What is a personal loan?

 What is a personal loan?

A personal loan is an unsecured loan, which means you don't need to pledge any collateral to receive funds. Availing of one is easy – you can apply online and use the money to meet almost any expense.

Bajaj Finserv, one of the most diversified NBFCs in India, offers instant personal loans with paperless approval and quick disbursal.

Where can a personal loan be used?

It can help you meet a wide range of financial requirements, such as:

Medical emergencies
Home renovation
Higher education
Debt consolidation
Travel
Weddings

What are the documents required for a personal loan?

To avail of a loan, you will need to submit the following documents:

KYC documents
Employee ID card
Salary slips of the previous 2 months
Last 3 bank statements of your salary account

What are the eligibility criteria for a personal loan?

To avail of a quick personal loan, you only need to meet some basic eligibility criteria.

You must be between 20 and 60 years of age
You must be a salaried individual employed with an MNC, public or private company
You must be a residing citizen of India
 
If you meet the salary requirement based on your city of residence, you can qualify for the loan.

What is the minimum salary required to get a loan?

The minimum salary required to avail of a Bajaj Finserv Personal Loan depends on your city of residence. For instance, if you reside in Mumbai, Pune, Bangalore, or Delhi, you must have a minimum monthly salary of Rs. 36,000.

How can I calculate my EMI?

You can use the handy personal loan EMI calculator to determine your monthly instalments.

What is the CIBIL score required to get a loan?

The ideal CIBIL score to get instant paperless approval on Bajaj Finserv Personal Loans is 750 and above.

What is the maximum loan that I can get?

You can borrow money up to Rs.25 lakh without pledging any collateral.

Why should I choose a Bajaj Finserv Personal Loan?

Bajaj Finserv offers personal loans with a range of attractive benefits that include:

Flexi Personal Loan facility
Instant approval
Minimal documentation
Money in bank in 24 hours*
Flexible tenors
Pre-approved offers
No hidden charges
Complete the application form online and get your personal loan.

What is the difference between a term loan and a Flexi loan?

A standard term loan is a fixed loan amount that you borrow as a lump sum. It has a fixed rate of interest and must be repaid over a specific tenor.

On the other hand, a Flexi loan provides you with a pre-approved loan amount based on your credit score and eligibility. You can withdraw money from this approved amount as many times as you need without applying multiple times.

For greater flexibility and convenience, choose a Flexi loan by Bajaj Finserv and lower your EMIs by up to 45%*.

*Terms and conditions apply.

How long does it take to get approved for a personal loan?

With Bajaj Finserv, you can expect approval on your loan application in less than 5 minutes.

How to get quick approval on my personal loan application?
Getting approval on your loan application is easy.

Meet the basic eligibility requirements
Keep your PAN card handy
Get approval in an instant
Alternatively, you can check if you qualify for a pre-approved loan.