The Bajaj Finserv Guide To Personal Loans

Are you a prospective personal loan applicant? Are you looking for a comprehensive loan guide that

addresses every aspect of a personal loan? We’d like to help you out as much as possible, so here is

an extensive guide that answers all of your personal loan queries.

What is a Personal Loan?

A personal loan is a loan that can be used for pretty much any purpose. For instance, if you’re

looking to fund an overseas vacation that’s been at the back of your mind, a personal loan is exactly

what you need. And if you need to fund an emergency medical situation that needs to be taken care

of and see no feasible options, a personal loan can be your saviour. In fact, there are few other loans

on the market that allow you the complete freedom to spend on your needs. This is also the reason

why a personal loan carries a higher rate of interest when compared to other loans.

What Are the Different Types of Personal Loans Available in India?

Courtesy of revolutionary banking methodologies and the eagerness of the banking sector’s major

players to provide its customers with better options, there are several different types of Personal

Loans available right now.

1. Secured Loan

A secured loan implies that the borrower has pledged a certain asset as a guarantee against default.

For example, f you are purchasing a new motorcycle and have decided to fund it through a secured

personal loan, the lending institution has the right to use the asset as a security against your loan. If,

in case, you fail to make the repayments and default on the loan, the bank can take over your asset

and auction it in order to recover the money you owe.

2. Unsecured Loan

An unsecured loan is where you get the financial reinforcement you need without having to give

anything away as collateral. This type of loan is considered to be a risk by the lenders because there

is no certainty about whether you will repay the loan amount or simply default on it. This is also the

main reason why an unsecured loan usually carries a high rate of interest when compared to a

secured loan.

3. Fixed Rate Loan

A fixed rate loan offers the same interest over the entire period of the loan which means you don’t

have to worry about increasing rates. If you are a budget-conscious individual, then this type of loan

works best, especially since you need to repay a fixed EMI for the period of the loan tenure.

However, the downside is that you wouldn’t be able to reap the benefits of an interest cut in the

market.

4. Variable Loan

A variable rate personal loan is a type of loan that has a variable rate of interest and can easily

fluctuate depending on market conditions. Due to this fluctuation, your monthly repayments can

also vary. This is great for when you want to take advantage of a low prevailing interest rate, but it

also has the potential to be a financial burden if interest rates rise.

5. Flexi Loan

The flexi loan is an industry-first option provided exclusively by Bajaj Finserv. With this loan, you

can pre-pay at any time and while also retaining the ability to drawdown funds, up to your credit

limit. In other words, you will have access to large amounts of cash which you can use on multiple

occasions without having to apply for an individual loan each time. With this loan, you can save on

interest rates as you will only pay interest for the amount that you utilise.

What Are the Best Features of a Bajaj Finserv Personal Loan?

We at Bajaj Finserv, have created a bevy of never-seen-before features to provide your with a

hassle-free loan experience.

1. Instant Approvals

Think back a few years. Remember those days when you personally had to visit a bank branch to

enquire about a personal loan? Well, this is the future. When you apply for your loan online you can

rest assured that you will get online approval within 90 seconds.

2. Loans of up to INR 25 lakh

Are you worried that you have too much planned but feel that you won’t get the money you need?

Well, you can put them to rest. With Bajaj Finserv, you can get personal loans of INR 25 lakh, which

is the highest personal loan size available online.

3. Prepay When You Want

Bajaj Finserv offers a personal loan with a part prepayment facility wherein you can prepay your

loans up to 6 times in a year. The minimum prepayment amount should be greater than the sum of

3 EMIs and there’s no limit on the maximum amount. However, you will have to have paid the first

EMI on you loan to avail of this facility.

4. No Foreclosure Charges

Usually most of the banks in the market tend to charge a penalty when you foreclose on a personal

loan. But when you get a loan from Bajaj Finserv, there is no need to worry about such charges. You

can foreclose on your loan at any point of time during the loan tenure.

5. Preapproved Offers

Once you become a customer of Bajaj Finserv, you can avail of several retail benefits. For instance,

you can easily get your hands on several preapproved offers on property and consumer durables.

This is possible because of Bajaj’s huge network of retail partners.

