What makes Bajaj Finance Personal Loan unique

A personal loan is the best way to get your long pending desires fulfilled. But how? The answer is simple, personal loans are unsecured (generally). In addition to this, there are no terms and conditions from the lender’s side regarding the usage of money.

Now, who does not want to have money in such simple manner There are n number of loan providers but what makes this product unique Why would you apply at Bajaj Finserv In this article, you will get all the details about this scheme offered by this finance company.

Features & Benefits:

• Low-interest rate-11.99% p.a. onwards
• Higher amount up to ₹25 lakhs
• Tenure up to 5 years
• Flexi loans
• Instant approval
• Online access
• Preapproved offers

Interest Rate: The most important detail a borrower would look for is the interest rate he/she is getting. Here at Bajaj Finserv, the rates are one of the lowest Personal loan interest rates with the starting rate of 11.99% per annum.

Eligibility Criteria: Just like any other finance company, Bajaj Finserv also has a certain eligibility criteria which are subject to change from profession to profession. So, here is the eligibility criteria:   

• 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)

However, the amount and rates are calculated with the help of the eligibility calculator and can be used online for free.

Documents Required:

To apply for a Bajaj Finserv Personal Loan, 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/Driving License/PAN Card
• Address Proof- Passport/Driving License/Ration Card/Latest Mobile Bill/Letter from employer (with HR/admin sign)

For what purposes can you take this loan: Bajaj Finserv is one of the leading finance providers in the country that provides loans for the following purposes:

• Wedding
• Travel
• Higher Studies
• Medical Emergencies
• Home Improvement

But, the fund is not restricted to the above needs only. You can use the fund for any legitimate purpose as there are no limitations from the lender’s side on the usage of money.

Bajaj is the company that has designed this product according to the general requirement of a borrower. So, for all the above reasons, this scheme is a great option.

Flexi Loans: This facility gives the advantage to pre-pay and drawdown money within the drop-line facility using a self-service process. Another major advantage of this product is that it is easy and hassle-free. Also, 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.  

Benefits of Flexi Loans: Here are the main advantages of the flexi loan facility that will make it easier for you to take a decision:

• 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.

EMI Calculator: An EMI calculator is the tool that gives you the detailed information of the monthly installments, the total interest outgo and the total amount (principal+interest). The main reason for using the calculator is that it gives you the accurate details about your installments within few seconds. To check the monthly installments, you need to mention the below data in the calculator:

• Loan amount
• Tenure
• 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 11.99% p.a. The EMI, Total Interest Outgo, and Total Amount will be:

• EMI-₹4,448
• Total Interest Outgo-₹66,873
• Total Amount-₹2,66,873

With all these attractive features, it can be said that the personal loan scheme of Bajaj Finance is surely one of the best options in the market. So, any salaried or self-employed or businessmen professional can enjoy the benefits of this product and get all the long pending tasks completed.