Personal Loan Benefits

What Are the Various Personal Loan Benefits?

Personal loans are the go-to financing option for individuals facing emergency financial crisis or going for big-ticket purchases. There are several personal loan benefits, which play a crucial role in the popularity of this credit option.

Some of these loan advantages include:

1. Financing up to Rs. 25 Lakh
   Personal loans offered by NBFCs and financial institutions can provide financing up to Rs.25 lakh. The funds can be utilised for an array of purposes such as renovating a property, higher education, purchasing a vehicle, and covering medical expenses.
   
2. Short Term Repayment Tenors
   One of the personal loan benefits is the repayment tenor that ranges up to 60 months. You also get the freedom to choose a period, depending on your needs.
   
3. Rapid Disbursal
   Bajaj Finserv disburses personal loans within 24 hours of approval. This quick loan disbursal process makes these loans ideal for medical and other emergencies.
   
4. No collateral required
   Personal loans are collateral-free and unsecured loans and therefore, you don’t have to mortgage or hypothecate an asset to avail the funds.
   
5. Attractive Rate of Interest
   Personal loans come with a competitive interest rate. The low rate of interest on personal loans keeps your EMIs affordable.
   
6. List of Documents Needed is Short
   The documents required for a personal loan are:
   
   • KYC documents
   • Bank account statements
   Employed applicants have to provide their employee ID card and latest salary slips. Self-employed applicants have to submit their business proof documents, previous year’s turnover details, and income tax returns.
   
7. Simplistic Eligibility Criteria
   Salaried customers, who are residing citizens of India, have to be between the age of 23 and 55 years to be eligible for this loan.
   In addition to the above, personal loans can also provide income tax benefits if used for home renovation, purchasing/constructing a house, or for higher education.
   

Personal Loan Part Prepayment & Foreclosure Charges

Does Bajaj Finserv check the CIBIL score of personal loan applicants?

Factors checked by Lenders to decide personal loan eligibility of a borrower

How is Interest Calculated on a Personal Loan?

What is Personal Loan Part Payment & How it Works?

What is Part Prepayment of a Loan?

What Is the Rate of Interest For A Personal Loan From Bajaj Finserv?

What is the interest rate offered on Personal Loans?

What are the different types of Personal Loan in India?

How to get small loans or instant cash loans?

Gold Loan vs. Personal Loan - Which One Should You Choose?

Which one should you choose - Personal Loan or Credit Card Loan?

What happens if you don’t repay a personal loan?

What’s the difference between secured and unsecured loans?

Can you get two Personal Loans or multiple Personal Loans at the same time?

When is it a good idea to apply for a Personal Loan?

How to calculate EMI on calculator?

What is the Letter of Continuity?

What is the eligibility criteria for a Personal Loan?

What is the usual tenure of a personal loan?

What is a personal loan?

Types of Charges & Fees on Personal Loan

Personal Loan Documents Checklist

What are Personal Loan Foreclosure Charges?

How to Prepay a Personal Loan?

How to Get a Personal Loan?

How do you ensure that you have a good credit score?

How to Calculate Foreclosure of a Loan?

How to Check CIBIL Score for Personal Loan?

How do you check your CIBIL score?

What is CIBIL score?

What is the difference between a personal loan and car loan?

What is the impact of GST on personal loans?

Can we use a personal loan for the down payment on house?

What is the personal loan disbursement process?

How to apply for a personal loan without documents?

What Are The Tax Benefits On Personal Loans?

What are the reasons to avail a personal loan?

How to Get a Personal Loan for Cibil Defaulters?

What is the Minimum Credit Score Required for Personal Loan Eligibility?

How to Check Bajaj Finserv Personal Loan Account Statement?

How to Track Bajaj Finserv Personal Loan Application Status?

How to Get Instant Paperless Personal Loans?

What Are the Things to Consider Before Applying For a Personal Loan?

How to Improve Your Chances of Getting Approved For a Personal Loan?

What Are the Do’s and Don’ts While Taking a Personal Loan?

When Should You Take a Personal Loan?

What is The Typical Personal Loan Amount And Repayment Tenure?

What is the Personal Loan Verification Process?

How to Deal With Credit Card Debt Using a Personal Loan?

How to Get Personal Loan Without Bank Statement?

How to Get an Instant Loan without Income Proof?

How to Get Instant Loan without Security?

How to Get a Personal Loan for Low Credit without Guarantor?

How to Check TransUnion Credit Score Easily?

Why A Credit Report is Important in Personal Loan Sanction?

Can You Get A Personal Loan With A Low Credit Score Below 750?

What is Personal Overdraft Facility?

What is Bajaj Finserv Moratorium Period in Personal Loan?