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.

Plan your Wedding with Bajaj Personal Loan

Wedding is a grand festive occasion in every family which comes once in a lifetime. Whether it is your wedding or the wedding of your daughter, son or a distant relative, it brings a gamut of emotions right from celebrations, talking to sharing and caring, snoring and adoring, altogether.

The two souls coming from different family backgrounds commit to a long-life affair where they promise to maintain the sanctity of their marriage happily throughout their lives. Everybody wants to marry in a splendid affair where the memories get last until lifetime.This is why for making the weddings a lavish affair, Bajaj Personal loan is designed to fulfill your purpose of getting quick cash availability within instant online approvals.

The wedding loans are offered through fast disbursals, with low interest rate in order to ensure the coverage of your expenses happen no later than that.

Here are the unique advantages of Bajaj Finserv Personal Loan for the wedding :

Get Instant Approvals-

As when the need for financing arises, the quicker will be your loan processing. Choosing the marriage loan from Bajaj Finserv will not only approve your loan within 5 minutes flat but the loan disbursal gets done in your bank within 3 days as well.

Obtain Funds within 72 hours-

As a standard practice, the bank ensures that you have your funds within 72 hours after the approval of your loan.

Loans upto ₹ 25 lakhs-

The limits are set at higher levels by the bank in order to cover your end-to-end expenses for wedding purposes. You can apply for Bajaj Finserv Wedding loan upto ₹  25 lakhs and repay it at your convenience by choosing the tenures ranging from 24 to 60 months.

Preapproved offers-

If you are an existing customer of Bajaj Finance, you will be eligible to get exclusive pre-approved offers for a Personal loan with the company.

Online Accessibility-

Once  the amount of Personal loan gets transferred in your bank account, you may start getting all the information related to Personal Loans like payment schedule,  interest certificate, repayment track and key information associated with your loans though the medium of digital customer portal.

Bajaj Finance Personal Loan Interest Rate-

The personal loan offered by Bajaj Finance is based on your credit history, salary, and your borrowed amount. The lowest Personal loan interest rate starts from 12.75% p.a. for loans upto ₹  25 lakhs.The additional fees are also applicable on your personal loan which are known as processing fees, EMI bounce charges, penal interest and security fee (only for online).

• The processing fee charges : 2.25% - 3% of the loan amount
• EMI bounce charges : ₹ 1,000 for every bounce
• Penal interest :  2.00% p.m
• Security fee only for online : ₹ 999/-
• The foreclosure charges greater than 1 month : 4% plus applicable taxes on principal outstanding
• The part-prepayment charges greater than 1 month :  2% plus applicable taxes on part payment amount paid
• The annual maintenance charges applicable on the following basis:

Line of Credit: 0.25% on sanctioned amount

Flexi Loan: 0.25% on Flexi Dropline limit

Personal Line: 0.25% on Flexi Dropline limit

Bajaj Personal Loan Eligibility-

Bajaj Personal loans designed for wedding purposes are specially meant for salaried professionals for which the basic eligibility parameters you need to provide for:

• The age limit should be in the range of 25-53 years.
• Your need to be a salaried employee by profession.
• Your net monthly income should be based upon the location of your residence or employer allotted residential houses:

• The minimum net salary need to be ₹ 40,000 per month for cities such as Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Thane
• The minimum net salary needs to be ₹ 35,000 per month for cities such as Chandigarh, Cochin, Jaipur, Nagpur
• The minimum net salary need to be ₹  30,000 per month for cities such as Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag.

Documents Required for Bajaj Personal Loan-

1. KYC Documents:

• Identity proof(Any one of the below)

• Passport / Voters ID card / Driving license / PAN card

• Address proof(Any one of the below)

• Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)

2. Salary slips of the last 2 months

3. Salary account bank statement of the last 3 months

4. Employee ID card to furnish as employment proof