These questions protect you from the wrong lender:
- Is the lender regulated? The Reserve Bank of India (RBI) regulates both banks and non-banking financial companies (NBFCs). Check the name against the RBI's list, and avoid any lender that cannot give a Key Fact Statement.
- Is any insurance or add-on included? Some loans offer credit insurance. Ask whether it is optional, what it costs and what it covers before you accept it.
Swati's checklist
Swati, 31, manages a physiotherapy clinic in Vijayawada as a salaried employee; her monthly pay is Rs. 49,000, with a CIBIL score of 744. Her father's dental implants called for Rs. 1.55 lakh. Working through the questions above, she compared 2 offers on total cost, then the EMI at 18 and 24 months on the cheaper one, at an illustrative 14.75% per annum.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. Here P = Rs. 1,55,000, R = 14.75 ÷ 1,200 and N = months.
| Tenure | Monthly EMI (Rs.) | Total interest (Rs.) | EMI as share of salary (%) |
|---|
| 18 months (1.5 years) | 9,651 | 18,725 | 19.7 |
| 24 months (2 years) | 7,497 | 24,929 | 15.3 |
Last updated: 27th October, 2026
Two years instead of 18 months frees Rs. 2,154 a month, at a cost of Rs. 6,204 in interest. With a scooter EMI already running, Swati chose 24 months, so her total stayed comfortable, one of the questions she had asked herself first.
What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.
Asked all the right questions? With a Bajaj Finance Personal Loan, you can borrow Rs. 40,000 to Rs. 75 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.
