Bajaj Finserv Personal Loan

About Bajaj Finserv Personal Loan

These loans are the most demanded as they are unsecured, i.e., they need not keep any collateral with the bank for taking the loan. The Rate of Interest on these loans is usually very high as these are unsecured, and there is a greater chance of bad debts in these loans.

Bajaj Finserv Personal Loan is preferred by various persons as it is readily and ghastly available in case you are in a hurry of money. Money can be needed for any purpose, i.e., for medical expenses, for any marriage function, or paying any installment or it can be for making initial payments.

Documents needed for taking Personal Loan are:

The documents required by self-employed workers and salaried workers are quite different, which can be seen as follows:

Documents needed by a self- employed person are:

      1.    Pan Card: For company/ firm/ individual

2.    Address Proof: Passport / Aadhaar card / Voter Id- Card/ Driving License

3.    Identity- Proof: Passport/ Voter’s Id card/ Pan Card/ Driving License/Aadhar Card

4. Proof of Continuation.   

5. Latest six months Bank Statement

6.    Recent Balance Sheet along with Profit & Loss A/C (CA certified/ Audited)              for the last two years/ Latest ITR along with computation of Income

7.    Some other documents which are needed, other than these documents are, Sole Proprietorship Declaration Or Certified Copy of Partnership Deed, Certified original copy of Memorandum and Articles of Association (certified by Director) and Board resolution (original)

Foreclosure charges:

The meaning of foreclosure is the full repayment of your remaining personal loan amount in a single payment in of paying the monthly installments. Bajaj Finserv charges 4% in addition to applicable taxes on the personal loan principal outstanding amount for foreclosure.

Eligibility for Personal Loan:

If you want to have direct financing with minimum documentation, you need Bajaj Finserv Personal Loan for your all need.

 If you want to check your eligibility for having Personal Loan, reads the following points:

1.    First of all, you need to be between 25 to 58 years of age.

2.    You must be a salaried employee working in an MNC, private, or a public company.

3.    The main point is that you need to be a citizen of India.

4.    Your salary should be more than Rs. 25000. If it is less than that you can’t avail the loan.

Interest Rate on Personal Loan:

1.    The Interest rate is 12.99% onwards.

2.    The processing fees are up to 3.99% of the total loan amount.

3.    If there is a bounce in the payment of the installment, then bounce charges are deducted by the bank which is Rs. 600-1200 per bounce, including applicable taxes

4.      For online approvals, there is a secure, which is Rs. 4499.

5.    At last, there are Outstation collection charges which are Rs.65 plus applicable taxes per repayment instrument.

Benefits of Bajaj Finserv Personal Loan:

Some benefits of Personal Loan are:

1. Low Rate of interest: In case when a large amount is taken as loan, the interest rate on this loan, is very much less as compared to the repayment of credit card loan.

2. Improve Credit Score: A Personal Loan can be very beneficial in improving your credit score. The developed credit score helps you in the future, to get more loans, without difficulty.

3. Variety of usage:

Funds that the applicant receive via personal loan can be used for a variety of purposes.  It can be used for repaying debt, starting a new business, buying a new car, etc. It has a lot of uses.

About Bajaj Finserv Personal Loan:

Bajaj Finserv was previously part of Bajaj Auto Limited, but it got separated in 2007 to focus on the personal loan segment. The company offers easy finance so that people can fulfill all their needs. It provides an easy and convenient online personal loan to the applicants.