Bajaj Finserv is the most diversified non-banking financial institution in the country. It provides finance for the widest set of outcomes. It helps people realise their aspiration and support them in fulfilling them. The company understands the variant needs of each class of customers and therefore lends money to the eligible candidates. The Bajaj Finserv Personal Loan eligibility criteria are simple and based on the age, income and repayment capacity of the individuals. The company provides personal loan for various purposes and they are as follows:
Purpose of Lending Personal Loan:
- For wedding
- For travel
- For home improvement
- For medical emergency
- For higher education
Personal Loan Details-
The applicant must check the following details before applying for the personal loan:
- Interest Rate - The interest rate on the loan is decided on the basis of customer’s profile. The Bajaj Finserv personal loan rate of interest starts from 13.99% p.a.
- Processing Fee - The customer has to pay the processing fee ranging from 2.25% to 3% of the loan amount.
- EMI Bounce Charges - For every EMI bounce, the borrower has to pay the charge of Rs. 1,000.
- Penal Interest - If the borrower defaults in interest payment then he/ she has to pay the penal interest of 2% per month.
- Foreclosure Charges - On early repayment of the loan the candidate has to pay 4% of the outstanding amount and service taxes
- Pre- payment Charges - The candidates making part payment before the due date have to pay the 2% of the outstanding loan amount.
Personal Loan Eligibility Criteria-
Bajaj Finserv provides personal loan only to the salaried individuals. The individuals must standby the following parameters in order to avail the benefit of personal loan:
- The age of the applicant should be between 25 to 53 years
- The applicants living in Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat and Thane must earn a minimum salary of Rs. 40,000 per month.
- For the citizens living in Chandigarh, Cochin, Jaipur and Nagpur the minimum net salary should be Rs. 35,000.
- The loan applicants residing in Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada and Vizag must earn a minimum monthly salary of Rs. 30,000.
Documents Required: The applicant needs to present the following set of documents:
Proof of Identity - Passport / Voters ID card / Driving license / PAN card
Proof of Residence - Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)
Employment Proof - Employee ID card
Income Proof - Salary slips of last 2 months
Bank Statements - Salary account bank statement of the last 3 months
How to Apply-
The candidates can apply for the loan online or offline. For offline application, the candidates have to send an SMS or give a missed call.
Steps to Apply Online: It is easy to apply online. The applicant just has to follow a 4 step procedure to get the loan. The online application procedure is as follows:
- Open the online application form and fill the required details.
- Select the required loan amount and repayment tenure.
- The company representatives will collect the documents
- After collection of documents, the amount will be credited to the account.
Personal Loan Eligibility Calculator-
The candidates can even calculate the eligibility amount online using the eligibility calculator. The candidates have to place the following details in the calculator to know how much amount they are eligible to receive under the personal loan.
- Date of birth
- Current city of residence
- Company/ Name of Employer
- Net Salary
- Current Loan EMIs payable
Factors Affecting Eligibility- The factors that affect Personal loan eligibility are:
- Monthly Income
- Age
- Monthly Expenses
- Any Other Loan
- Credit History
- Job Stability
- Relationship with the Bank
- Category of Your Employer
Features and Benefits- The features and benefits of availing personal loan from Bajaj Finserv are:
- Instant online loan approval - The online application is instantly approved and the documents are collected from the house of the applicant.
- Amount disbursed within 72 hours - After approval, the loan is disbursed within 3 days and the amount is credited to the account of the applicant.
- Get loans up to Rs. 25 lakhs - The applicant can avail the loan of up to Rs. 25 lakhs as per his/her eligibility.
- Flexible loan tenure - The loan can be repaid during the tenure ranging from 24 months to 60 months.
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