Personal Loan
When you need money but don't want to deal with the headache of borrowing from friends or family, a personal loan can be a real blessing. You can quickly and easily obtain a personal loan, whether you need it for short-term cash or short-term medical expenditures, a wedding or foreign trip, home remodelling or study abroad costs. A personal loan is practical since you can pay it back over time in manageable instalments and you can receive the money quickly and with little to no paperwork.
Features and
Benefits
As a salaried employee, unexpected financial needs can arise at any time, even if you have saved enough money. In such situations, taking out a Personal Loan can be a smart option. With a good credit score, you can benefit from the advantages that come with this type of loan.
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Hassle-free loan processing
You can apply for a Personal Loan online on the website and the application process is quick and the required documentation is minimal.
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Free to use the funds for any purpose
One of the major benefits of Personal Loans is the flexibility to use the funds for any purpose, such as weddings, vacations, purchasing electronics, business ventures, home improvements, and more. Unlike a Home Loan or a Car Loan, which must be used for specific purposes, a Personal Loan offers the freedom to use the funds as needed.
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Low interest rates
Interest rates on this loan, as compared to repayment of Credit Card or Credit Card Loan is significantly lower. This is especially true in case of larger amounts.
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Improve credit score
This is especially true if you already have credit of a similar nature. By diversifying the sorts of accounts you own, a personal loan may prove helpful in raising your score.
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No need to provide collaterals against the loan:
Personal Loans are unsecured loans – this means you do not have to mortgage collateral such as your home or shares to get the loan.
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Easy documentation:
A personal loan requires significantly less documentation and processing time than the majority of other loans. You can obtain a loan by providing identification, proof of address, and evidence of income. In some cases, you may not even need to submit any documentation if you have been pre-approved for a personal loan.
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Pocket-friendly repayment:
Personal loans can be repaid in manageable monthly payments called EMIs, with flexible payment terms that allow you to choose a repayment tenure that suits your monthly budget.Check your Loan EMI
Eligibility
Criteria
Personal Loans are availed during emergencies or to meet certain needs and wants which are beyond the scope of the regular income. However, it is essential to understand if all criteria are met for applying for a personal loan. Failure to meet the required eligibility will lead to the rejection of the loan application. Rejections negatively impact CIBIL Score and the potential to avail loan even from another lender.
Irrespective of your occupation or profession, there is always a need to check eligibility before approaching banks and it is all available online just a few clicks away.
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Personal Details
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Loan Details
FAQ’s
Are you in sudden need of funds? If yes, you can apply to a bank/NBFC for a personal loan. Banks and financial institutions in India offer personal loans to individuals for a number of purposes such as an upcoming wedding, a medical treatment, travel expenses, home renovation, educational expenses, etc.
As long as you meet the eligibility criteria of the lender and have a good credit score, you shouldn’t find it difficult to get a personal loan at a good interest rate. That said, it is necessary to do your research before applying for a personal loan. Here, we’ve listed a few frequently asked questions about personal loans, which will help you familiarise yourself with the concept.
1. How Is Personal Loan Eligibility Calculated?
You are eligible for a Personal Loan if you are a salaried professional aged between 25 and 58 years.
2. How Can You Check Personal Loan Eligibility?
You are eligible for a Personal Loan if you are a salaried professional aged between 25 and 58 years.
Open the loan eligibility calculator
Select the city of residence, date of birth, monthly income and monthly expenses
Once you select these fields, the tool will show an amount that you will be eligible for
You can apply for the same amount and get quick loan approval online
3. How Much Personal Loan You Can Get On Your Salary?
A final, personal loan amount that you can get from a lender depends on your salary, city of residence, age and other eligibility criteria. The best thing to know how much personal loan you can get on your salary will be using the personal loan eligibility calculator. It will tell you the amount that you can apply for as the loan after you select your city, age, salary and monthly expenses on the tool. This way, you can apply for the eligible amount and avoid the chances of rejections.
4. What Is The Personal Loan Eligibility For Salaried Employees?
A personal loan for salaried employees can be availed if you can meet some eligibility conditions. Have a look at the personal loan eligibility of Bajaj Finserv:
You need to be a residing citizen of India
You should be aged between 23 and 55 years to apply for personal loan
You need to be employed with a private, public limited company, or an MNC
5. How To Qualify For A Personal Loan?
Qualifying for a personal loan is easy if you can meet the eligibility criteria of Bajaj Finserv and submit some documents.
You should be aged between 23 and 55 years
6. What Is The Minimum Salary Required For A Personal Loan?
The minimum salary for personal loans that you need to be earning will depend on your city of residence. The minimum salary that you need to be earning is Rs.25,000 and that depends on your city. But, if you are earning Rs.25,000, then you can’t apply for a loan in Pune. It is because the minimum salary in Pune is Rs.35,000. The minimum salary required to apply for personal loans will differ from cities to cities.
7. What Is The Maximum Age To Avail A Personal Loan?
At Bajaj Finserv, the personal loan age limit is between 23 and 55 years. Hence, the maximum age to avail a loan is 55 years. But, the younger an applicant is, the better is his/her chance to get the loan approval at a lower rate of interest. It is because he/she has more working years left than an applicant in his/her 50s. Thus, the applicant won’t face issues in paying the loan EMIs without the risks of defaulting.
8. How To Check If You Are Eligible For A Personal Loan Or Not?
If you want to apply for a personal loan to meet some of your urgent needs, then you need to check if you are eligible for the desired loan amount or not. To do that, you can check your loan eligibility by using the personal loan eligibility checker. You need to select your city, age, income and expenses and the tool will predict the eligible amount. As per the qualifying amount, you can apply for the same and get instant approval.
9. What Is The Minimum CIBIL Score To Get A Personal Loan?
Although the required CIBIL score for personal loan is 750+, you can also get the loan approval when you have a lower credit score. You won’t get the loan approval if the CIBIL score is under 599. However, if you have a score of 600-700, you may get the loan approval, but at a higher rate of interest. It may affect your budget and lead to an increased EMI amount.
10. Can A Person Avail A Personal Loan And A Home Loan Simultaneously?
Yes, a person can have a personal loan and a home loan account at the same time. If you have an ongoing personal loan and you are seeking a home loan, then you can apply for it. The only condition is that your debt to income ratio should not be above 50%. You can have multiple personal loans and yet apply for a home loan. You should ensure having higher creditworthiness so that you can manage home loan and personal loan repayments.
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