Bajaj Finserv offers Personal Loan that can be availed online or through Bajaj Finserv branch. This is a secured loan and it provides you with a great solution to fulfill your financial needs for an emergency purchases, wedding finance, home decoration, educational fees, holiday tour expenses, and more.
It offers easy repayment options which allow you to pay back the loan without any hassle.
A great advantage of getting a personal loan from Bajaj Finserv is that they offer attractive interest rates along with various features such as an Easy Balance Transfer facility and Money Multiplier plan which can help you manage your finances efficiently and save some money in the process.
Moreover, personal loans come with flexible tenure options and minimal documentation which makes them simpler to apply for and quicker to avail than other loans like home loans or car loans.
This guide will help you understand how to get Bajaj Finserv Personal Loan Online so that you can apply for a personal loan without any hassle by following the steps outlined below:
Eligibility Criteria for Bajaj Finserv Personal Loan
Getting a personal loan from Bajaj Finserv is easy and straightforward. However, you must meet certain eligibility criteria before you can qualify for a loan from Bajaj Finserv. In this section, we will discuss the eligibility criteria for a Bajaj Finserv Personal Loan.
These criteria include factors like income, age, and place of residence. Once you meet these criteria, you will be able to apply for a loan from Bajaj Finserv and get it approved quickly.
Age:
For eligible customers who wish to apply for Bajaj Finserv Personal Loan, they need to be at least 21 years of age and not more than 55 years when the loan matures. However, being between this age range does not guarantee loan approval, as other factors such as income and credit score are considered before any decision is taken.
Besides this, existing customers in good standing could be eligible for loan enhancement if requested through the customer care team.
Income:
Income is one of the most important criteria for eligibility for a Bajaj Finserv Personal Loan. To be eligible for a Bajaj Finserv Personal Loan applicants must have a minimum monthly net income or income from house property of Rs. 25,000, or if it is joint application between two siblings, the minimum income should be Rs. 50,000 per month.
The calculations are based on your current monthly salary/income and other financial liabilities like existing loans and credit cards dues.
Besides your monthly income/salary, Bajaj Finserv also requires certain other criteria to evaluate you loan applications:
-Applicant should be between 21 and 60 years of age
-Applicant must have a valid Indian address proof
-Applicants should be salaried individuals with regular source of income
-Resident Indians with good credit score (750 or higher) may apply
-Stable co-applicant can enhance the loan eligibility
Additionally, self employed professionals (doctors, practicing chartered accountants or certified financial planner etc.) and non resident Indians (NRIs) may also apply .
Credit Score:
Your credit score is one of the major eligibility criteria that lenders and banks consider when you apply for a loan. A good credit score not just helps in increasing your chances of getting your loan application approved easily, it also helps in getting your desired loan amount, at a low interest rate.
An individual should hold a minimum score of 750 or above to be eligible for a Bajaj Finserv Personal Loan Online.
Having an existing credit relationship with a lending institution or credit bureau will further help to increase your credibility as a borrower, to acquire funds faster and easier.
Banks usually provide access to the latest report periodically; hence it is essential for you to keep an eye on counter-parties’ risks, thereby reducing the risk of being caught off guard by sudden changes in debt levels.
This will go a long way in maintaining compliance with regulatory requirements as well as mitigate any sudden change in acceptance criteria as per lender’s requirement.
It must be noted that a poor CIBIL Score does not automatically bar you from availing personal loans online from Bajaj Finserv. It is sometimes possible for people with bad credit scores to obtain these loans depending on their circumstances and other relevant aspects of the applicant’s profile such as income level and type of employment.
Documents Required for Bajaj Finserv Personal Loan
Applying for a Bajaj Finserv Personal Loan is a hassle-free process that requires you to submit the necessary documents. These documents help in verifying your identity and ascertaining your creditworthiness to ensure that you are eligible for a loan. Let’s take a look at the documents you need to submit to apply for the loan.
