Last Updated on November 22, 2023 by Hina Rubab
Recent research has revealed that the total outstanding balance in the personal loan segment reached Rs.25.31 trillion, as per data published in July 2020. Over the past few years, getting a personal loan in India has become much easier with numerous financial institutions coming into the picture.
Individuals can use this financing option to improve their purchasing power and address a range of expenses. Bajaj Finserv provides loans up to Rs.25 lakh with flexible repayment tenure as long as 60 months. This further aids individuals to manage their expenses hassle-freely.
With a convenient online application process and easy to meet eligibility criteria, the NBFC comes as an ultimate solution for borrowers.
Following are some necessary steps one needs to follow to avail a Bajaj Finserv personal loan.
Simple tips to apply for Bajaj Finserv Personal Loan
Here are a few easy tips to avail a personal loan from this NBFC:
- Even though individuals can choose both an online and offline process, they can save more time by applying for the loan online. All they need to do is log in to the online portal of Bajaj Finserv.
- Along with specific information regarding personal loans, you get to know the interest rates and other charges, features and benefits etc. from the website or the personal loan app.
- The application procedure involves submitting financial details like salary slips, PAN card, ID card, etc. Lenders usually decide the interest rates after evaluating the documents. You should also work on aspects like CIBIL score, credit history, etc., to avail better interest rate for your personal loan.
Following these aforementioned tips, you can conveniently avail a personal loan in India. Unlike other traditional loans, Bajaj Finserv provides quite a few benefits that make it easier for individuals to gather funds during financial emergencies.
You might also look for customised offers to get the best deal on your personal loans. In this aspect, Bajaj Finserv provides pre-approved offers to make financing less time-consuming. These offers are available on several financial products like personal loans, credit cards, and business loans. You can submit necessary details like name and contact number and check your pre-approved offer online.
To make the personal loan approval process smooth irrespective of such offers, there are certain aspects applicants need to keep in mind.
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Necessary requirements to get fast approval
Individuals looking for loans urgently from the financial institution shall consider the following factors –
- Credit score: Having a decent CIBIL score is the essential requirement to apply for most loans. Since it represents your creditworthiness, keeping it 750 or above is ideal for getting quick approval.
- Ability to repay: You must also check the personal loan eligibility criteria before applying. In order to check that, you might need to provide necessary information like income details, date of birth, current employer, etc.
Once you meet all the required parameters, use their personal loan EMI calculator to calculate the monthly installments you will be paying for the mentioned loan tenure.
- Credit history: This plays an equally important role. Individuals should pay EMIs on time, repay previous loans within a stipulated period, etc. to have a good repayment track record.
These factors are also vital in the determination of interest rates. Individuals with a healthy credit score and repayment track record are more likely to secure affordable interest rates on their personal loan in India.