6. Online Account Access

When you avail of a personal loan from Bajaj Finserv, you will be provided access to the company’s

digital portal which gives you all the information pertaining to your loan. With this feature, you can

effortlessly keep track of your repayment schedules and interest certificates. All you’ll need to do to

is log in with your loan account number.

How Can You Apply for a Personal Loan with Bajaj Finserv?

Now, applying for a personal loan is as easy as it can get. Bajaj Finserv offers two different ways to

apply for a loan.

1. ONLINE

Applying for a personal loan online is a simple four step procedure.

a. Fill Out a Form

Just access the online form on Bajaj Finserv’s website, fill out all the necessary details. You need to

make sure to provide the right details and not leave any fields unfilled.

b. Approval

Once you have submitted your loan application, you will receive a confirmation email stating that

the loan process has been started.

c. Discussion and Document Verification

Save yourself a trip to the local branch. Shortly after your loan application has been approved, you

be visited by one of our representatives, who will collect all the required documents from you..

d. Loan Credit

After all the necessary checks have been done, the loan amount will reach your designated account.

Along with this, you will also receive a welcome kit and the login details for your account on you

mobile.

2. OFFLINE

You can also get you loan process started through a more conventional procedure. All you’ll need to

do is contact us using any of these means to get a loan of up to INR 25 lakh.

Call us on 020-46900700

SMS “PL” at 9773633633

Give us a missed call at 9212489356

Write to us at personalloans@bajajfinserv.in

Interest Rates and Other Applicable Fees

Bajaj Finserv offers the most reasonable interest rates on personal loans when compared to other

financiers.

Here’s a table with information about the applicable fees on instant online approvals for loans of up

to INR 25 lakh.

Type of Fee Charges

Processing Fee 2%-3% of the principal loan amount

Foreclosure Charges N/A

Penal Interest 2% p.a.

EMI bounce charges INR 1000 per bounce

Secure fee only for online INR 999

Avg. Interest Rate 16%

What is the Eligibility Criteria to Avail of a Personal Loan?

To avail of Bajaj Finserv’s personal loan, you need to be an individual between 25-58 years of age

with a net monthly income of INR 40000 or more. This applies to residents of metro cities including

Delhi/NCR, Mumbai, Hyderabad, Bangalore and Chennai.

You need to have a minimum salary of INR 35000, or more, in Tier-II cities like Ahmedabad, Pune,

Aurangabad, Baroda, and Kolkata.

What are the Documents Required?

There are a number of documents that you need to keep ready before you apply for a loan. Most of

the documents are standard requirements for all loan products. They include,

Financials

You will need to provide your salary slips for the previous three months

Employment Proof

You will need to furnish your employee ID card and visiting card as a proof of your employment.

Work Experience Documents

You will need to submit a number of work-related documents relating to your current and previous

employment.

● Current work experience documents may include your Appointment letter, Form 16, and

salary slips

● Previous employment documents required are Appointment letter, Form 16,

Promotion/Transfer letters, employment confirmation letters, and salary slips

Know-Your-Customer Documents

Before applying for a personal loan you need to have several KYC documents in hand which must be

furnished to the lending institution. These include:

Identity Proof

You will need to offer proof of identity documents like your voter ID card, passport, driving license,

and PAN card.

Address Proof

To prove you stay where you claim to, you will need to proffer important documents like passport,

driving license, ration card, latest telecom bill, or a letter from your employer confirming your

residential address.

Signature Proof

You will be required to submit documents that qualify as proof of your signature. These include

your passport, PAN card, driving license, photo credit card, (front only) banker verification letter

(only online).

Age proof

Documents like passport, PAN card, DL, and birth certificate, will count towards proof of age.

Why You Should Choose a Bajaj Finserv Personal Loan?

Apart from the fact that you get some highly interesting features, you can also avail of Bajaj

Finserv’s timely flash sales on loans during which period you will receive loans with reduced

interest rates. You will also get a chance to win exciting prizes through various contests. For

instance, in a recent contest, Manish Rathod, a loanee from Mumbai won a brand new Hyundai i10

Grand as a gift.

Your One-Stop Shop for All Your Finance Needs!

We, at Bajaj Finserv, have been serving a huge number of clients since our inception in 2007. With

efficient and client-friendly loan mechanism, we have been able to garner good reviews on all our

products. So, if you are ever in need of a personal loan, drop your worries, opt for one from

Bajaj Finserv and fulfil your dreams.