Enjoy the Benefits of Bajaj Finserv Personal Loan (Posts by Ajit Samal)
A personal loan is a great way to meet cash requirements. Whatever a borrower wishes to, whether remodeling the home, go for a holiday or consolidate the credit card bill. Bajaj Finserv’s loan is among the best solutions for all the financial worries. A personal loan is an unsecured loan means a borrower doesn’t require to give up something as security for the loan. Bajaj Finserv personal loan comes with a fast loan approval procedure. A borrower can avail of Bajaj Finserv personal loan approval in a short time. Let’s have a look at the benefits of Bajaj Finserv personal loan:
High Loan Amount: You can avail of the high amount of personal loan from Bajaj Finserv based on your eligibility.
Fast Documentation: This is one of the reasons for Bajaj Finserv being so popular for a personal loan. The team is so efficient that it includes a short period in the loan sanctioned procedure.
Flexible Repayment Tenure: You can enjoy the flexibility in the loan repayment term of personal loan. Bajaj Finserv facilitates you with the flexible repayment tenure up to 5 years.
Quick Approval: The quick loan approval and disbursal of the amount have made the Bajaj Finserv one among the preferred choices of the borrowers. If you meet all the Bajaj Finserv personal loan eligibility criteria and have accurate documents, then you may get the loan sanctioned within one business day.
Apply Online: The online loan application process has made loan processing faster than earlier times
Bajaj Finserv Personal Loan Interest Rate
The interest rate is a major aspect whenever there is talk about the loan. A borrower can get the competitive interest rate from the Bajaj Finserv subject to the availed loan amount, salary, loan tenure, and others. Some of the factors that determine the Bajaj Finserv personal loan interest rate in India are given below:
The income of an individual majorly affects personal loan interest rates. Generally, a high-salaried individual is at a safer bet while availing a personal loan. As the chances of timely repaying the loan amount are higher in the case of high salaried people.
2. The Repayment History
The repayment history plays a significant role in determining the personal loan rate of interest. Typically, it serves as a validation of the past financial records of loans and credit cards. When an individual makes a payment on the previous loan, additional points are added upon the current score. Therefore, try to make it a point to have a clean slate in the case of repayment history. A good credit score ensures a low rate of interest, which eventually allows saving more money.
The credibility of an organization ensures a good deal of personal loans. When an individual works for a reputed company, he/she is more considerate towards the timely EMI payments. A loan seeker can utilize the online available personal loan EMI calculator to obtain the estimated EMI amount.
4. Nature of Employment
An individual employment nature also determines the personal loan rate of interest. Generally, a great difference has been seen between the offered interest rates to a salaried employee and a self-employed entrepreneur.
5. Customer Relationship
Another important factor that affects the personal loan interest rate is the relationship with the personal loan lender. If the borrower been an existing loyal customer with a good repayment record, the loan lender might grant some extra perks and offers. The healthy relation with the provider can determine the interest rate on a personal loan. Mostly, customers with an existing account or credit card receive special schemes and offers.
Tips for getting Bajaj Finserv Personal Loan on Low-Interest Rate
Here are the few tips which may help you to get the Bajaj Finserv personal loan at a low rate of interest.
Loan Repayment Term
The loan repayment tenure plays a significant role in the interest rate offered by Bajaj Finserv. If you opt for the short loan tenure, then usually the higher interest rate is charged in comparison to loans offered for longer tenures. Try to choose the long loan repayment term.
To get a personal loan at the low-interest rate it is crucial to have a credit score of 750 or above.
Bajaj Finserv Personal Loan Eligibility Criteria
1. An applicant needs to fulfill the below-provided criteria for availing Personal Loan from Bajaj Finserv. The criteria are:
2. The applicant should be a salaried professional with a regular source of earning.
3. If in case an applicant is self-employed professionals and businesses, Bajaj Finserv offers personal loans to those.
4. The applicant’s minimum age should 23 years.
5. An applicant’s maximum age should be 60 years to eligible for Bajaj Finserv personal loan.
Tips that may help you to boost your loan eligibility. 1. Pay Off all Existing Loans
When you apply for a personal loan, make sure you do not have any other loan payments in line. If there are other loans to pay for, then your loan repayment capacity becomes a risk for the lender as you already have to pay other EMIs at the end of each month.
2. Maintain a good Credit Score
Of all the set criteria, the credit score is the most important factor which lenders focus on.
3. Choose Longer Repayment Term
When you choose a longer tenure, it increases your eligibility. A longer tenure shows that you can repay the loan for a certain time in the future. You can always use a personal loan EMI calculator to plan your EMIs.
4. Pay Your Credit Card Bills on Time
Paying credit card bills on time reflects that you are disciplined when it comes to making payments. This can boost your eligibility.
Documents Required for availing Bajaj Finserv Personal Loan
To avail of a personal loan from Bajaj Finserv, a borrower should have some documents based on eligibility. All the submitted are verified by the bank officials, then only the approval on the loan application is provided. The generic required documents for the personal loan are:
A copy of any of the documents as identity proof:
1. Aadhaar Card.
3. Voter’s ID Card.
4. PAN Card.
5. Driving License.
A copy of any address proof documents:
1. Aadhaar Card.
3. Voter’s ID Card.
4. Driving License.
5. Bank statement of the previous 6 months.
6. Last 2 years ITR along.
Bajaj Finserv Customer Care
If you are facing any problem regarding the personal loan and need the details or guidance for the same, you can call on Bajaj Finserv customer care number 08698010101.
Originally published at https://www.bloglovin.com on January 10, 2020.