If you meet the bajaj finance personal loan eligibility criteria, the loan approval is done within five minutes. Using the lump sum amount you can easily meet your needs, especially if there’s a financial emergency. What emergencies? Medical contingency when there are not enough funds for the treatment, and college admission where your savings don’t meet the study requirements, etc. Bajaj Finance offers up to INR 25 Lakh to the borrower. And the loan limit will depend on his/her repayment capabilities. So, if you don’t have any assets to pledge and need a lump sum amount, apply for Bajaj Finance Personal Loan. Get to know more about this loan on the page below.
List of Benefits with Bajaj Finance Personal Loan
When you borrow a Bajaj Finance Personal Loan, you will get the following advantages –
Instant Approval – Post the submission of the loan application, the NBFC will convey its decision to lend you within five minutes. So there is not a long waiting process. You will get to know about loan approval in a few minutes. An SMS or email is sent to your registered mobile or email address.
Affordable Rate of Interest – People have a myth of high-interest rates on personal loans. Well, this myth no longer exists, as Bajaj Finance Personal Loan comes at an interest rate of 13.00% per annum onwards.
Flexible Repayment Options – You can repay the borrowed amount + the applicable interest in equated monthly installments. The repayment can be done over 24-60 months. Use any suitable repayment method such as ECS, NACH or post-dated cheque.
What Does Bajaj Finance Require Before Approving Personal Loans?
If you want a lump sum amount from Bajaj Finance, you need to meet the following criteria –
Age 21-67 Years
If you’re 21 years old or older, you’re eligible to apply for a Bajaj Finance Personal Loan. The NBFC offers you the opportunity to borrow the loan till you’re 67 years old. Most lenders won’t provide personal loans to such old-aged people. But with Bajaj Finance Personal Loan you’ll get this benefit.
The salary requirement of the applicant may differ based on the state/city you live in –
- Ahmedabad & Kolkata – INR 30,000
- Bangalore, Delhi, Mumbai or Pune – INR 35,000
If your income is < INR 25,000, you can apply for a personal loan up to INR 10 Lakh.
750 & Above CIBIL Score
A CIBIL Score helps the lender know your repayment capabilities. This score ranges from 300 to 900. An applicant with a CIBIL score of 750 or more will be preferred for the personal loan. So, do check your score before applying for the same. It is simple, visit the official website of Transunion CIBIL, create a free account and log in to your account. Once you do that, check your CIBIL score for free.
EMI Calculator Tool for Bajaj Finance Personal Loan
Bajaj Finance gives you access to the online EMI calculator using which you can find the EMI amount and repayment schedule. With this information, you can easily plan your repayment. Just insert the following details –
- Loan amount
- Interest rate
Follow the below steps to check your EMI for Bajaj Finance Personal Loan –
- Visit the official website of Bajaj Finance
- Click on ‘Loans’ and select ‘Personal Loan’ from the drop-down
- Click on the ‘EMI Calculator’
- Insert the loan details and see your EMI result
Let’s check out the below example and see how the EMI Calculator helps Sameer in Bajaj Finance Personal Loan Repayment.
Sameer is going to apply for a Personal Loan of INR 8 Lakh. Bajaj Finance offers him this amount at a bajaj finance personal loan interest rate of 14.00% per annum. He chooses a 36-month repayment period and uses the EMI calculator to see the EMI amount which is INR 27,342. This is not an affordable repayment amount for Sameer, so he changes his tenure to 48 months. Now, his EMI is INR 21,861.