Bajaj Personal Loan, a modern financial solution, focuses on hassle-free access through its customer-friendly online platform. Whether you find yourself navigating the costs of education or unexpected expenses, this loan stands ready to provide accessible funding. Also, the application process is designed to secure financial assistance without unnecessary complications. It is also a fast personal loan.
Additionally, the eligibility criteria are achievable. So, a wide range of individuals can access this personal loan. You can choose from various tenures and set the repayment schedule. It can positively impact your credit score if you make timely payments. Plus, this personal loan allows for prepayment without incurring additional charges.
Therefore, you can apply for amounts of up to INR 40 lakh if you meet the eligibility criteria. You need to go through an online application process. With minimal documentation needs, this is a great instant personal loan to apply for.
Prime Features & Benefits of Bajaj Finserv Personal Loan
Bajaj Finserv personal loan is the best choice when applying for a digital personal loan. With the features that define simplicity and affordability, this loan makes it easier for anyone to apply. The prime features of the loan that you should be aware of are as follows:
1] Prepayment Privileges
You can access your approved loan limit whenever you need funds. There’s no requirement to pay extra charges or do additional paperwork when making transactions. It’s all conveniently handled online through the customer portal of Bajaj Finserv.
2] Repayment Options
You get the flexibility of interest-only EMIs during the initial tenure. You can also use a personal loan EMI calculator for precise calculations to understand whether your repayment plan aligns with your financial goals. With day-wise interest calculations, you can also gain control over your repayment journey.
3] Loan Up To INR 40 Lakhs
The loan amount is customizable so that you have the financial backing required. It ranges from INR 20,000 to INR 40 lakh. Hence, this is the best personal loan to cover your minor necessities or significant life events. It would be possible to control your finances efficiently without unnecessary constraints.
4] Approval In Minutes
You can get approval within 5 minutes by completing your online personal loan application. This allows you to enjoy the convenience of securing financial support from any location. You don’t need in-person visits with an agent.
5] No Guarantor Required
Bajaj Finserv gives personal loans without the requirement for a guarantor or collateral. It eliminates the need to present gold ornaments and property papers. The loan process is designed to allow you to access funds based on merit.
6] Digital Process
If you are looking for a digital personal loan, this is the perfect one. You can complete the application quickly and easily with simple steps and quick processing. Also, since there is no need to visit a branch, all the documentation needs are completed online only.
7] No Hidden Charges
Online Personal loans are best because they showcase all the charges upfront. This is the same with the Bajaj Personal Loan as well. You can check all the charges you must pay while applying. There are no hidden charges at all, making it the best choice.
Bajaj Finserv personal loan has these notable features to cater to your varied financial needs.
Best Digital Personal Loan, Best Instant Personal Loan, Best Personal Loan in India
Online Application Process for Bajaj Finserv Personal Loan
You can follow a step-by-step guide to complete your online application process for your Bajaj Finserv Personal Loan. The broad steps that you need to follow are:
Step 1: Open Bajaj Finserv
Start by going to the website to apply for the loan. Here, you first read all the details, and then you can start the process by clicking on ‘APPLY’ at the top of this page.
Step 2: Verify Your Phone Number
Provide your 10-digit mobile number and verify it with the OTP sent to your phone. It’s a secure and streamlined login process to get a personal loan.
Step 3: Complete Your Application Form
Fill in the application form with essential details, including your full name, PAN, date of birth, and PIN code. Click ‘PROCEED’ to access the loan selection page.
Step 4: Choose From 3 Variants
Bajaj Finance improves your loan experience by entering the desired loan amount and choosing from our versatile personal loan variants – Term, Flexi Term, and Flexi Hybrid.
Step 5: Choose Your Tenure
Select your preferred repayment tenure, offering flexibility with tenure options ranging from 6 to 96 months, and proceed to the next step by clicking ‘PROCEED.’
Step 6: Wait For Disbursal
Finalize your application by completing the KYC process. Once everything is approved, wait 24 hours for the amount in your account.
Eligibility of Bajaj Finserv Personal Loan
Bajaj Finserv personal loan opens doors to financial support if applicants meet five essential eligibility criteria. Let’s see what these are:
Age Requirement: The applicant who wants a personal loan must fall within the age range of 21 to 80.
Credit Score: A credit score of 685 or higher is needed to qualify for the eligibility criteria.
Income Criteria: A minimum monthly income of INR 25,001 is required.
Mandatory IDs: Identification documents like NREGA job card, Employee ID card, PAN, passport, or Aadhaar card are required for the application process.
Financial documents: Salary slips and bank statements for the last 3 months are needed.
Bajaj Finserv Personal Loan Fees & Charges
Understanding the types of fees associated with this personal loan is important when making financial decisions. These fees influence your financial situation. The charges to know are:
Flexi Fee
For the Flexi variant, borrowers witness upfront deductions from the loan amount based on specific criteria. Ranging from INR 1,999 to INR 9,999, these charges add a layer of customization to the cost structure.
Processing Fee
When taking a personal loan with Bajaj Finance, you’ll have to pay processing fees of up to 3.93% of the loan amount. This fee impacts the overall cost of your loan.
Bounce Charges
In the unfortunate event of repayment default, you will face bounce charges ranging from INR 700 to INR 1,200 per bounce. These charges are a financial repercussion for any lapses in meeting repayment obligations.
Pre-payment Charges
Navigating early repayment options involves dealing with pre-payment charges. Charges of up to 4.72% for term loans and Flexi Term Loans apply on the date of full prepayment on the withdrawable amount, respectively.
Annual Maintenance Charges
For Flexi Term Loans, annual maintenance charges of up to 0.295%, including taxes, are levied on the total withdrawable amount. This fee ensures the ongoing viability and sustainability of the Flexi Term Loan.
Important Insurance to Take with a Loan
Insurance allows you to overcome circumstances, such as illness, disability, or death, with the personal loan you are taking. It decreases your family’s burden of repaying the loan in challenging situations. So, here are some of the best insurance policies you must take with your personal loan.
Life Insurance
Life insurance can indirectly protect your credit score. For example, if a borrower passes away, the loan covered by insurance avoids becoming a financial liability for the family. Moreover, some lenders may view applicants with life insurance more favorably.
Critical Illness Insurance
If a critical illness hampers your ability to work and repay a loan, this insurance can be your lifesaver. It offers coverage for severe health conditions and medical expenses during recovery.
Disability Insurance
Disability insurance comes in short-term and long-term variants. Short-term disability coverage can bridge the gap during temporary disabilities. On the other hand, long-term disability insurance provides extended protection, aligning with the duration of a loan.
EMI Protection Insurance
This insurance covers your loan’s Equated Monthly Installments (EMIs). It may include challenging times like job loss, disability, or critical illness. This insurance provides a financial buffer and covers your loan payments while you’re between jobs.
Get the Benefits Of Instant Balance Transfer
With Bajaj Finserv, you can transfer your personal loan to other banks and NBFCs at lower rates and charges. Instant personal loan balance transfer offers many benefits, including the opportunity to lower interest rates, resulting in significant savings over time. It facilitates the consolidation of multiple debts into a single payment, simplifying financial management. Additionally, it can improve credit scores by reducing credit utilization ratios. Quick approval and instant funds transfer provide immediate relief from high-interest debts, enhancing financial flexibility and peace of mind.