Identity Proof:
When submitting documents to apply for a Bajaj Finserv Personal Loan Online, make sure you have the following types of identity proof handy:
• PAN Card
This proof is essential for individuals looking to apply for a Bajaj Finserv Personal Loan Online. It helps banks easily verify your age, date of birth and identity. To make things easier, if you have pre-registered on Experia, your PAN Card details are already stored in their repository. This takes away the hassle to manually feed in your personal details.
• Aadhaar Card
Banks understand that customers look to get a quick loan sanctioning process and this is why Aadhaar Card has become an important identity proof when applying for a loan online. The Aadhaar card also helps in validating vital personal information like age, address and name by cross verifying it with the PAN database- so make sure you have this with you when applying online.
• Passport
If you are an NRI customer then having a passport is vital as it acts as an official ‘Identity Proof’ that can be counter verified by the bank while processing the personal loan application form. Along with serving as evidence of your nationality; passport also assists in validating country-wise residence period on part of borrower that further helps banks confirming annual income and credit history carefully before sanctioning loan amount and enhancing customer experience even more quickly than traditional approach adopted by offline lenders/creditors/providers/banks or NBFCs etc.
Address Proof:
When applying for a Bajaj Finserv Personal Loan, you will be required to provide an address proof as one of your documents. Depending on the type of address proof you submit, it can be either a physical document or electronic form such as an email.
The documents accepted by Bajaj Finserv as address proof include your valid passport, Driving License, Voter ID card and Aadhaar card. If you submit an electronic version of any one of these proofs, it should be issued to you by either the Indian Government or registered under respective state authorities (Ration Card).
You may also provide a passport-sized photograph for identification purposes along with any of these proofs mentioned above if required to do so by the lender. It is important that your photograph is recent and recognizable as it will be used to verify your identity while processing the loan application.
In some cases, additional documentation may be requested such as a copy of electricity bill or telephone bill showing residential address in addition to one form of acceptable address proof listed above.
Income Proof:
Income Proof is one of the important documents required to get Bajaj Finserv Personal Loan online. Your income proof specifies your earning capacity which helps the lending company to quickly assess how much loan amount they can provide you with. This document presents an assurance to the lender that you are capable of repaying the loan taken.
In your application, you must submit proof of your income over a period of 1-2 years after which the credit score and repayment capacity will be taken into consideration before granting loan disbursal.
You should bear in mind that depending on one or two components only would not be enough and it is essential to have multiple documents as proofs for fast loan approval, even if you have a great CIBIL score.
The various income proof documents that need to be submitted for availing a personal loan from Bajaj Finance include:
-Bank Statements: Submit bank statements for at least last 6 months, disclosing monthly salary transactions along with other credits and debits in between.
-Form 16: It needs to be submitted only when TDS has been deducted from salary by employer only then form 16 can be used as an income proof document.
-ITR (Income Tax Returns): Previous year ITR filing may be required which shows regular or past sources of income like capital gains or rental returns etc.,
-Salary Slips: You must submit all salary slips (employee pay slips) since date of employment till date along with other important details like Name, Designation & Address etc.,
-Letter of Offer / Appointment Letter: This letter determines your job status and outlines about official period, position held & monthly remuneration received by applicant in organization whereas Appointment letter acts as verification document that bolsters remuneration details provided in Form 16/ITR/Bank Statements/Salary Slip . All these necessary documents must adhere Income Proof requirements before submitting them online while getting quote.
Bank Statements:
When applying for a Bajaj Finserv Personal Loan online, it is important to provide proof of your bank statements. Bank statements will help the loan advisor and lending institution determine your creditworthiness. It is recommended that you share the last 6-months’ worth of your bank statement documents in order to get an accurate estimate of the amount you can borrow.
The bank statement should include your monthly income, expenditure and net living budget to establish your ability to make monthly repayments.
The lender requires this kind of information as it allows them to evaluate your eligibility for a loan amount and interest rate. This document forms a major part of verifying income while considering personal loan requests.
