Personal loans are a convenient way of securing funds for all your requirements, be it financing your child’s higher education, paying for wedding expenses, addressing personal or family emergencies or renovating your home for the festive season. You can not only cover all of these costs comfortably, but also get the amount quickly, as you do not have to submit any collateral to avail the loan.
All you need to do to get a personal loan of your choice is to fulfil the personal loan eligibility criteria set by the lender and have all the required documents in place. Taking a note of all these pointers will not only help you get approval on a personal loan from your preferred lender but will also give you the chance to avail affordable personal loan interest rates.
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Here is a step-by-step guide on how to apply for a personal loan in a hassle-free manner.
Fulfil Personal Loan Eligibility Criteria
Before you apply for an instant personal loan, check the eligibility terms put forth by the lender of your choice. From your salary and income to the city of residence and your credit score, several factors play a vital role in determining your eligibility. Ensure that you have a credit score of 750 or above to qualify for the loan quickly and on affordable terms, as lenders consider a score over 750 to be ideal for a personal loan.
When you’re evaluating loans based on eligibility, consider applying for a loan from Bajaj Finserv as it has simple eligibility terms. To apply for a personal loan, you should be an Indian resident between 23 and 55 years of age, with a steady income as an employee of a public/private company or an MNC. As per your city of residence, you must also earn the minimum monthly income. Alternatively, you can use the personal loan eligibility calculator to check if you qualify for the loan. Simply enter basic information to view your eligibility, the loan amount, and other loan terms. You can then get a personal loan by clicking on the ‘Apply Now’ button. When you choose lenders like Bajaj Finserv, the loan will be disbursed in to your account within 24 hours.
Estimate Your Expenses With a Personal Loan EMI Calculator
An EMI calculator is an online tool that helps you calculate your EMIs in advance by taking into account your principal, rate of interest, and tenor. So, apart from checking your eligibility, also use the Bajaj Finserv Personal Loan EMI calculator . Arriving at suitable EMIs is simple with this calculator as you can keep adjusting the principal and tenor until you arrive at an EMI that suits your repayment capacity. In some cases, the personal loan interest rate is automatically adjusted based on your other inputs.
When you choose a Bajaj Finserv Personal Loan, repayment is easy not only because you pay pocket-friendly EMIs over a flexible tenor, but also because you can avail the flexi loan facility. Here you can withdraw from your sanction as per your needs and pay interest only on the amount you utilise. Also, you can pay interest-only EMIs for the initial part of the tenor. This reduces your EMIs by up to 45%, helping you manage your cash flow better. You can also borrow a loan against life insurance policy.
Keep The Required Documents Handy
The third step is to submit the documents needed to process your loan application. Since a personal loan is a collateral-free loan, you do not have to submit too many documents. Bajaj Finserv, for instance, has minimal documentation requirements and you only have to submit your PAN card, Aadhaar card, employee ID card, salary slips of the previous 2 months, and bank account statement of your salary account for the past 3 months.
Submit Your Personal Loan Application Online
For faster approval, you can submit your loan application online as most lenders allow you to do so. This saves you a lot of time as you can apply from the comfort of your home or office, anytime you want to. When applying online, enter details correctly, as mistakes can slow down the approval process.
You can apply for a personal loan from Bajaj Finserv by filling a simple online application form. Here you need to enter basic personal, employment, and financial details. Next, enter your preferred loan amount, tenor, and upload copies of documents. Thereafter, your application will be verified and you will receive approval.
Keeping all these pointers in mind, you can get a personal loan with ease. To further expedite access to the loan amount, you can check your pre-approved offer and unlock instant financing via a customised deal.