Bajaj Finance is the most diversified non-banking financial institution in the country. It provides finance for the widest set of outcomes. It helps people realise their aspiration and support them in fulfilling them. The company understands the variant needs of each class of customers and therefore lends money to the eligible candidates.
The Bajaj Finance Loan can be availed to fulfill variety requirements. For the different purpose the company has different credit facility. If the funds are needed for growth and expansion of the entity, the company offers business loan. Also, to finance the personal needs the customer can avail the personal loan. These credit facilities is extended to the eligible customers only. The eligibility for each product depends on various factors. And they are discussed below:
Factors Affecting Business Loan Eligibility
Factors that determine the BL identity are:
- Loan Repayment track
- Credit Performance / Credit Bureau Update
- Debt servicing ability of the customer
- Business Vintage
- Financial Ratios
- Existing relationship
Who can Avail Business Loan from the Company
- Self Employed Professionals - The following self-employed individuals are eligible to avail the facility.
- Allopathic doctors
- Chartered accountants
- Company secretaries Architects who are practising their profession
(Proof of qualification to be documented)
- Self Employed Non- Professionals - The Traders and Manufacturers can also get the loan.
- Entities - The entities suitable are as follows:
- Partnerships
- Limited Liability Partnership Private Limited
- Closely held Limited companies
How to apply for the loan?
To customer can avail this facility by registering online on the official website of the company. And can also visit the nearest branch office to submit the application form along with the required documents.
Documentation Needed
- Application form
- Photograph of applicant and Co-Applicant
- Income proof documents - IT returns, Balance sheet & P/L account statement for the last 2 years with Annexure, Form 16 A
- Bank Account statements for the last 3 months
- KYC documents of Co-applicant
- Business vintage for 5 years
- Business proof: Certificate of practice
Factors Affecting Personal 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
Who can apply for Personal Loan
The parameters set by the financing company are given below:
- 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 for the Personal Loan from the Company
The candidates wanting to take the credit from the company for any of the personal needs can apply for the loan online or offline. For offline application, the candidates have to send an SMS or give a missed call. And for online application follow the stated procedure:
- 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.
How to know the Bajaj Finance Loan Eligibility Amount
The candidates can even calculate the Bajaj Finance loan 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. eligibility criteria are simple and based on the age, income and repayment capacity of the individuals. The company provides personal loan for various purposes and they are as follows:
- Date of birth
- Current city of residence
- Company/ Name of Employer
- Net Salary
- Current Loan EMIs payable
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