Personal loans are an ideal option for individuals seeking rapid access to funds. This financial solution provides a single, upfront amount that can be reimbursed over a set period. Lenders usually assess your eligibility for a personal loan based on factors like your credit score, employment history, and income. The funds acquired through a personal loan can be used for diverse purposes, including addressing medical emergencies, covering education costs, undertaking home renovations, and more.
How to get a personal loan of Rs. 3 lakh for 5 years?
Bajaj Finance Limited provides high-value personal loans with simple eligibility criteria and a convenient repayment period of up to 96 months. Meeting the essential eligibility requirements and providing the necessary documentation allows you to obtain a personal loan of Rs. 3 lakh, with a repayment period extending over 5 years.
What are the eligibility criteria for a personal loan?
Eligibility criteria for personal loans differ across various lenders. Nonetheless, when choosing a Bajaj Finance Personal Loan, it is essential to meet the clear and simple eligibility conditions provided below.
- Nationality: India
- 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.
What are the documents required for a personal loan of Rs. 3 lakh?
Ensuring you have the necessary documents readily available is crucial to prevent potential rejections. Document requirements can vary among different lenders, but Bajaj Finance Personal Loan has a streamlined process with minimal documentation. Simply submit the below mentioned documents to proceed.
- 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 EMIs for a personal loan of Rs. 3 lakh for tenure of 5 years?
Calculating your monthly payments for a personal loan manually can be challenging, given the complexity of the involved numbers. Yet, using an online personal loan EMI calculator streamlines the process, allowing you to assess your monthly payments with just a few clicks. Enter the loan amount, interest rate, and repayment period, and the EMI amount will be instantly generated, saving time and ensuring accuracy. This convenient tool helps you plan your finances effectively, providing a clear understanding of your monthly repayment obligations. You can access the personal loan EMI calculator on our website for quick and accurate results.
How to apply for a personal loan of Rs. 3 lakh for 5 years
Bajaj Finance Limited is offering personal loans that come with an end-to-end online application process. If you are looking to apply for a Rs. 3 lakh personal loan for the tenure of 5 years, follow these simple steps:
- Go to the personal loan page and select 'APPLY'.
- Enter your 10-digit mobile number and submit the OTP for verification.
- Fill in the application form by providing your basic details.
- Click on 'PROCEED' to move to the loan selection page.
- Mention the desired loan amount and select from the available personal loan variants – Term, Flexi Term, and Flexi Hybrid.
- Select your preferred repayment tenure from the range of options -
12 months to 96 months and proceed by clicking 'PROCEED.' - Complete the KYC requirements and submit your application.
Bajaj Finance Limited offers swift access to funds through its rapid and straightforward application process, coupled with immediate disbursement. Submit the required documents online and get the funds you need in your bank account within 24 hours* of loan approval.
Apply for our Personal Loan.
