Technological advancements have made managing finances easier than ever before. Whether you want to carry out online transactions, make investments, or take out a personal loan, all can be seamlessly done online now. Many banks and financial institutions offer loans online through their websites and their mobile apps. The Finserv MARKETS app is one such loan app that is designed to cater to all kinds of monetary needs. You can easily avail an instant loan of up to Rs. 25 lakhs at Finserv MARKETS. Once you fill in the required details for your loan application in the Finserv MARKETS app, it only takes 24 hours for your loan to get processed, approved, and disbursed!
What Can a Personal Loan be Used For?
Personal loans can be used to fulfil all kinds of financial requirements as lenders place no restrictions on the end usage of the loan amount. The funds can be used to finance your child’s education, wedding expenses, making a big purchase, or even to finance some unexpected medical emergency. A personal loan is a collateral-free (unsecured) loan that means you are not required to pledge any of your assets as security. The loan is instead approved based on your credit history.
Credit Report and Credit Score
Lenders run a check through your repayment track record before approving a loan. Your credit history contains all your past and current credit information and helps determine your creditworthiness as a borrower. Hence, it is best to maintain a good credit score for a smooth loan process. If your credit score is more than 750, your chances of being granted a loan are much higher. Additionally, you get access to lower interest rates, higher loan amounts, etc., by leveraging your high credit score.
Bajaj Finserv Personal Loan Interest Rate
There are numerous factors that the lenders take into consideration when deciding the rate of interest of personal loan. At Finserv MARKETS, the interest on Bajaj Finserv personal loan is as low as 12% per annum. Thus, loan applicants with a stable source of income, good credit history, and high credit score have higher chances of getting a loan at a lower rate.
Eligibility for Personal Loans
The following are the eligibility for personal loans that need to be fulfilled to qualify for a personal loan at Finserv MARKETS.
|Age||● The age criteria to apply for a personal loan is 21 to 60 years|
|Employment||● A salaried employee must have 2-3 years of work experience.
● Self-employed applicants must have a vintage of at least 3 years to qualify.
|Income||● The minimum income requirement for salaried individuals is Rs. 15,000-20,000.|
|Credit Score||● A credit score of 750 and above is a good score to be eligible for a loan.|
Documents Required for a Personal Loan
To apply for a personal loan online, the borrower has to submit a list of loan documents. They are as follows:
- Documents for proof of identity such as Aadhaar and PAN card, passport, etc.
- Documents for proof of address such as Aadhaar and PAN card, passport, electricity bill, etc.
- The applicant’s bank statements for the last six months.
- Salaried applicants need to submit bank statements and salary slip for the last three months.
- ITR (Income Tax Return) filing or Form 16.
Procedure to Apply for a Bajaj Finance Personal Loan
Given below is a step-by-step process of applying for a Bajaj Finserv Personal Loan:
Step 1: Start by filling in your personal and financial details in the loan application form.
Step 2: Choose the loan amount you require, followed by the loan tenure you find convenient.
Step 3: Submit all the required loan documents along with the personal loan application form.
Step 4: Once your loan application is approved, the funds will be disbursed in your bank account.
Online Loan Application Status
Once you have applied for a loan, you can even check its approval status online. You have two ways of checking the status of your loan application. First, you need the application number/reference number/Customer ID to track your loan application status. Then, you simply log in to the online portal of the bank or financial institution you have availed the loan from, and track the status on the loans page. The online mode of checking your application status is very convenient and you can check your status anytime, anywhere.