Usually, salary account holders are required to submit salary crediting statement along with bank statement, while business owners need to present the Profit & Loss Account Statement or Balance Sheet depending on their financial year end in acceptable format from a Chartered Accountant (CA).
To applying for a personal loan online with Bajaj Finserv, all you need is quick access to 6 months or 180 days’ worth of recent pay stubs, bank statements and other documents that will help you fill in details on the application form accurately and quickly.
Application Process for Bajaj Finserv Personal Loan
Applying for a Bajaj Finserv Personal Loan online has never been easier. You can easily get started in minutes by completing an online application form. Once your application is approved, you will be provided with a loan facility and can start making payments quickly. This article will explain the entire application process step-by-step.
Visit the Bajaj Finserv Website
Getting a Bajaj Finserv Personal Loan requires several steps starting with visiting the Bajaj Finserv Website. Here, interested applicants will gain access to the simple and easy loan application process. In order to apply for this loan, borrowers must be at least 21 years of age and should have proof of identity and residence.
Once you visit the website, click on ‘login’, followed by ‘register’ tab that appears in the upper right corner of your browser window. Enter all the required credentials like personal details, contact information and financial information such as income and expenditure.*
Upon completion of filling all the required fields of application form, you’ll be able to view Flexi Loan details which you can customize according to your requirement. Once you provide the bank name with net banking facility and provide confirmation in terms & conditions field, submit your loan application form.
To complete processing for Bajaj Finserv Personal Loan Online Application acceptance, bank representative may be asked to contact you over phone or through email.
After successful verification from bank representative based on documents provided by applicant, loans are sanctioned quickly within 24 hours if all documents are found perfect as per regulatory guidelines . The sanctioned loan amount will be credited directly into customer account within 3 working days*.
Fill the Online Application Form
Filling the online application form begins the Bajaj Finserv Personal Loan process. In order to complete the form, applicants will need to provide some personal and financial details. Applicants should ensure that all information provided is accurate and up-to-date in order to achieve a successful outcome.
When filling out the online application form, you will be asked for information regarding:
•Your identity: Proof of address, tax identification number, and other official documents may be required to support your identity.
•Your repayments: This includes your current income, monthly expenditure, loan tenure desired, and loan amount.
•Your banking history: Your banking history helps Bajaj Finserv determine your eligibility for a Personal Loan.
•Employment status: You will be asked to provide your contact details as well as any past or current employers or evidence of self-employment.
Once you have filled out all requested information and submitted the online application form, Bajaj Finserv will then quickly assess your application before providing a decision usually within few hours. If successful in your loan approval process effortless disbursal can follow at shortly afterwards!
Upload the Required Documents
In order to apply for a Bajaj Finserv Personal Loan, you need to furnish the required set of documents. This can be done either digitally or by submitting hard copies at any of our regional branches.
The documents necessary for uploading are:
-Your valid photo ID and address proof such as your Aadhar Card, Passport, PAN Card, Voter’s ID Card or Driving Licence.
-Your last 3 months’ salary slips and bank statements.
-Proof of your present residential address such as rental agreements or utility bills like electricity bills, water bills etc.
Get Approval
After submitting your personal loan application and satisfying the basic eligibility criteria, you need to get approval for your loan amount. After the initial assessment of your documents, Bajaj Finserv team will analyze thoroughly about the factors like your income, monthly repayments capacity and other obligations to determine the amount of loan you can take from them.
Once all the data provided in authenticated, a personal loan offer letter with various features and benefits of Bajaj Finserv Personal Loan is issued which also concludes details like Loan Tenor, Interest Rate, Processing Fee etc.
On understanding these terms and conditions carefully one must agree to each point in order to know if they’d like to proceed further. Along with this information comes the repayment schedule which one needs to comply with at the earliest by providing EMI(Equated Monthly Installment) to pay off their debt.
