The complexity of finding the most suitable personal loan lender has been increased due to the n number of options. In this article, we will talk about one of the famous and prominent personal loan lenders in the market and i.e., Bajaj Finserv Personal Loan. There are various reasons for it to be one of the preferred and best personal loan in India. To help you a little we have provided some of them, do have a look:
- Collateral-free loan: A personal loan from Bajaj Finserv is a hassle-free unsecured loan, meaning that no collateral or guarantor is needed to match the amount of the loan. Both salaried and self-employed borrowers may obtain a personal loan from Bajaj Finserv.
- Flexible Repayment Tenure: Bajaj Finserv personal loan come with a flexible 5-year repayment period. With Bajaj Finserv you can the liberty to choose the loan tenure at your convenience.
- Online loan application: Bajaj Finserv personal loan can be availed through online mode. That has fasted the loan approval and disbursement of the loan amount. As mentioned above this is one of the reasons why a personal loan from Bajaj Finserv is considered to be a great weapon against economic emergencies.
- Minimum Documentation: Bajaj Finserv personal loan is known for its simple, hassle-free, and quick process of documentation. The overall time for Bajaj Finserv personal loan documentation is considerably less than the other personal loan lenders.
- It saves time: As you want quick cash and with perfection, Bajaj Finserv offers the same.
- Flexibility: As the Bajaj Finserv gives the adjustable repayment tenure up to 60 months, you can select the most suitable and most convenient loan repayment tenure. So, as it can be changed according to your need and comfort, you do not need to change your tenure needs.
- Manage the loan online: As described above, Bajaj Finserv’s personal loan can be used via online loan processing that has given the loan seeker great convenience with various features such as online loan management.
- Simple to access: For nearly a decade now, Bajaj Finserv has been providing financial services. Especially with the sophisticated technology of online loan processing.
- Quick Loan Operation: Bajaj Finserv’s loan processing time has been reduced, and now you can process applications instantly. Since you do not have to wait for several days to get personal loan approval.
- Multi-Purpose Loan: Bajaj Finserv personal loan is a multipurpose loan as it can be used to pay off wedding expenses and others for any purpose such as purchasing 2 wheelers, 4-wheeler.
Ways of getting low-Interest Rate on Personal Loan
- Holding a decent credit score
Since a personal loan is an unsecured loan, a strong credit score is the most significant eligibility requirement. A personal loan is not backed up as a guarantee by any asset. Your credit score is the lender’s only indication of your creditworthiness and stability. There is a possibility of having an instant personal loan at a lower interest rate if you hold a high credit score. You can now also search online for free CIBIL scores and take steps to boost them.
- Making use of expert qualifications
To discuss the rate of interest with the lender, you can use your professional credentials. It will help you get a low-interest personal loan if you work for a reputable organization and get a high salary. If your employer has strong ties with the lending agencies, you can also get a loan at a higher interest rate.
- Avail seasonal promotionsLenders provide clients with seasonal deals, such as reduced interest rates for personal loans and zero processing fees. These deals that can get you a lower interest rate on your loan should be checked for. facility for personalized pre-approved loan deals is offered by several lenders. To get a low loan interest rate, you can also take advantage of these deals.
- Apply with a recognized creditor
You gain leverage for bargaining when you apply for a loan with a recognized bank/financial institution. Lenders provide current clients with better interest rates and service terms.
Bajaj Finserv Personal Loan EMI Calculator
It is important to search for a personal loan EMI before applying for it, as it allows you to prepare meticulously. The Bajaj Finserv personal loan EMI calculator is available for all and you can opt to use it to prepare the outgoing loan and the monthly budget.
The sum payable every month to repay the loan within the approved time is referred to as an EMI (Equated Monthly Instalments) loan taken for an allocated duration. You may simply visit the official website of the lender to measure the EMI on the Bajaj Finserv personal loan. You can find the ‘Personal Loan EMI Calculator‘ option there.
Few basic information such as loan number, interest rate, and tenure of repayment will be needed. The EMI sum requires a few seconds to be tested against the personal loan to be taken.
Advantage of using a Personal Loan EMI calculator
The EMI calculation with a pen and paper appears to have a great risk of errors, but they are quick, reliable, and free from human errors if you use the results of an EMI calculator. When using an EMI calculator, you can also play with the numbers, such as the loan number, repayment tenure, and interest rate, and you will get the results accordingly.
Tips for handling a Personal Loan EMI
You must handle the monthly EMIs well at the time of a personal loan application.
- Manage personal expenses: You can first review the amount you will need to pay as EMIs for all the loans if you have an existing loan and apply for another personal loan.
- Know the repayment capability: As much as you think you can afford to repay monthly; you should still go for a personal loan sum. A personal loan EMI calculator makes it easier for you to prepare a personal credit EMI in a better way. Through going this way, the monthly amount they need to be charged would be decided in advance.
Required documents for Bajaj Finserv Personal Loan
- Full application form for a personal loan.
- Copy of Passport /Voter ID Card/Driving License/Aadhaar Card.
- Address Proof (copy of passport/voter identification card/driving license/Aadhaar).
- The prior three months of bank statements (Passbook of the past 6 months).
- Latest slip for pay.
- Present Certificate of Dated Wage.
- Form 16
- Revenue tax returns
Lastly, various variables have a significant impact on Bajaj Finserv’s personal loan interest rate. It is always advisable to thoroughly be prepared and check all related costs to the personal loan before applying for it.