Bajaj Finserv Personal Loan
Established in April 2007, Bajaj Finserv is an expansion of Bajaj Auto as a financial power house for offering numerous loan deals and offers against insurance, asset management, lending, and wealth management. The company through its joint venture and subsidiaries hiring more than 20000 employees and establishing a presence all over the country across over 1400 domestic locations for serving protection, lending, and investment services and meeting the needs of over 10 million customers. Presently, the company is engaged in services like general insurance, life insurance, and consumer finance businesses, and is soon going to expand the business in the array of financial products and services. Bajaj Finserv Limited is a holding company for dealing with the business of financial services of the Bajaj Group. Its insurance joint ventures with Allianz SE, Germany, commonly known as and Bajaj Alliance General Insurance Company Limited and Bajaj Allianz Life Insurance Company Limited are engaged in general and life insurance services respectively.
Bajaj Finserv is one of the prominent loans providing company that offers loan in lowest interest rate. This is one of the best and reliable destinations to apply for personal loan. Here customers will get instant loan approval facility. Apart from personal loan, this organization offer loan for consumer products finance, loan against shares, two wheeler loans, home loans, credit card based loans and loan for doctors. Bajaj Finserv help customers to fulfill their dream to buy their dream home, to buy or invest in other property, long holiday trip or any other important task that they want to complete. Being the subsidiary company, Bajaj Finserv has set a mark for being among the top-notch non-banking financial companies across India by offering an array of loan and credit card services. Also, it is a first non-banking finance company to offer doorstep delivery of the loan application request.
Bajaj Finserv is one of the fastest growing financial organizations with its 24 products in more than 12 categories in across India. For the second year in a row this organization has grab the award for being best place to work. This organization is one of the top 25 organizations in Asia. Baja Finserv is providing services through its more than 7000 retail stores and 150 branches. Registered customers will get information about latest offers information regularly through various medium. Company offers amazing customer support and helps them to resolve issues in real quick time.
The key features of Bajaj Finserv Personal Loans are:
• The company offers the most quick, convenient, and easy credit solutions where an applicant gets instant approval within 5 minutes (if the applicant meets the required eligibility criteria) and the loan amount is credit to the bank account of the borrower within 72 hours of the application approval.
• Seamless application process. In order to request for any personal loan, an applicant is required just to check his/her eligibility for the loan and fill an online application form instantly. One of the representatives will get in touch with you as soon the application request is received. You will be asked to submit the valid documents as per the norms of the loan.
• One the loan application is approved; fund amount is disbursed directly into the borrower’s bank account within 72 hours of the approval through RTGS or NEFT transfer mode.
o RTGS – It stands for Real Time Gross Settlement, which is defined as real-time fund settlements for individuals on an order by order basis. The key benefit of this mode of transaction is that the request is processed instantly as soon the application is received. Further, “gross settlement” means to process transfer of funds instantly once the application is approved. As the transaction is then mentioned in the account books of the Reserve Bank of India, the transfer is said to be final and irreversible.
o NEFT – It stands for National electronic funds transfer. It is a country-wide convenient payment mode facilitating one-to-one funds transfer. With this scheme, funds can be transferred from any branch of any bank or financial institution to any individual’s account with any other branch of the bank within India.
• The institution is recognized as the leading personal loan provider in India and for offering a range of loans in over 139 locations across India.
• The company is reckoned as the best finance service provider for offering doorstep services for collecting the mandatory documents required along with the loan application. All they need to do is simply call the company to request doorstep service and then a company representative will visit your place to collect the documents and complete the application process.
• While going for Bajaj Finserv Personal Loans, a borrower can choose the repayment option against the monthly installment tenure ranging from 3 months up to 60 months, depending up on the amount of loan approved.
• However, longer the tenure, higher will be the interest amount. Therefore, it is always better to check the interest rate and potential installments by using online EMI calculator. This way the borrowers can have a fair idea regarding the principal and interest amount for the loan they are planning to take.
• The existing Bajaj Finserv customers are eligible for getting great deals on pre-approved loan or top-up loan offers.
• The customers can track the entire information or details regarding their loan account such as annual interest certificate, repayment schedule, loan repayment, outstanding balance, and several other loan-related queries through a state-of-the-art online platform.
Why Bajaj Finserv Personal Loan
a. Nil prepayment penalty/ foreclosure charge.
b. Up to 25 lakhs loan approval facility.
c. 6 times part payment facility.
Important information about Bajaj Finserv Personal Loan
1. Current interest rate is 11.99% – 16.00%.
2. Processing fee is up to 2% of loan amount.
3. Foreclosure Charges up to 4% after repayment of first EMI.
4. Applicant’s minimum income must be 30,000 in case of small cities and 40,000 for metro cities.
5. Maximum loan amount approval limit is 25 lakhs
6. Up to 5 years repayment flexibility.
7. In case of flexi loan 0% part payment charges.
Minimum Salary Criteria for Bajaj Finserv Personal Loan
1. Minimum 30,000 monthly income for customers of Mysore, Nasik, Trivandrum, Vijayawada, Vizag, Aurangabad, Baroda, Bhubaneswar, Indore, Madurai.
2. Minimum 35,000 monthly income for customers of Jaipur, Nagpur, Chandigarh, Cochin.
3. Minimum 40,000 monthly income for customers of Thane, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Ahmedabad, Bangalore, Chennai, Coimbatore and Delhi.
