A personal loan is an unsecured loan where the borrower does not have to put up any security or collateral to avail of the loan. The money from this loan can be used for any reason as there is no restriction on the end usage. You can get the personal loans for meeting a wide range of expenses, including buying a car, paying for your child’s education, or even covering unexpected medical costs.
Personal loans are great financing option because they offer a great deal of flexibility in terms of their purpose, tenure, and higher loan amount. The personal loan eligibility criteria usually vary from lender to lender.
When you apply for a personal loan, one of the most important criteria that lenders look at is how much money you make every month. This is because your income is one of the things that determine if you can pay back the loan on time. Moreover, these eligibility criteria also determine the personal loan interest rate for you.
Minimum salary required to get a personal loan
Your salary is one of the most crucial requirements to be eligible for any loan.
Bajaj Finserv Personal Loan minimum salary requirement starts at Rs. 25,001 in more than 3,000 cities in India. These criteria differ marginally depending on the city in which you reside.
Eligibility criteria required for a personal loan
Apart from the minimum monthly salary, you are also supposed to meet a few basic eligibility criteria to avail of a personal loan that are mentioned below:
Age: 21 years to 80 years**.
Employed with: Public, private, or MNC.
CIBIL Score: 685 or higher.
*You should be 80 years* or younger, at the end of the loan tenure.
Here is a step-by-step process of how to apply for a personal loan:
- Visit the personal loan page on our website.
- Click on "APPLY" at the top of the page to open our online application form.
- Enter your 10-digit mobile number and verify the OTP sent to your phone.
- Fill out the application form with your full name, PAN , date of birth, and PIN code.
- Now, click on "PROCEED" to go to the loan selection page.
- Type in the amount you want to borrow. You can choose between our three variants of personal loans: Term, Flexi Term, and Flexi Hybrid.
- Choose the repayment period, which can range from 6 months to 96 months, and then click "PROCEED".
- Fill out your KYC information and send in your application.
Our representative will help you figure out what to do next. After your documents are checked and verified, the loan amount will be sent to your bank account.
Before applying, you can use the personal loan EMI calculator to get a clear understanding of the expected instalment for loan amount you need.