A personal loan is a loan taken by an individual to fund any personal expense, be it a wedding, renovations in home, a foreign trip, medical expenses, purchase of jewellery or the latest gizmos, and so on. Unlike a home loan or car loan, a personal loan allows the borrower to use the money as per his/her preference and requirement. Besides, since it is an unsecured loan, the borrower is not required to provide any security to the lender in the form of cash, shares of any other asset. It is thus, an instrumental tool in not only managing one’s finances efficiently but also in enabling an individual to implement their plans into actions.
These are generally short-term loan, with the tenor ranging from 1 to 5 years. Being multipurpose loans, they can be used for a variety of purposes. Besides, quick availability is another prime benefit of personal loans wherein you can even get the loan within 24 hours. This proves to be immensely advantageous if you are on the lookout for emergency funds. Also, generally personal loans need relatively much lesser documentation, thus ensuring that the processing time is faster. Without the verification of any asset involved, be it any proofs or certificates, the minimum paperwork simplifies the process to a great extent.
It also minimizes the risk for the borrower, since if you are unable to repay the loan, your security is forfeited in case of other loans. Borrowers who do not own any assets like car, home, shares, are usually attracted to this type of loan. In the absence of any security or security, the loan tenure is much shorter as compared to home loan or car loan. Usually, the personal loan rate of interest are quite reasonable to make it even more easily accessible. Additionally, you do not have to approach a middleman or an agent, which is turn, prevents unnecessary delays and expenses.
It is always wiser to opt for a personal loan instead of borrowing through a credit card as the interest rate is comparatively lower for the former. Besides, since it is not mandatory for you to specify the purpose of the loan, you can use your discretion when it comes to using the loan amount, which has been credited to your account.
Bajaj Finserv offers completely end-to-end personal loan solutions, with which you can expect instant approval in 5 minutes and disbursal in your bank within 72 hours, thanks to its online facility. To apply for personal loan, you simply need to fill an online form and check your eligibility online. Once you get the approval, a representative from Bajaj Finserv will contact you and collect the necessary documents. You can avail a personal loan from Bajaj Finserv up to Rs. 25 lakh and repay it according to your convenience. The options for tenors range from 24 months to 60 months. What’s more, Bajaj Finserv brings to you the facility of Flexi Loans, the first of its kind in the industry. This allows the borrower to pre-pay and drawdown money within the drop-line facility using a self-service process. Easy and hassle-free, flexi loans promise a number of benefits, including the flexibility to pre-pay the loan with idle funds without any added costs.
According to Bajaj’s Finserv’s personal loan eligibility criteria, one has to be a salaried professional within 25 to 58 years of age. He/she has to be a salaried employee of either an MNC, public or private company. The personal loan by Bajaj Finserv is available across 30 cities in India and any Indian citizen residing in any of these cities and fulfilling the abovementioned criteria is eligible for this loan. The documents required for personal loan include, salary slips of the last 2 months, bank statement of the salary account of the last 3 months, employee ID card, KYC- identity proof, and address proof. The processing fees are 2.25 to 3% of the loan amount and the penal interest is 2.00% per month. The interest rate starts from 12.49% onwards. Moreover, the online account access offered by Bajaj Finserv helps you in accessing payment schedules, interest certificate, repayment track and other major information pertaining to your loan.
You are in fact, just a few clicks away from getting a much-needed personal loan.