Who can apply for the Bajaj Finance personal loan?
Before learning how to apply for Bajaj Finance personal loan, it is important to know that this credit is aimed at Indian nationals aged 21 to 80. Applicants must be no older than 80 at the end of the loan tenure, according to the lender’s rules.
The lender accepts salaried and self-employed individuals working in the public sector, private companies or MNCs. A CIBIL score of 650 or higher is required, but no minimum income is disclosed, since it depends on your city and other criteria.
Requirements to get the Bajaj Finance personal loan
✔️ Indian nationality
✔️ Age between 21 and 80, and no older than 80 at the end of the tenure
✔️ Salaried or self-employed, in the public sector, private sector or an MNC
✔️ CIBIL score of 650 or higher
✔️ KYC document, such as Aadhaar, passport, voter ID, driving licence, NPR letter or NREGA job card
✔️ PAN card
✔️ Employee ID card
✔️ Salary slips for the last 3 months
✔️ Bank statements for the last 3 months
✔️ Proof of address, such as a utility bill, piped gas bill or property tax receipt
✔️ Real-time photo taken during the process
A tip for you!
A useful strategy for anyone researching how to apply for Bajaj Finance personal loan is to check your own CIBIL score before submitting the application. The minimum score required is 650, and it also influences the interest rate you will be offered.
Also, try different combinations of amount and tenure to find an EMI that fits your budget. Longer tenures lower the instalment amount, but they tend to increase the total interest paid over the life of the loan.
What are the Bajaj Finance personal loan charges?
When looking at how to apply for Bajaj Finance personal loan, it is also essential to understand the costs. Interest rates range from 10% to 30.5% p.a., and the processing fee can be up to 4.13% of the loan amount, inclusive of taxes, plus a Flexi facility charge of Rs. 1,999 to Rs. 18,999 on Flexi variants.
Other charges include stamp duty, which varies by state, a credit guarantee scheme fee of up to 1.18% p.a. and bounce charges of Rs. 700 to Rs. 1,200 per bounce. There is also a penal charge of up to 36% p.a. and a foreclosure charge of up to 4.72%.
How to apply for Bajaj Finance personal loan?
The process of how to apply for Bajaj Finance personal loan is fully online. It starts with choosing the loan amount and tenure on the official website, followed by filling in your personal, financial and employment details so the lender can show you an offer that can be adjusted.
Next, complete your KYC, verify your bank details and submit the application, after which a loan specialist will contact you about the next steps. According to Bajaj Finance, the money can be disbursed within 24 hours of approval and document verification.
Now that you know how to apply for Bajaj Finance personal loan, click the button below to visit the official website, check your offer and start your application with confidence.
