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Your handy guide to personal loan FAQs

  • Highlights

  • You can use a personal loan for a range of financial needs

  • You do not have to pledge any collateral for personal loan

  • Bajaj Finserv has pre-approved offers on personal loans

  • Get personal loan disbursal within 24 hours of approval

A personal loan helps you meet a range of financial requirements like wedding expenses, home improvement plans, your child’s higher education, a sudden medical emergency and more. When you apply for a Bajaj Finserv Personal Loan, you can get fast approval and loan disbursal within 24 hours. Bajaj Finserv also brings you pre-approved offers on personal loans that helps you avail instant financing. Simply fill in your basic details and check your pre-approved offer.

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You can also get answers to all your questions about personal loans and see how you can make an informed decision with this handy guide.

Why should you apply for a personal loan?

A personal loan is an unsecured loan that requires minimal documentation. It can be used for a variety of purposes – from managing the costs of a medical emergency to planning a vacation, home renovation, paying the down payment of your car, and more. Bajaj Finserv processes personal loans instantly and disburses the amount to your bank account in as little as 24 hours. With flexible loan tenors on offer, choosing a personal loan to meet your financial goals is fast becoming the preferred choice for financing.

What is the applicable rate of interest on a personal loan?

Interest rates vary from lender to lender. It is advisable to first understand your needs and then compare lenders before making a final decision. During the personal loan approval process, the lender also examines your CIBIL score. If you are a habitual defaulter, you may have to pay a higher interest rate. If you have a good credit score, some lenders may levy a lesser interest rate.

Additional Read: 4 Ways To Get The Best Personal Loan Rate

How is a personal loan repaid?

A personal loan is repaid in equated monthly instalments (EMIs). An EMI is the total of the principal amount and interest on the personal loan, added up and divided over your chosen tenor. This ensures that you do not feel the burden of repayment and can plan your monthly finances around your EMI amount.

You can also opt for a Bajaj Finserv Flexi Personal Loan, where you can borrow when you need and pre-pay when you can from a sanctioned amount. You can choose to pay only interest as EMI, and pay the principal amount at the end of the tenor.

What other aspects does a lender scrutinize before sanctioning your loan?

The lender usually examines your credit history and whether you meet its personal loan eligibility criteria. It uses your credit report to determine your creditworthiness as well as your earnings to see if you will be able to repay the loan.

How much amount should you be looking to borrow?

Though it may be tempting to avail a bigger loan than what you need, it is often advised that you borrow only what is required. By borrowing only what is absolutely essential, you can manage its repayment more comfortably.

Bajaj Finserv offers up to Rs 25 lakh to meet all your varied needs comfortably. You can also calculate what EMI works for you.

How costly can a personal loan default be?

Defaulting on a personal loan repayment may result in a hit to your credit score as well as an increase in the interest rate on future loans. If you face difficulty in the repayment of your loan, try to get the loan terms amended and check if debt consolidation is a viable option for you.

Should you pay off credit card debt with a personal loan?

Credit cards usually levy high interest rates over a shorter tenor. Depending on your debt, it may be a sensible idea to pay off your credit card debt using a personal loan. Personal loans are a good tool for debt consolidation and can help you manage your finances better. Instead of making multiple small payments to repay your mounting credit card debt, it may help to use a personal loan.

How should you choose the right lender?

There are several key points to keep in mind while choosing a lender like:
- Interest rates
- Loan processing fees
- Documentation charges
- Pre-payment charges
- Foreclosure charges
- Total repayment outgo through EMIs
- Loan tenor

Sometimes, additional charges are applicable if the payment mode is altered, so read the fine print carefully before signing the loan documents.

Bajaj Finserv offers personal loans up to Rs.25 lakh with instant approvals and quick disbursals. With attractive interest rates, minimal documentation, and more, this may just be the answer to your financial needs.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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