When faced with financial challenges, personal loans offer an ideal solution for those in need of quick funds. Whether it is to cover wedding expenses or unexpected bills, a personal loan can offer the support you require. If you are considering borrowing a significant amount like Rs. 8 lakh over 5 years, here is a guide to assist you through the process.
How to get a personal loan of Rs. 8 lakh for 5 years?
Bajaj Finance provides personal loans of up to Rs. 40 lakh, with terms ranging from 12 months to 96 months. You can obtain a Rs. 8 lakh personal loan for 5 years with ease by meeting the basic eligibility criteria and submitting the necessary documentation.
Eligibility criteria for our personal loan
Anyone can apply for our personal loan online, as long as they meet the five basic standards given 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.
Documentation required for our personal loan
Once you fulfil all of the eligibility conditions, you must submit a set of documents to complete your personal loan application. They are as follows:
- 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 Rs. 8 lakh personal loan EMIs for 5 years?
Manually calculating your EMIs can be difficult, time-consuming, and susceptible to errors. A personal loan EMI calculator is regarded as the most useful tool for improving the procedure and providing accurate results quickly. This online calculator not only provides instant answers, but it also helps with financial planning by providing detailed information about your EMI amount. The personal loan EMI calculator available on the Bajaj Finance website allows you to easily calculate your EMIs with a few clicks. Simply enter your loan amount, interest rate, and repayment duration to obtain instant EMI details.
How can I apply for a personal loan of Rs. 8 lakh for 5 years?
The process of applying for a Bajaj Finance Personal Loan is straightforward and can be done online. Visit the personal loan page and click 'APPLY'. Enter your 10-digit phone number and verify it with an OTP. Complete the application form with the necessary information and click 'PROCEED'. Enter the loan amount, choose your preferred tenure, fill out the KYC requirements, and submit your application.
You can benefit from a quick loan disbursal and an easy online application process with a Bajaj Finance Personal Loan. The loan amount is deposited into your bank account within 24 hours* after loan approval. This allows you to easily manage your costs.
