About Bajaj Finserv Personal Loan
Bajaj Finserv offers personal loan to finance a wedding, a vacation and for medical emergencies. It provides personal loan up to Rs.25 lakhs depending on the eligibility, income and repayment capacity. The applicant can apply for the Personal Loan online and expect a quick approval and enjoy low rate of interest. The borrower is given the option of part prepayment facility and no foreclosure charges will be charged. The borrower does not have to provide any collateral for the personal loan as it is an unsecured loan.
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Bajaj Finserv Personal Loan Eligibility
The basic eligibility for a salaried individual to avail a Bajaj Finserv personal loan are as follows:
- Profile: Applicant must be a resident and a salaried individual.
- Age:Applicant must be at least 25 years old but not more than 58 years of age.
- Income: The minimum monthly net salary requirement for the various cities are as follows:
|Rs.40,000 or more||Delhi, Mumbai, Hyderabad, Bangalore, Chennai and Thane.|
|Rs.35,000 or more||Ahmedabad, Pune, Kolkata, Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi Gobindgarh, Indore, Jaipur, Jalandhar, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada, Yamunanagar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Madurai, Mangalore and Mohali.|
Factors affecting Bajaj Finserv Personal Loan Eligibility
There are many factors that affect the applicant's’ eligibility. Banks give loans to those who are capable of repaying it and who do not default on making the payments. Some factors that affect an applicant’s eligibility are:
- Residence:Individuals living in metro cities are given personal loans easily. Bajaj Finserv gives preference to those who have their own home. That is because those who have their own home will not have an additional financial burden of paying the rent and will have a higher disposable income.
- Income:The level of income indicates how much EMI you can afford to pay. This affects the total loan amount that will be sanctioned to you. If your income is higher, the higher are your chances of getting a bigger loan amount sanctioned to you.
- Age:If you are too young, the chances of you shifting jobs are higher and the banks do not prefer to offer younger salaried individuals loans. The banks prefer those who have stability in their work life.
- Employment status:An applicant who has stayed in a company for a longer period will get higher preference. It shows stability in his income and the bank can be assured that the applicant has constant cash flow to pay the EMIs.
- Other loans taken:If the applicant already has other EMIs to pay, then the chances of him getting a personal loan from Bajaj Finserv is lower unless he has a higher range of income. The bank will not provide another loan as the applicant will be burdened with having to pay multiple EMIs.
How CIBIL score affects your Bajaj Finserv Personal Loan Eligibility?
When an applicant applies for a loan with Bajaj Finserv, the bank immediately runs a credit check. If the applicants CIBIL Score is above the ideal range, the bank will further consider your application and go through your credit report.
The banks take into consideration the loans that you have taken previously and closed. It will check the credit payment history to check how efficiently you have repaid the loan and if you have defaulted in making payments. It also considers the types of loans (secured and unsecured loans) you have taken.
The credit report records the loan settlement information (if you have settled any loan) in the report, the bank considers it as a negative remark and may not provide you a loan.
How to increase Bajaj Finserv Personal Loan Eligibility?
You can do the following to increase Bajaj Finserv personal loan eligibility:
- Maintain a good credit history: Pay all your EMIs on time. Find ways to increase your CIBIL score and never agree for a settlement, find other ways to pay back the loan or refinance it for a longer tenure.
- Get lower EMIs on existing loans: If you are able to, refinance your existing loan for a lower interest rate or extend the tenure of the existing loan. This reduces the EMIs and ensures that you meet all the payments.
- Prepayment: If you have lesser EMIs left on any loan, then prepay them and close the loan. You will then have a higher disposable income. You will also stand a chance of getting a higher amount loan.
- Have both secured and unsecured loans: Have a mix of both the secured and unsecured loans. Build equal credit and asset. Secured loans are looked at favourably and it increases your eligibility.
- Don’t apply for too many loans at a time: If you are in need of a loan, then don’t apply at all the banks at one time. All the banks will run a credit check together and it gets recorded in your credit report. This will also look bad on your report and also affects your credit score.
- Don’t have too many credit cards: Having too many credit cards is also unfavourable. Though you may not have used up all the credit on the cards, it will however considerably lower your overall credit limit.
FAQs on Bajaj Finserv Personal Loan Eligibility
Q. What are the age limits required for a salaried individual to take a Bajaj Finserv personal loan?
A.Applicant must be at least 25 years old but not more than 58 years of age.
Q. What is the minimum income requirement for a salaried applicant?
A.The minimum monthly net salary requirement for the various cities are as follows:
- Rs.40,000 or more for salaried individuals of Delhi, Mumbai, Hyderabad, Bangalore, Chennai and Thane.
- Rs.35,000 or more for salaried individuals of Ahmedabad, Pune, Kolkata, Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi Gobindgarh, Indore, Jaipur, Jalandhar, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada, Yamunanagar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Madurai, Mangalore and Mohali.
Q. What is the maximum amount sanctioned towards personal loan by Bajaj Finserv?
A. The maximum amount sanctioned towards personal loan is Rs.25 lakhs.
Q. What is the tenure for personal loan offered by Bajaj Finserv?
A.Bajaj Finserv offers personal loan for a tenure ranging from 12 months to 60 months.