the funds you need with the below criteria:
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Eligibility criteria
- Nationality: Indian
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
*You should be 80 years or younger, at the end of the loan tenure.
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Documents required
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Phone bill
- Real-time image / photograph
- Ration card
Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
How to apply for personal loan
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Step-by-step guide to apply for a personal loan
- Click on ‘CHECK ELIGIBILITY’ on this page.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the offer or loan amount that you need. Choose from our personal loan variants.
- Choose the repayment tenure and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will contact you for further steps.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee |
Applicable charges |
Rate of Interest per annum |
10% to 31% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge |
Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi facility charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Principal Holiday Facility Fees |
Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount *(Loan amount includes approved loan amount, Insurance Premium & VAS Charges) |
Bounce charges |
Up to Rs. 1,200 per bounce. |
Pre-payment charges |
Full pre-payment
Part pre-payment
*Foreclosure will be processed post clearance of first EMI |
Penal charge |
Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
Broken period interest / Pre-monthly Instalment interest |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:
Scenario 1: If Loan is disbursed on 1st or post 10th of the month: |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.