You can accept our offer letter within 30 days in case you want to proceed ahead confidentally. Up next is KYC verification along with signing a few more documents for compliance purposes so that it marks completion of application process for getting a personal loan from Bajaj Finserv.
Repayment for Bajaj Finserv Personal Loan
When it comes to repaying your personal loan taken from Bajaj Finserv, you have multiple options. You can choose to make one-time payments of EMIs or opt for the flexible repayment tenures that range from 12 months to 60 months.
Depending on the loan amount, you can also opt for pre-closed loans and save on total interest outgo. Let’s take a look at all the details so you can make an informed decision.
Repayment Tenure
The repayment period offered by Bajaj Finserv on the Personal Loan is up to 60 months, and you get to choose the tenure that best suits your needs, budget and repayment ability. You can also decide how long you wish to pay your EMIs for from the pre-approved tenures available. The shorter the tenure, higher will be your EMI and vice-versa.
Most customers wanting quick access to loan amount prefer a shorter tenure as this helps them clear off their debt sooner and save interests. On the other hand, if you want to keep your EMIs low, it is recommended that you opt for a longer tenure for repaying your loan.
Each borrower’s situation is different so it’s important that you assess all options diligently before choosing a loan period that suits your requirements best.
Repayment Options
Making timely loan repayment is essential to ensuring a healthy credit score and availing a loan in the future. The Bajaj Finserv Personal Loan comes with flexible repayment options, allowing you to choose the one that best suits your needs.
No matter which repayment option you choose, it is important to make sure that you pay all your EMI on time. The following are some of the popular repayment options provided by Bajaj Finserv:
-Bullet Repayment: Also known as tenor-based EMI, this option allows you to pay off your entire loan amount by making fixed EMIs for the pre-defined tenor. This plan gives borrowers flexibility in making regular payments only for the pre-decided period.
-Balloon Payment:This plan involves a lump sum repayment of principal amount at the end of loan tenure, along with regular EMIs during the tenure. This payment method can help you reduce your overall interest cost if used strategically.
-Flexible Tenor Option (UPI): With this plan, you can make additional repayments, or prepay a part of your loan amount anytime within 1 year after disbursement with UPI facility enabled on our application and also change your EMI payment date as per your convenience.
No matter which payment option you choose while applying for an online personal loan from Bajaj Finserv, it is important to keep track of all latest events related to personal loan like changes in interest rate, additional charges etc., so that appropriate action or alertness can be initiated when there is a deviation from agreed terms and conditions or any financial emergency arises along the way.
Prepayment Charges
Making repayment of a Bajaj Finserv Personal Loan offered by Bajaj Finance is simple. You can use any of the pre-approved payment modes like net banking, credit card, debit card, auto-debit facility, NEFT/RTGS fund transfer etc. to make online payments.
While you are eligible for making partial payments on your loan amount during the tenure, however pre-payment of personal loan amount will be allowed only after completion of at least one EMI cycle and at no extra charges for all tenors up to 18 Months.
Borrowers opting for loans with a longer duration (over 18 months) may have to incur prepayment charges if he/she decides to make full or partial prepayment on Personal Loan. This fee will be calculated as per the internal policies and subject to the prevailing regulations in force from time to time.
It is returned within Three Business Days from the date of receipt of funds in case you pre-pay your Bajaj Finserv Personal Loan amount online through NBFCs registered net banking portal or swipe /dip form Credit Card Branch through cheque or Pay orders/ demand draft.
Conclusion
In conclusion, applying for a Bajaj Finserv Personal Loan online is fast and convenient. By being aware of the requirements, loan repayment options available, rate of interest and other important details like insurance coverage and processing fees, you can make an informed decision as to which offer is most appropriate for you.
Additionally, by comparing the various loan offers from different financial institutions, you may be able to get the most beneficial deal possible. Applying for loans should not be taken lightly and therefore it’s best to research the relevant information thoroughly before making any commitments.