A personal loan serves as a financial resource commonly extended by banks, credit unions, or online lenders to individuals, catering to diverse needs such as unexpected expenses or substantial purchases. Unlike loans earmarked for particular purposes like auto or mortgage loans, personal loans offer flexibility in usage at the borrower's discretion. Typically, they feature fixed interest rates and regular monthly payments spread over a predetermined duration, which can span from several months to years. Eligibility requirements typically entail factors such as credit score, income level, and employment history. Prior to committing to a personal loan, borrowers should carefully evaluate their financial standing and comprehend the terms involved to avert potential financial strain.
What are the eligibility criteria for a personal loan of Rs. 8 lakh?
Personal loan eligibility criteria may vary among different lenders. However, if you want to apply for a Bajaj Finserv Personal Loan, you need to meet the simple 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. 8 lakh personal loan for 6 years?
Following are the documents required while applying for our personal loan of Rs. 8 lakh:
- 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 EMI for 6 years?
To calculate the EMI for your personal loan you can use our EMI calculator by following the steps mentioned below:
- Input the loan amount: Enter the total amount you wish to borrow from the lender.
- Input the interest rate: Provide the annual interest rate charged by the lender on the loan.
- Input the loan tenure: Enter the duration for which you intend to repay the loan, usually in months.
- Our personal loan EMI calculator will display the monthly instalment amount you need to pay for your loan
The formula used to compute EMI for personal loan is:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Where:
P = Loan amount
R = Monthly interest rate (annual rate divided by 12)
N = Loan tenure in months
EMI calculators are convenient tools that provide quick estimates, helping borrowers plan their finances effectively and make informed decisions regarding loan repayment.
Why choose Bajaj Finserv Personal Loan of Rs. 8 lakh for 6 years?
Selecting the Bajaj Finserv Personal Loan presents numerous benefits. Firstly, they offer competitive interest rates customized to individual credit profiles, ensuring affordability. The personal loan application process is quick and straightforward, often resulting in instant approval and disbursal within a day, ideal for urgent financial needs. Bajaj Finance Limited provides flexible repayment options, enabling borrowers to select tenures that align with their financial capabilities. Additionally, we extend pre-approved offers to existing customers, streamlining the borrowing process further. Furthermore, Bajaj Finserv Personal Loans typically entail minimal documentation requirements, minimising hassle. With our extensive network of branches and online presence, accessing our services is convenient nationwide. In summary, choosing the Bajaj Finserv Personal Loan guarantees transparency, efficiency, and customer-centric services, making it the preferred option for many individuals in need of financial assistance.
To sum up, Bajaj Finance Limited emerges as the top pick for personal loans owing to its competitive interest rates, swift approval and disbursal procedures, adaptable repayment plans, and minimal paperwork demands. Their customer-focused strategies, such as pre-approved deals and extensive accessibility, enhance the appeal of their offerings. By emphasising transparency, efficacy, and convenience, Bajaj Finserv Personal Loan delivers a smooth borrowing journey for individuals, effectively addressing a variety of financial requirements.
Apply now and get the best deal on our personal loan today.
