Personal loans are convenient when additional expenditures are occurring. You may have to pay for increased insurance premiums, weddings gifts, medical costs, travel, home refurbishing, etc. and personal loans can stand out with you to get you out of all these expenses.
Bajaj Finserv comes up as one of the leading financial institutions in India when it comes to availing an instant personal loan online. In this post, you will get to know how Bajaj Finserv personal loan stands out from others and how you can avail it online in 4 easy steps.
Bajaj Finserv personal loan – Features and benefits
There are many who might not be aware of how Bajaj Finserv personal loan stands out from others, then below we have drawn the features and benefits about the same. Take a look:
- Loan amount and tenor
The lender extends personal loans of up to Rs. 25 lakhs. You can avail the loan with a flexible repayment tenure ranging from 1 year to 5 years.
- Instant approval
As soon as you apply for a personal loan online from Bajaj Finserv, you will get your personal loan application approved within 5 minutes. The money gets credited into your bank account within 24 hours after the approval.
- Flexi personal loan
Bajaj Finserv personal loan has a Flexi loan facility which extends you a pre-approved loan limit, but you can take out as much as needed at a certain point. The interest amount is computed only on the borrowed amount.
For instance, if you have a pre-approved loan limit of Rs. 10 lakhs, and you require just Rs. 2 lakhs, you can take out that amount and the personal loan interest rate will be applicable only on Rs. 2 lakhs.
If you wish to prepay the loan amount, you can do so without incurring any additional charges. Every time you take out a certain amount form your pre-approved loan limit, consequently, the amount of money left in the loan facility lowers and every time you partly pay off, the fund amount available in the loan facility boosts accordingly.
- Flexi interest-only loan
If you do not possess adequate funds to pay your EMIs which consist of principal and the interest amount, Bajaj Finserv offers another facility called Flexi interest-only loan facility, which allows you to pay only the interest part without obtaining any penalty and you can pay the principal when you have the additional funds.
Every time you take out, the fund left in your loan facility reduces accordingly. Consequently, every time you partly pay off, the amount of funds available in the loan boosts accordingly.
You can pay off the principal amount at the end of the loan tenure. This lowers your monthly instalments greatly. You can figure out your EMIs under Flexi interest-only loan facility with the help of exclusive Bajaj Finserv flexi interest-only loan EMI calculator.
You can partly prepay without contacting any penalty as per your convenience (when you have the extra funds).
Every time you take out, the fund left in the Flexi interest-only loan facility gets lower accordingly. Conversely, every time you partly pay off, the fund available in the loan facility maximizes.
Bajaj Finserv personal loan – Application process
To apply for a Bajaj Finserv personal loan, you simply have to perform 4 easy steps:
- Fill the required information
While applying for Bajaj Finserv personal loan online, you are given a form. You will be required to fill in some important details, i.e., personal, financial, and employment information.
More particularly, this information will include your minimum take-home salary after the deductions, residential city, age, etc. Ensure to give precise details, or the odds of your personal loan application rejection might maximize.
- Choose the loan amount and tenure
The second step is to fill the loan amount that you require, alongside input the repayment tenure to attain instant online approval.
If you are not certain which term to select, or how many monthly instalments you are required to pay, you can take the help of the personal loan calculator and perform consequently.
A personal loan eligibility calculator will provide you with an estimate about the maximum loan amount which you can borrow on the basis of certain criteria, i.e., your salary, combined monthly instalments, combined outstanding on a credit card, etc.
- Submit necessary documents
Since Bajaj Finserv extends doorstep service, the moneylender’s representatives will visit your place and pick up the required documents. Here are some of the basic documents that are required against Bajaj Finserv personal loan:
- KYC documents
- Employee ID card
- Last 1-year salary slips
- Last 3 months bank statement of your salary account
Note: The lender may ask for some additional documents if required to process your loan.
- Instant disbursement
After you submit the documents along with your duly filled personal loan application, the money gets disbursed into your account within 24 hours as soon as your loan application gets approved.
To conclude, additional expenditures outside your budget continues emerging throughout your life. These could involve costs for medical treatment, travel, higher courses, home revamping, car renovation, etc. Bajaj Finserv personal loan can support you fulfil these expenditures without impacting your investments.
In order to know more about Bajaj Finance loan details, you can get in touch with the Bajaj Finserv personal loan associate through their contact number.
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