Everything you need to know about online loans
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Everything you need to know about online loans

  • Highlights

  • What makes online loans better than offline ones

  • Factors to consider before applying for a loan online

  • Bajaj Finserv offers a suite of online loans

  • A step-by-step guide on applying for an online loan

Online loans make acquiring external finance effortless and speedy. This makes them an ideal solution when you want to address financial needs both emergent and non-emergent. Here is everything you need to know about such loans.

What are online loans?

Loans that can be availed online, through simple and easy online application, are online loans. Online loans can also be called instant loans and allow you to access funds in just a few clicks unlike traditional loans, which require you to go through an arduous application procedure at the financial institution’s branch. Bajaj Finserv offers you both secured and unsecured online loans with instant approval.

You can choose one of the many loan offerings after viewing its various features and benefits, and fill up a short application form to begin the process. What’s more, you can submit documents online or request doorstep documentation pick up. After your loan request is processed and documents are verified, the loan amount will be disbursed straight to your bank account. As a result, you can apply for a loan conveniently and acquire the funds you need, when you need them.

Benefits of online loans over offline loans

Online loans are not only different from, but also better than offline loans in many ways. Read on below to know some of the advantages that an online loan can provide you with.

1. More convenience
You already know that applying for a loan online does away with the need to take a break from office or sacrifice time on a weekend to visit the branch. It is much easier as you can do so whenever you wish to. Apply from your phone or laptop and still attend to everything else on your schedule.

2. Simple application and swift approval
When you apply for an online loan, you get instant loan approval. With fewer steps involved, the approval, processing and disbursal procedures are completed very quickly. For instance, Bajaj Finserv offers approval in just 5 minutes for a regular term loan, and in just 3 seconds when you avail a pre-approved loan.

3. Assistance via online tools
The online features of an instant loan aren’t limited to loan application only. There are other handy tools you can make use of as well. For example, taking an online personal loan from Bajaj Finserv is made easy as you can measure your eligibility and know the loan amount you are eligible for using the Eligibility Calculator. You can also choose the right loan amount and tenor to make EMIs easy on your pocket by using the EMI calculator. With its help you can calculate affordability of the loan before applying for the same. This helps you to make better financial decisions and avail a loan without harming your credit score.

4. Availability of information
With online loans, you can look up the various features, charges, terms and requirements on the lender’s website, without putting your credit score on the line. Also, you can refer to the information as many times as you wish to.

What do you need to consider before applying for an online loan?

1. Maintain your credit score
While lenders take your employment, income, job stability, location and more into consideration, your credit score plays a major role in determining your creditworthiness. A low credit score is a warning to a lender, and may lead to rejection. So, if your credit score isn’t 750 or higher, work towards improving the same before you apply for a loan.

2. Plan repayment beforehand
Plan repayment in advance to ensure that your loan is easy to manage. Calculate the loan’s affordability using an EMI calculator. Once you know your monthly out flow, you will be able to plan for it more efficiently.

3. Be familiar with loan details
Look up the various loan details before you apply for a loan online. While noting the interest rate, loan amount and tenor, look into additional charges and fees associated with cheque bounces, missed EMIs, delayed payment, foreclosure, part pre-payment, etc. as well.

4. Organise your documents
In order to prove your eligibility, you will need to submit various documents. So, look up the documentation requirements beforehand, make copies and keep them ready. This will avoid any delay in the loan sanction owing to incorrect documentation.

5. Go through the terms and conditions of the loan
Like every other agreement, it is essential you read the terms and conditions of the online loan as they are legally binding.

