Articles

How to Check Personal Loan Status in Bajaj Finserv?

by Sakshi Kharbanda Financial Consultant

Salaried borrowers can get personal loans from Bajaj Finserv at interest rates of 13% p.a. and above for terms of up to 5 years and amounts of up to Rs 25 lakh. Hence, self-employed borrowers can get personal loans from this company for amounts up to Rs. 45 lakh for terms of up to 7 years with interest rates as low as 17% p.a. Similarly personal loans can be approved in as little as one business day with no faxing required. Bajaj Finserv Personal Loan also offers pre-approved personal loans to a small percentage of its existing clientele. 

It's interest rates on unsecured personal loans

Bajaj Finserv and Finserv's own Bajaj Finserv Personal loan interest rates are based on several criteria, such as the borrower's credit history, age, employment status, regular income, and debt-to-income ratio. Moreover consumers already using the service can benefit from offering lower interest rates on personal loans. 

Varieties of personal Loans from Bajaj Finserv

  • Those who generate a regular income can get a personal loan without pledging any collateral to pay for a wide variety of unforeseen or unplanned costs. 
  • Personal and business purposes are both covered by the self-employed personal loan programme. You can borrow up to Rs 45,000,000. 
  • Personal and professional loans for chartered accountants, for things like weddings, vacations, home improvements, education, debt consolidation, etc. 
  • Borrow money to cover trip costs like accommodation, transportation, food, etc. 
  • Financing your wedding with a loan can help you avoid going into debt. 
  • Since money to pay for emergency medical expenses, both those planned and unplanned. Some Bajaj Finserv clients may be able to get a quick personal loan for medical expenses if they meet certain requirements. 
  • Personal loans for debt consolidation are a type of refinancing that can help you lower your overall interest rate and monthly payment by allowing you to pay off high-interest debts like credit cards and other personal loans with the profits from a new, lower-interest loan (availed at higher rate of interest). 
  • Parents who wish to send their children to college but need financial assistance may be eligible to apply for a loan for higher education. In addition, you should know that there are distinctions between student loans and personal loans. 
  • A home improvement loan is an unsecured loan used to pay for the purchase, renovation, or repair of an existing dwelling. 
  • To help with the cost of buying a used or pre-owned vehicle, this loan option may be a good option. 

Criteria for a personal loan from Bajaj Finserv

To be eligible for a Bajaj Finserv Personal Loan, a borrower's age, occupation, monthly income, credit score, and country of citizenship are all taken into account. Below you'll find Bajaj Finserv's conditions for personal loans.  

They provide three separate types of Bajaj Finserv Personal Loan

Short-Term Loan with Variable Interest Rates

Think about applying for a loan of 2,000,000 rupees with a duration of 24 months. After the initial six months, your payments will decrease to the equivalent of the monthly instalment (EMI). You need to have repaid somewhere about Rs. 50,000 by now. 

You've just realised that you're in need of Rs. 50,000 immediately. Simply log into My Account on our client portal and request a withdrawal of Rs. 50,000 from your Flexi Term Loan. Three months later, you've gotten a bonus of Rs 1,000,000 and would like to use some of it to repay your Flexi Term Loan. Once again, you can make a partial payment on your Flexi Term Loan by visiting My Account. 

In contrast to other personal loans, there are no fees, fines, or charges involved with repaying or withdrawing cash from your Flexi Term Loan account. 

Flexible Hybrid Loan

Similar to the Flexi Term Loan, this new personal loan alternative is convenient and easy to use. Therefore, EMI will consist solely of the interest accrued during the first period of your loan, which may or not be the same as the total interest accrued over the whole loan term. Remaining period of the EMI will be funded by the interest and principal payments. 

Loan for a Specific Length of Time

This unsecured loan is just like any other. Therefore borrowers often repay their loans amid of several years by making a series of equal monthly payments that cover both the loan's principal and any applicable interest. 

To what extent do Bajaj Finserv's personal loans permit prepayment or foreclosure? You may face foreclosure on your Bajaj Finserv personal loan account. In the event of a foreclosure, a fee of 4% of the total debt is add to the balance owe. It allows you to prepay up to 2% of the remaining balance after your first EMI payment in full. 

The interest rate on a personal loan from Bajaj Finserv depends on what factors?

The interest rate approved by Bajaj Finserv Personal Loan will depend on several parameters, such as the applicant's credit score, age, employment status, monthly income, and debt-to-income ratio. Accordingly, consumers already using the service can benefit from offering lower interest rates on Bajaj Finserv Personal Loan. 


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About Sakshi Kharbanda Advanced   Financial Consultant

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Joined APSense since, February 14th, 2019, From India, India.

Created on Nov 15th 2022 03:32. Viewed 38 times.

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