A personal loan is a financial tool that offers individuals a lump sum for various needs like travel, medical bills, or debt consolidation. Usually unsecured, it doesn't need collateral. Borrowers repay it in fixed monthly instalments over time, with interest rates based on factors such as credit score and term. This provides financial flexibility and convenience for managing various personal financial needs. If you need quick funds in a hassle-free process, look no further than the personal loan offered by Bajaj Finance Limited.
Eligibility criteria for a Rs. 25 lakh personal loan
To get a Bajaj Finance Personal Loan, you need to meet the simple eligibility criteria mentioned below.
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for Rs. 25 lakh personal loan for 5 years
Keeping all the documents you need for a loan handy makes the application process quick and easy. For a Bajaj Finance Personal Loan, all you have to do is submit these basic documents.
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Utility bill of electricity and piped gas
How to calculate the EMI for a personal loan of Rs. 25 lakh for 5 years?
To calculate the EMI for a Rs. 25 lakh personal loan over 5 years, you can use a personal loan EMI calculator. Input the loan amount, interest rate, and tenure into the calculator. For instance, with a nominal interest rate of 12%, the EMI for a Rs. 25 lakh loan over 5 years would be approximately Rs. 55,611. Using an online EMI calculator simplifies the process, providing instant and accurate EMI figures, helping you plan your finances effectively.
Read the interest rates and charges carefully before proceeding with your loan application.
Why choose Bajaj Finance for a Rs. 25 lakh personal loan for 5 years?
Here are the features that make Bajaj Finance Personal Loan a great choice to manage your expenses:
No guarantor or collateral needed
You do not need to provide any collateral or have someone stand as a guarantor to get our personal loan.
Approval in just 5 minutes
Complete your entire application online from the comfort of your home and get an instant personal loan with fast approval.
Money in your account in 24 hours*
Get the funds you need in your bank account within as little as 24 hours*.
Convenient tenures
Manage your repayment easily with tenure ranging from 12 months to 96 months.
With Bajaj Finance Limited, you can access funds quickly, ensuring financial convenience and a smooth borrowing experience tailored to your needs.