Bajaj Finserv Personal Loan the Key to your Happiness

For personal loan is an unsecured loan, it is usually expected that the interest rate would be high in comparison to other loans that are issued against the mortgage. And this is quite true as well. For this loan is issued without any security, the lender is not sure whether he will recover the amount or not.

So, the lender charges high interest as a payment of risk he is taking by giving you the loan without any security. But, if you think that personal loans are provided at standard rate to everyone then you are under a false impression. This is because the interest rate on a personal loan is not uniform for all.

The rate of interest depends on various factors. If the loan profile is good the candidate can get a loan at reasonable interest rate. Bajaj Finserv personal loan are available at moderate rates. Its loan product can be availed by the eligible candidates. Read the details for more information.

Personal Loan Details-

The applicant must check the following details before applying for the personal loan:

• Interest Rate -  The interest rate on the loan is decided on the basis of customer’s profile. The Bajaj Finserv personal loan rate of interest starts from 12.75% p.a.
• Processing Fee - The customer has to pay the processing fee ranging from 2.25% to 3% of the loan amount.
• EMI Bounce Charges - For every EMI bounce, the borrower has to pay the charge of Rs. 1,000.
• Penal Interest - If the borrower defaults in interest payment then he/ she has to pay the penal interest of 2% per month.
• Foreclosure Charges -  On early repayment of the loan the candidate has to pay 4% of the outstanding amount and service taxes
• Pre- payment Charges - The candidates making part payment before the due date have to pay the 2% of the outstanding loan amount.

Personal Loan Eligibility Criteria-

Bajaj Finserv provides personal loan only to the salaried individuals. The individuals must standby the following parameters in order to avail the benefit of personal loan:

• The age of the applicant should be between 25 to 53 years
• The applicants living in Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat and Thane must earn a minimum salary of Rs. 40,000 per month.
• For the citizens living in Chandigarh, Cochin, Jaipur and Nagpur the minimum net salary should be Rs. 35,000.
• The loan applicants residing in Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada and Vizag must earn a minimum monthly salary of Rs. 30,000.

Documents Required: The applicant needs to present the following set of documents:

Proof of Identity - Passport / Voters ID card / Driving license / PAN card

Proof of Residence - Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)

Employment Proof - Employee ID card

Income Proof - Salary slips of last 2 months

Bank Statements - Salary account bank statement of the last 3 months

How to Apply-

The candidates can apply for the loan online or offline. For offline application, the candidates have to send an SMS or give a missed call.

Steps to Apply Online: It is easy to apply online. The applicant just has to follow a 4 step procedure to get the loan. The online application procedure is as follows:

• Open the online application form and fill the required details.
• Select the required loan amount and repayment tenure.
• The company representatives will collect the documents
• After collection of documents, the amount will be credited to the account.

Personal Loan Eligibility Calculator-

The candidates can even calculate the eligibility amount online using the eligibility calculator. The candidates have to place the following details in the calculator to know how much amount they are eligible to receive under the personal loan.

• Date of birth
• Current city of residence
• Company/ Name of Employer
• Net Salary
• Current Loan EMIs payable

Factors Affecting Eligibility- The factors that affect Personal loan eligibility are:

• Monthly Income
• Age
• Monthly Expenses
• Any Other Loan
• Credit History
• Job Stability
• Relationship with the Bank
• Category of Your Employer

Features and Benefits- The features and benefits of availing personal loan from Bajaj Finserv are:

• Instant online loan approval - The online application is instantly approved and the documents are collected from the house of the applicant.
• Amount disbursed within 72 hours - After approval, the loan is disbursed within 3 days and the amount is credited to the account of the applicant.
• Get loans up to Rs. 25 lakhs - The applicant can avail the loan of up to Rs. 25 lakhs as per his/her eligibility.
• Flexible loan tenure - The loan can be repaid during the tenure ranging from 24 months to 60 months.