Know about Bajaj Finance Personal Loan Eligibility to Secure Easy Loans

Bajaj Finance is one of India’s leading non banking financial companies which has served the financial needs of the people.The NBFC provides a Personal loan to all the eligible salaried employees so that they can fulfil their personal needs and wishes.

The product is tailor made to meet any kind of financial need relating to child’s education, wedding in the family, medical treatment etc. Interested people can even avail the product for improving or renovating their house. The repayment tenure goes up to a maximum of five years. Applicants are not asked to furnish any collateral or security for securing this product.

Now, before you make any decision about obtaining a personal, it is very important to know whether you are eligible for it or not. You can have a look at this article to know about Bajaj Finance Personal loan eligibility.

Bajaj Finance Personal Loan Eligibility

A loan applicant has to meet certain norms of eligibility if he/she wishes to avail a personal loan from Bajaj Finance. A personal loan is only offered to salaried employees who earn a stable and good income and that too from a regular source. The main two factors while play a key role in determining the repayment capacity of an applicant is his/her age and the income he/she earns.

• The applicant must be an individual falling into the age bracket of 25 to 53 years old. The applicant needs to be at least 25 years old when the loan is applied.
• The income you earn every month also plays an important part in determining your repaying capacity. Applicants living in the cities of Mumbai, Noida, Kolkata, New Delhi, Ahmedabad, Hyderabad, Surat, Banglore,, Faridabad, Chennai, Ghaziabad, Coimbatore, Gurugram and Thane should earn a minimum monthly income of Rs. 40,000 so as to avail financial help from the NBFC.
• In case of cities like Nagpur, Kochi, Kolkata, Chandigarh and Jaipur, the minimum monthly net salary should be Rs. 35,000.
• The monthly income requirement is Rs. 30,000. For people residing in tier two cities like Aurangabad, Bhubaneswar, Vijayawada, Baroda, Indore, Mysore, Madurai, Trivandrum, Nasik and Vizag.

Documents required:

The list of important documents required for the product has been mentioned below.

• Proof of Identity- PAN card/ Voter ID card/Aadhar card/Passport/ Driving License
• Proof of employment- Your employee ID card
• Proof of Address- Utility bill/Passport/ Driving License/Letter from employer which has a HR sign/ Ration card/ Latest mobile bill
• Bank statement of the last three months
• Proof of Income- Salary slip of the past two months

Bajaj Finance Personal Loan Eligibility calculator-

The eligibility calculator will notify you about the maximum amount which can be availed by you. All you have to do is provide  your date of birth in the format of DD(Date)/ MM(Month)/ YYYY (Year). It should be followed by details regarding your current city, employer or company’s name, the net salary and the combined loan monthly EMIs, in case you have one. You will also have to mention the combined outstanding on your credit card. The last thing you will have to do is tick whether you have a home loan or not. Once you follow all these steps, you will be able to know the loan which you are eligible to take from Bajaj Finance.

Interest rate and processing fee

The rate of interest for the product starts from 12.75% onwards. The applicant is also charged with a processing fee amounting to 2.25 to 3% of the loan amount. In case you miss paying the EMIs on due time, you will be charged with EMI bounce fee of Rs. 1,000 for every bounce you make.

Bajaj Finance Personal Loan EMI calculator

It is very essential to know about the EMI amount that you will be paying every month. In case, the EMI amount is higher, you can easily disturb your monthly budget. An applicant can now easily calculate the EMI amount within few seconds all thanks to this calculator. The magical tool can be used to compare EMI amount for different interest rates. One can then choose accordingly, and avail the one that suits him/her the most. To find out the information relating to your EMI amount and total interest payable, you have to follow certain steps. You have to enter the amount of your loan, interest rate and tenure period. You will instantly receive the desired information.

Since now you are well versed with Bajaj Finance Personal loan eligibility you can easily determine whether you are eligible for the product or not.