Eligibility criteria for online loans

Other than being a salaried individual, you must meet the following eligibility criteria.
- Your age must be in line with the age bracket specified by the lender
- You must be a citizen of India, residing in India
- You must earn income regularly to avail a loan
- The minimum income requirement will be specified for your city and you must meet the same to qualify
- A property in your name, or your parents’ name is a must, and should be located in an area that Bajaj Finserv operates in

In case you are self-employed, you will need to meet the loan eligibility criteria listed below.
- Vintage of your business
- Audited turnover of your business
- Filed income tax returns
- Certificate of Practice
- A property in your name, or your parents’ name is a must, and should be located in an area that Bajaj Finserv operates in

These are the basic eligibility criteria that apply to loans offered by Bajaj Finserv. In order to find specific information with regards to a loan by another lender, look up the details online or contact the lender. For instance, in order to avail a personal loan the eligibility criterion with regards to age is to be between 25 years and 58 years. However, to avail a business loan, you must be between 25 years and 55 years. There are also other eligibility and documentation requirements specific to each loan, so check before you proceed.

Benefits of Online Loans

Documents needed to apply for an online loan

If you are applying for an online loan from Bajaj Finserv, you can benefit from minimal documentation requirements. Look at the document requirements below.

If you are a salaried individual, you will need to submit the following documents:
- KYC documents
- Employee ID card
- 2 of your most recent salary slips
- Bank account statements that show details for the past three months

Additionally, if you are self-employed, you can avail a loan by submitting these documents:
- KYC documents
- Bank account statements
- Certificate of business existence

Bajaj Finserv offers doorstep documentation pick up in order to make this step even more convenient for you. However, remember that like loan eligibility, each lender has its own list of documents required.

Fees and charges on online loans

With an online loan, you can access all your loan details on a customer portal anywhere, at any time. Additionally, you will also benefit from zero statement charges as your loan information will be available online, instead of being sent to you by mail. When you borrow from Bajaj Finserv, you can check your details through Experia, the customer portal. You will have to pay a one-time secure fee to process your online loan application.

Other charges include EMI bounce charges, penal interest, processing fees, foreclosure charges and part-prepayment charges, if any. All online loans offered by Bajaj Finserv have an affordable and attractive rate of interest. This keeps the cost of borrowing extremely low. You can also benefit from nil foreclosure and part-prepayment fees when you take a Flexi Loan from Bajaj Finserv

How to avail a loan online?

Step 1: Check if you are eligible
Before you can apply for a loan online, it is essential you first check your eligibility to rule out the possibility of rejection. Bajaj Finserv simplifies this by keeping eligibility criteria to a minimum. You can use Bajaj Finserv’s eligibility calculator to check this, and also find out the loan amount you are eligible for.

Step 2: Forecast your EMIs
Select a loan that will cater to your needs while being easy to repay. Use the EMI calculator see the EMIs that you will have to pay, as well as to look at the total principal and interest payment.

Step 3: Fill the application form
Online loans have shorter application forms that you can fill within minutes, in just a few clicks. Once you submit it, you will get instant approval.

Step 4: Have your documents ready
After you receive approval for your loan application, you will need to submit the required documents. So, keep these documents ready, especially since an online application receives approval quicker. If you are applying for an online loan with Bajaj Finserv, you can also request doorstep documentation pick up.

Step 5: Get funds in your bank account
One your documents are verified you will receive the funds in your bank account. Bajaj Finserv offers disbursal within 24 hours of document verification.

What are the various online loans that Bajaj Finserv offers?

Bajaj Finserv offers different types of loans to help you fund all kinds of financial needs. As all these loans are available online, and you only need to choose from whether you want a secured or unsecured loan.

Here are the loans that salaried professionals can choose from.
- Personal Loan
- Home Loan
- Home Loan Balance Transfer
- Loan Against Property
- Loan Against Securities

Here are the loans that self-employed individuals can choose from.
- Business Loan
- Loan Against Property
- Loan Against Securities
- Loans for Doctors
- Loans for Chartered Accountants
- Loans for Engineers

Step-by-step guide on applying for an online loan

You can apply for an online loan and get approval for the same within minutes. Simply follow these steps.
- Select the type of loan you wish to borrow by looking for the same under the “Loans” tab and click on “Apply Now”.
- Fill a form with basic details like your name, mobile number, date of birth, address, pin code, PAN details, net monthly salary, etc.
- Get instant approval on your application.

So, consider availing an online loan when you are in need of financial resources to achieve goals and tackle unexpected expenses. The low cost and ample features make it convenient and cost-effective.

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