A personal loan is a flexible financial product that provides borrowers with a lump sum of money, typically unsecured, which means no collateral is required. These loans can be used for various purposes, such as debt consolidation, home improvements, travel expenses, medical bills, or any other personal need. They offer fixed or variable interest rates, with repayment terms usually ranging from one to seven years. Personal loans are accessible from NBFCs, banks, credit unions, and online lenders, and eligibility criteria typically include creditworthiness, income, and employment status. A personal loan offers a convenient solution for individuals seeking funds for diverse financial requirements.
Eligibility criteria for a Rs. 5 lakh personal loan
To qualify for a Bajaj Finserv Personal Loan, you must satisfy the eligibility criteria outlined 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.
Read in detail the eligibility criteria and documents required for our personal loan.
Documents required for Rs. 5 lakh personal loan for 5 years
Below are the documents you may be asked to submit while applying for a Bajaj Finserv Personal Loan,
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. 5 lakh for 5 years?
To calculate the EMI for a Rs. 5 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 an interest rate of 12%, the EMI for a Rs. 5 lakh loan over 5 years would be approximately Rs. 11,122. Using an online EMI calculator simplifies the process and gives you instant EMI values.
Read the interest rates and charges carefully before proceeding with your loan application.
Why choose Bajaj Finance for a Rs. 5 lakh personal loan for 5 years?
Below are the attributes that make Bajaj Finserv Personal Loan an excellent option for managing your unexpected expenses.
Instant approval: You can get the loan application approved in just 5 minutes.
Quick disbursal: You get the funds in your bank account within as little as 24 hours*.
Flexible repayment period: Repay the loan easily over a tenure ranging from 12 months to 96 months.
In conclusion, Bajaj Finserv Personal Loan emerges as a top choice due to its myriad benefits. With competitive interest rates, flexible repayment options, quick approval processes, and minimal documentation requirements, it offers convenience and accessibility. Additionally, borrowers can avail themselves of substantial loan amounts tailored to their needs, enabling them to address various financial requirements effectively. The customer-centric approach of Bajaj Finserv ensures a seamless borrowing experience, coupled with excellent customer service. Whether for emergencies, debt consolidation, or fulfilling aspirations, opting for a Bajaj Finserv Personal Loan provides individuals with the financial support they need, making it a preferred option.
*Terms and conditions apply.
