How to Get Personal Loan at Low Interest Rate

Personal Loans are unsecured loans; so you can avail them without providing any collateral. If you do not have any property to pledge as security, these are the best kind of loans to secure.

You have the flexibility of using the loan amount on any service or product, unlike other loans such as Home Loans and Car Loans. That is one of the major reasons Personal Loans are so popular amongst the masses nowadays.

Banks as well as Non-Banking Financial Companies (NBFC) offer Personal Loans. How do you know which one is the best for you?

Banks vs NBFC Loans

Banks usually provide a lower interest rate than NBFCs on loans. This is partly because of the fact that banks can earn money in many ways while the NBFCs earn profit only by giving loans and collecting the interest amount.

Banks will take up to a month to process your loan application and transfer the funds to you. However, NBFCs can approve your loan within days. That is one of the best features of NBFC loans. If you apply for Bajaj Finserv’s Personal Loans, your loan application will be approved within 5 minutes. After collection of the documents, you will get the funds transferred to your account within 3 days.

Furthermore, when you apply for NBFC loans, you have the added advantage of securing a higher amount. This happens as NBFCs assesses the value of a property inclusive of statutory charges such as stamp duty and registration, whereas banks do not take into consideration such charges.

Loans with Zero Processing Fees

You might be lured by the loans which charge no processing fees. At first thought, they do seem like the economical option.

However, when you take a closer look at it, you can actually find loans that charge processing fees to be cheaper than the ones that don’t. You may still have to pay other charges such as technical fees, legal fees, and valuation fees, for a lender that has waived off the processing fees.

Therefore, it’s good to check and compare a number of lenders and their offers before choosing one.

Apply Online for a Personal Loan

You can apply for a Personal Loan within the comforts of your home. Just go to Bajaj Finserv’s official website, fill the online form and submit it. Your loan application will be approved within minutes. After that, you need to select the loan amount and tenure. A BFL representative will get in touch with you to collect the documents required. You will get the funds in your account within 3 days.

Documents required are minimal; the exhaustive list includes an identity proof, an address proof, an employee ID proof, salary slips of the last 2 months and salary account bank statements of the last 3 months.

Check eligibility conditions which requires you to be a salaried professional earning a minimum of Rs.30,000 to Rs.40,000, depending on the city. You should be between 25 to 53 years of age, having a work experience of 3 years or more.

You can get a Personal Loan with low interest rate, after a careful comparison and calculation of different lenders. You do not have to worry about the collateral. Plus, you can get the money in your hands really fast.