Bajaj Finance Limited is a leading Non-Banking Financial Company in India, offering Personal Loans up to Rs. 25 lakhs for salaried individuals and is one of the largest consumer durables financiers in India. A Loan from the company provides a host of unique features and benefits such as speedy approval and minimal documentation. Details regarding the documentation and the eligibility requirements are provided below.
Generally, the following supporting paperwork will be required to process your loan:
You’re probably eligible for this bajaj finserv personal loan if you’re a major who is able to adequately service loan payments. This goes to your creditworthiness which is a direct reflection of your stability, scalability and nature of employment and income which correlates to your age. The higher you rate on these criteria the better your chances for approval.
Attractive Rate of Interest:
Starts from as low as 16% interest rate for salaried individuals.
Special Offers for Existing Customers:
It provides special pre-approved offers for their existing customers as per their financial history.
Active Customer Support:
The Company offers a 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.
Quick Loan Approval:
The Company is known for their quick loan as well as disbursal mechanism ensuring that all loan applications are approved quickly.
Online Loan Applications:
Loan applicants do not need to visit the Company local office in person in order to apply for a loan. The online application facility is helpful for people to apply at their own convenience.
Part Prepayment facility:
Borrowers are allowed to prepay their loans at no extra cost. They have the option to prepay their loan up to 6 times in one financial year. The prepayment facility is available after clearance of the first loan EMI.
Zero Foreclosure Charges:
Borrowers are also allowed to close their loan at any time with zero foreclosure charges.
Complete Online Account Access:
The Company offers complete online account access to users with their loan details, repayment history, interest certificates, payment schedules etc. Users can also access their loan account from any location at any point of time.
The Company offers these loans only for salaried individuals earning at least Rs. 35,000 per month.
The loan can be repaid using the ECS facility or through post-dated cheques.
Loans can have a tenure varying from 12 to 60 months.
The maximum amount that can be borrowed for a personal loan from this NBFC is Rs. 25,00,00/-. For salaried individuals, else it is Rs. 18,00,000/-.
The minimum loan amount for a personal loan from this lender should be an at least Rs. 1 lakh.
This NBFC ensures that the funds are made available to you within 72 hours, equivalent to three days after the loan has been approved. This is said to be one of the quickest turnaround time by any NBFc in the country.
The Flexi-loans from Bajaj Finserv gives the liberty and advantage of the prepayment option.
In the case of Flexi loans from Bajaj Finserv, you can withdraw as much and as many times as you wish from the prepayment amount. This is also available to the borrower with no extra documentation to be submitted for withdrawal.
Interest rates are applicable on the utilized amount of loan only meaning that no interest is levied on the prepaid amount.
Bajaj Finserv does not require their customers to pay any sort of foreclosure charges or fees if it is done during the loan tenure.
Yes, if you are already a customer of Bajaj Finserv, you are eligible for pre-approved offers on personal loans.
If you have not availed the funds from your approved personal loan within 30 days you will be refunded the secure fee. Likewise, if your loan has been rejected, you will also get back the secure fee.
You can take between 12 to 60 months to pay back your loan amount. However, this depends also on the banks policies and their approval for the loan. But regardless, it will be within the bracket mentioned earlier.
There are four basic advantages of availing the prepayment option for Bajaj Finserv Flexi personal loans:
No, Bajaj Finserv does not require any of the above to sanction your personal loan but is the approval is based, generally on your financial history.
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Bajaj Finance Limited.