What Personal Loan Costs You?

Personal loans are the easiest way to get instant financing and have gained popularity among people seeking financial assistance. Many banks and NBFCs offer personal loans with flexible loan terms and tenure. While this loan is easy to avail, you must note that the interest rate is slightly higher compared to other secured loans like a car or a home loan. This is because of the unsecured nature of the loan, wherein you’re not required to pledge your assets as security/collateral.

The rate of interest offered on a personal loan may differ for every lending institution. Borrowers are given a loan based on parameters such as their monthly income, employment type, credit history, etc. At Finserv MARKETS, eligible applicants can avail a personal loan amount of up to Rs. 25 lakh at affordable interest rates. The interest rate for Bajaj Finserv Personal Loan starts as low as 12% per annum.

Eligibility Criteria

You need to fit into the eligibility criteria set by the lender. Fulfilling these requirements ensures a seamless application process and faster loan disbursal. The eligibility criteria for instant personal loans may vary from one lender to another. Given below are the basic personal loan eligibility criteria:

• The borrower must be between the ages of 21 to 60 years.
• The applicant needs to be employed with an MNC, private, or public company.
• The applicant must be an Indian citizen to qualify for a loan.
• Salaried applicants must have work experience of at least 2 years.

Documents Required

The following is the list of documents required to apply for an online personal loan.

• Proof of identity such as Aadhaar/PAN card, passport, driving license, and voter’s ID.
• Residential proof such as electricity bill, passport, or leave and license agreement.
• Bank account statement for the previous three months.
• Salary slips for the last three months.
• Passport size photographs.

Procedure to Apply for a Bajaj Finserv Personal Loan

Given below is the step-by-step process of applying for a Bajaj Finserv Personal Loan:

Step 1: Visit the Finserv MARKETS website and start filling your personal and financial details in the application form.

Step 2: Set the loan amount and the loan tenure you find convenient.

Step 3: Submit all the documents required along with the loan application form.

Step 4: Once your loan application is approved, the funds will get credited in your bank account.

Personal Loan EMI Calculator

An online EMI calculator is a time-saving option to get exact figures of your loan EMIs with just a few clicks. The EMI calculator can compare EMIs and help you opt for a suitable plan as per your convenience. This will help you make your repayments on time and manage your finances accordingly. Given below is the formula used to calculate personal loan EMI:

E=P*r*(1+r)^n/((1+r)^n-1)

Where ‘E’ is EMI,

‘P’ stands for the principal loan amount,

‘r’ is the rate of interest calculated for each month,

‘n’ is the tenor/duration of the loan.

To easily calculate your EMI, you can use the personal loan EMI calculator from Finserv MARKETS to get approximate of the amount that must be paid every month.

Availing a Bajaj Finserv Personal Loan at Finserv MARKETS will help you get the best deals on personal loans. The online application process for personal loans is swift and effortless. You can avail a Bajaj Finserv Personal Loan amount of up to Rs. 25 lakh at attractive rates starting from 12% per annum, and the freedom of choosing your loan tenure from 12 to 60 months. Once the loan application gets approved, the funds get deposited into your bank account within 24 hours.

With no restriction on end usage of the loan amount, the funds can be used to cover wedding expenses, travel expenses, medical emergencies, and much more. By applying for a loan with the Finserv MARKETS app, you also get personalized pre-approved offers and added services like a free Financial Health Check Report (FCHR) online.