Benefits of getting Personal Loan from Bajaj Finserv:
Personal loan is a great monetary source for managing the finances and acting as an impetus for implementing the plans into action. Such loan is calculated among the unsecured consumer credits where a borrower is free to utilize the funds for any purpose such as buying furniture, going on a holiday trip, medical emergency, or anything of their monetary requirement. There are a lot of benefits of Bajaj Finserv Personal Loan, some of them are mentioned below:
Instant online approval – Get entire end-to-end personal loan solutions online, which include representative’s assistance and borrower’s queries regarding the eligibility criteria and required documentations to request the personal loan approval and disbursal. Get an instant approval at Bajaj’s finance services and disbursal within 72 hours of the approval. Just visit the website, check the eligibility, and apply for the personal loan.
Loans up to Rs.25 lakh – You can request a personal loan up to Rs.25 lakh, subject to the income and age, and repay the credit in easy monthly installments.
No end-use limitation – Unlike other loans taken for a specific purpose like home loan, vehicle loan, education loan, and a lot more, there is no restriction to make use of the credit approved amount. Therefore, Bajaj Finserv personal loan is the easiest way to get cash at the time of an urgent need of the funds.
No guarantor required – It is the easiest unsecured loan to get because a borrower doesn’t require arranging for any collateral or guarantor.
Flexibility to choose the tenure – A borrower has a flexibility to choose the tenure where they can conveniently pay the monthly installments according to their monthly income. Longer tenure means lower monthly installment but, high interest amount and vice versa. Thus, the tenure can be opted after calculating the EMI, principal amount, and interest amount.
Fixed rate of interest – Personal loans are approved on fixed rate of interest so that you don’t have to worry in terms of the interest rate fluctuations before opting for tenure.
Tax benefit – If you use the disbursed amount for the purpose of constructing, renovating a house, or making down payment for the house, you can get up to Rs.2 lakh tax deduction under section 24B for the interest part during a financial year. However, to avail the tax deduction, you have to submit valid proof that the funds will be utilized for the specific purpose only.
What is a pre-approved personal loan?
A pre-approved personal loan is offered to the existing customers of the bank who have a clean track record in terms of previous loan repayment history. In some cases, the credit is also pre-approved based on certain conditions including the active transactions in salary accounts. However, in both conditions, the offer comes for a limited period to accept and get approved.
The first thing to look for after receiving the offer is whether you really need to avail the offer or not because this generally happens that people avail the credit offers just for a sole reason that it was offered even when there was no necessity. Therefore, it is best not going for a pre-approved until the reason is determined and necessary. Because ultimately you have to bear the repayment and if the installment bounces, then it will be counted negatively in CIBIL score.
Why is a pre-approved personal loan good?
Usually, the time taken for processing and disbursing the pre-approved personal loan is far less than requesting the loan. Also, approved amount is disbursed in less than 72 hours of accepting the approval. However, it is completely a borrower’s decision to decide the required credit amount. Bajaj Finserv generally, approves a specific amount based on borrower’s repayment history, account balance, and transaction frequency, but, it is completely up to a borrower whether to request for the full pre-approved amount or not.
Eligibility for Bajaj Finserv Personal Loan for salaried employees:
Any applicant, who is a resident of India, should be employed in a reputed firm for more than 2 years
He or she should be more than 21 years old or less than 70 years
He or she needs to maintain a saving or current account in any bank by getting monthly salary credited in the bank account itself
A copy of Voter card, Passport, Driving license, or Adhaar card for identity proof
A copy of voter card, ration card, electricity or telephone bill, passport, or lease agreement (if any) for address proof
A copy of PAN card for age proof
The name, photograph, required details, and signature of an applicant should be clearly mentioned on the application documents to be easily understood.
Bank account statement of last 6 months for the purpose to verify income status of an applicant before requesting for the credit. In this way, financial status of an applicant is depicted and illustrated whether an applicant is worthy of a loan or not.
Salary slip of last 3 months
The applicant is required to follow the same signature for signing every application document and throughout the loan tenure.
Eligibility of personal loans for self-employed applicants:
Even self-employed or business person can apply for the personal loans but, he or she should meet the eligibility criteria mentioned below:
o Any individual who is a farmer, trader, businessmen, or self-employed professional can request a personal loan under self-employed category.
o An applicant should be more than 21 years and maximum up to 70 years at the time of requesting the loan.
o He or she should have valid documents for the purpose of self-employed proof.
o Duly filled application form for requesting the loan
o A copy of driving license, voter card, Adhaar card, or passport for identity proof
o A copy of voter card, ration card, electricity or telephone bill, passport, or lease agreement (if any) for address proof
o A copy of PAN card for age proof
o A copy of bank account statement for last 6 months, self-employed certificate, sales tax registration, form 18 and ROC certificate for income proof. The documents submitted should be valid in order to verify the applicant’s income status before requesting the credit. These document copies will provide a fair idea regarding the applicant’s income and the worthiness of the approval.
o The name, photograph, required details, and signature of an applicant should be clearly mentioned on the application documents to be easily understood.
o A copy of IT return along with a copy of audited profit & loss account and balance sheet of the last two years.
o The applicant is required to follow the same signature for signing every application document and throughout the loan tenure.
o Passport size colored photographs of an applicant
o Certificate of incorporation should be submitted in order to the establishment proof of a firm or company. The documents submitted for business establishment and continuity proof should reveal that the business has completed at least 5 years of establishment.