1 min read
25 May 2021

Whether it’s to fund your dream of a world tour, renovate your home, meet a medical emergency or consolidate all your debts and dues into a single loan, a personal loan is the best way to finance your personal needs and wants. Personal loans require simple documentation and have a quick disbursal process.

Lenders like Bajaj Finserv make it possible to apply for and manage your personal loan online. Loan providers don’t tend to ask too many questions about the purpose of the loan, and you can avail of it from the comfort of your home.

Pre-approved loan offers from Bajaj Finserv further extend the simplicity and ease of personal loans. All it takes is a few basic details and three seconds to check out your pre-approved offer.

Read the steps below to know what exactly happens after applying for a personal loan.

Bajaj Finserv Personal Loan disbursement process

Amount disbursed

The amount disbursed depends upon the loan agreement and includes deductions for the processing fee and any upfront instalment you’ve agreed to make.

You can avail of a new-age loan such as the Bajaj Finserv Flexi loan that enables you to borrow only the amount you want from the loan limit, charging interest only on the amount borrowed.

Mode of disbursal

Usually, the personal loan is disbursed within 24 hours* of your application. The bank provides a cheque or a demand draft, which is either couriered to you or can be physically collected from the branch. The loan amount is disbursed to your account through NEFT in rare cases. The amount will not get disbursed if your application for a personal loan is rejected.

Additional read: Reasons to apply for a personal loan

Confirmation from bank

Once you’ve received your money, the bank will send you a confirmation e-mail along with an account of your documents, personal eligibility and a welcome kit. In addition to this, you will also receive details related to the loan agreement, the loan tenor, the personal loan interest rates and a timetable showing you when your EMIs are due. An amortisation table will also be included, which will help you track your principal to interest rate ratio for your EMIs.

Process of repayment

Once you’ve received the money, you can start repaying the loan in accordance with the agreement you’ve made with your bank. You can repay the loan either through post-dated cheques or Electronic Clearing Services (ECS).

If you’ve taken the loan from a bank you have an account with, then you can opt for periodic auto debt with standing instructions that will make the repayment process more convenient. However, if you’ve taken the loan from another bank, they will accept the repayment only through your salary account.

Additional read: Personal loan charges

Loan transfer

It’s easy to switch from your current lending organisation to another by simply informing your bank. However, a penalty will be charged.

Insufficient funds

If you have insufficient funds and your cheque bounces, a penalty will be charged. You should be careful to avoid that situation.

Change of account

If you change your salary account, it’s essential to inform your bank to move the source of your EMI payments to your new account.

You can also use the EMI Calculator to know your EMIs, tenure, and interest rate without any hassle.

Now that you know how easy and quick the personal loan disbursal process is, get the funds you need to live your dream life.

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Bajaj Finserv App for All Your Financial Needs and Goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
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  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

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