Personal Loan

Personal Loan Disbursement Process Simplified

What is the personal loan disbursement process?

A personal loan comes as the most convenient source of finance with quick approval and disbursal. Its unrestricted end usage further makes it suitable to meet numerous funding needs like debt consolidation, house renovation, capital financing for business, marriage expenses, and a lot more.

Bajaj Finserv further makes availing this credit faster through its simplified personal loan disbursement process.

Personal Loan Disbursement Procedure of Bajaj Finserv

  • The disbursed amount
  • The amount you are sanctioned is subject to your loan agreement and includes processing fee deductions, or any payments agreed to upon. With Bajaj Finserv Personal Loan, however, you can choose to withdraw only the amount you require from the pre-sanctioned loan.

    It also reduces the instalments you pay as you can opt for interest-only EMIs to repay the interest on this pre-approved personal loan. With a lump sum amount in hand, you can always choose to prepay your loan at any time before the tenor ends.

    Utilise personal loan EMI calculator to estimate the EMIs you need to pay every month. Sanctioned against minimum personal loan eligibility criteria and documentation, this unsecured loan is easy to avail and use.

  • Disbursal mode followed
  • With Bajaj Finserv, personal loan disbursement time is within 24 hours of loan approval. Usually, the loan is disbursed through a demand draft or a cheque sent to your registered address. In specific cases, you may also find the amount directly disbursed to your account through NEFT.

  • Lender confirmation
  • Once the funds are disbursed, you can also receive a confirmation from your lender through an email. The welcome kit, an account of your eligibility criteria and documents accompany. You also receive specific details regarding the loan agreement, repayment tenor, applicable personal loan interest rates and other necessary information.

  • Repayment procedure
  • After receiving the credit amount, you may proceed to repay it as per your loan agreement. Opt to pay your EMIs either through ECS or cheques that are post-dated. You may also send standing instructions to your bank for periodic auto deduction of your EMIs from your account.

  • Penalty for insufficient funds
  • Make sure that you keep sufficient funds in your account when issuing a post-dated cheque for EMI payment. In case of an insufficient fund, your loan attracts an EMI bounce penalty.

  • Information for change in account
  • Inform about any change in your salary account provided to your lender. It allows the lender to update the EMI payment source.

    Now, as you know the personal loan disbursement process, you may proceed to apply. Know the Personal Loan application procedure that will make it easy to apply for the same.