A personal loan is a financial tool provided by banks, credit unions, or online lenders that allows individuals to borrow a fixed amount of money for various purposes. Unlike specific-purpose loans such as auto or home loans, personal loans can be used for almost anything, including weddings, home improvements, medical expenses, or unexpected emergencies.
These loans typically have fixed interest rates and terms, with repayment usually occurring over a set period, such as one to five years. The interest rates may vary based on factors such as the borrower's creditworthiness, income, and the lender's policies.
Before applying for a personal loan, it's essential to consider the terms, interest rates, and fees associated with the loan. Additionally, borrowers should assess their ability to repay the loan within the specified timeframe to avoid financial strain or default.
What are the eligibility criteria for a personal loan of Rs. 7 lakh?
Personal loan eligibility criteria vary from lender to lender. However, if you opt for a Bajaj Finserv Personal Loan, you need to meet the straightforward eligibility conditions outlined 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 Rs. 7 lakh personal loan for 7 years?
- 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 apply for a personal loan of Rs. 7 lakh?
You can apply for a Bajaj Finserv Personal Loan by following the simple steps mentioned below:
- Visit the personal loan page and click on ‘APPLY’
- Enter your 10-digit mobile number and OTP.
- Fill in the application form with your basic details.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Why choose Bajaj Finserv Personal Loan of Rs. 7 lakh for 7 years?
Individuals choose Bajaj Finserv Personal Loan for various reasons, primarily due to its attractive features and benefits. Bajaj Finserv offers competitive interest rates, flexible repayment options, and quick disbursal of funds, making it an appealing choice for those in need of financial assistance. Additionally, the loan application process is straightforward, often requiring minimal documentation, which adds to its convenience.
Furthermore, Bajaj Finserv provides personalized loan offers tailored to individual needs and preferences, including loan amounts, repayment tenure, and EMI options. This customization ensures that borrowers can find a loan solution that aligns with their financial requirements and capabilities.
Moreover, Bajaj Finserv has a strong reputation in the financial services industry, known for its reliability, transparency, and customer-centric approach. As a result, individuals seeking a trustworthy and efficient personal loan provider often opt for Bajaj Finserv to fulfil their financial needs.
How to calculate personal loan EMIs?
To calculate personal loan EMIs, you can use a simple formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal loan amount
R = Monthly interest rate (annual interest rate divided by 12)
N = Loan tenure in months
You can also use our personal loan EMI calculator that is available on our website to simplify this process, allowing you to input the loan amount, interest rate, and tenure to instantly compute the EMI without doing manual calculations.
In conclusion, Bajaj Finserv Personal Loan emerges as a top choice for borrowers seeking competitive rates, flexible terms, and swift processing. Its emphasis on personalised offers and customer-centric services reflects its commitment to meeting diverse financial needs effectively. With a solid reputation for reliability and transparency, Bajaj Finance Limited instils confidence in borrowers, making it a preferred option in the crowded lending market. Whether for consolidating debt or funding major expenses, our streamlined approach ensures hassle-free access to funds, earning it trust and loyalty of a wide range of borrowers.
