New Year has arrived and most of the people are still enjoying their bed tea in Bali. A personal loan is not only a boon to help you in need but is the best companion for people who are always looking for funds to travel. Bajaj Finance/Finserv is one such lender that is popular for its instant loan approval and that is the reason it is the first choice of the loan borrowers. The rate offered by the finance company is the lowest in the market and the loan amount is also very high.
A Bajaj Finance personal loan can help you in any financial need such as your wedding or child’s marriage or buying a new car. You may also note that with the help of a loan calculator, you can check your payments in advance so that you can pay the loan without affecting other financial liabilities. The tenure available for the loan goes up to 5 years and if you are aware of the EMIs and other payments. Read more to know about the product.
What is the eligibility required to apply for the loan?
Bajaj Finserv has a certain eligibility criteria which is subject to change from one profession to another:
- Minimum age of the applicant-25 years
- Maximum age of the applicant-53 years
- Net monthly salary:
- ₹40,000 (Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Thane)
- ₹35,000 (Chandigarh, Cochin, Jaipur, Nagpur)
- ₹30,000 (Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag)
What are the basic details of Bajaj Finance Personal Loans?
Some of the main features of personal loan scheme of Bajaj Finserv are as follows:
- Attractive interest rates starting from 10.99% p.a. onwards
- Online loan applications
- Quick loan approval
- Higher loan amount up to ₹25 lakhs
- Flexi Loan Facility
- Get money in 72 hours
- Flexible tenure up to 60 months
- Part prepayment facility
- Zero foreclosure charges
- Complete online account access
What do you mean by Flexi Loans?
Bajaj Finance has the facility of flexi loans which is the advantage for the loan borrowers. You can pre-pay and drawdown money within the drop-line facility using a self-service process. Another benefit of this feature is that it gives you an option to save interest cost by making the advance payment of any additional or idle funds that you have without paying any interest on the part-paid amount.
What are the advantages of Flexi Loans?
The main advantages of the flexi loan facility are as follows:
- Flexibility to pre-pay the debt with idle funds at no extra cost.
- Re-avail the pre-paid amount within the drop-line facility at any time within the tenure timeframe without any additional documentation.
- Save on interest and you only pay the interest on the utilized the amount and not on the pre-paid amount.
- Easy, hassle-free and time-saving online transactions.
What are the documents required to apply for Bajaj Personal loans?
To apply for a personal loan at Bajaj Finserv, you must have to have the following documents:
- Last 2 months salary slips
- Last 3 months bank statement with salary credit details
- Employee ID card
- Identity Proof- Passport/Voter ID Card/Aadhaar Card/Driving License/PAN Card
- Address Proof- Passport/Driving License/Ration Card/Aadhaar Card/Latest Mobile Bill/Letter from employer (with HR/admin sign)
How can you apply online for the loan?
You can apply for online as the online process is easier and smoother. So, just follow the below steps:
- Go to the official website of Bajaj Finance
- Go the personal loan page
- Click on apply online tab
- Fill the required details
- Submit the application
How can you calculate loan EMI?
With the help of an EMI calculator, you can know your payments such as the EMI, total interest outgo and total repayment amount. The benefit of using the personal loan calculator is that it gives you the accurate result within few seconds. To check the monthly installments, you need to mention the below data in the calculator:
- Loan amount
- Interest rate
For example, if you have taken a personal loan of ₹2,00,000 for the tenure of 5 years at the interest rate of 10.99% p.a. The EMI, Total Interest Outgo, and Total Amount will be:
- Total Interest Outgo-₹60,849
- Total Amount-₹2,60,849