Why is Bajaj Finserv Personal Loan so Popular?

A person who needs a loan prefers a lender that can give instant approval and at a low-interest rate. Bajaj Finserv is not a new name in the finance industry. Be it a consumer durable loan, two-wheeler loan, personal loan or any other loan, Bajaj is known for its quick services. The reason behind Bajaj Finserv personal loan being so popular is that it has made the product people-friendly.

From eligibility criteria to documentation, from interest rate to flexi pay option, every feature of Bajaj personal loan pulls customers. In this article, we have given the detailed description of all the features of the unsecured personal loan offered by Bajaj Finserv. You can say, we have given 5 reasons to justify the statement.

One - The eligibility criteria is simple

Bajaj Finserv eligibility criteria for a personal loan is given below:

• Minimum age of the applicant-25 years

• Maximum age of the applicant-53 years

• Net monthly salary:

        ₹40,000 (Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad,             Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Thane)

₹35,000 (Chandigarh, Cochin, Jaipur, Nagpur)

₹30,000 (Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag)

Two - Short and crispy list of documentation

The documentation required to apply for Bajaj personal loan is given below:

• Last 2 months salary slips

• Last 3 months bank statement with salary credit details

• Employee ID card

• Identity Proof- Passport/Voter ID Card/Driving License/PAN Card

• Address Proof- Passport/Driving License/Ration Card/Latest Mobile Bill/Letter from employer (with HR/admin sign)

Three - Interest Rates are One of the Lowest

Bajaj Finserv is currently offering personal loans at a starting rate of 10.99% per annum. The maximum rate that the finance company gives on a personal loan is 16% which is very low as compared to other lenders.

Four - Flexi Pay Is an added advantage

• Flexibility to pre-pay the loan with idle funds without any extra cost involved

• Re-avail the pre-paid amount within the drop-line facility at any time during the loan tenure with no additional documentation needed

• Interest paid only on the utilized loan amount.

• Easy and hassle-free online transactions with self-service account access tool for drawdown and RTGS (Real-time Gross Settlement Systems) that allows pre-payment through net banking facility

• Facility to make prepayments for up to 6 times in a year

Five - Multi-purpose Loan

• Wedding

• Travel

• Home Improvement

• Medical Emergency

• Higher Education

If you are not satisfied with the above reasons, you may note that be it any lender, if the combination of loan amount and interest rate suits your budget and fulfills your requirement, it is an ideal deal. Bajaj Finserv personal loan is one of the best options you have, you can surely check other lenders. But, make sure you do not apply at more than one lender because it harms your credit history and reduces your credit or CIBIL score. So, keeping in mind the purpose for which you need the loan, you can apply for it. Last but not the least is to check your EMIs for assumed or the rate offered by lender. You can then negotiate if you find the rates is resulting into higher EMIs.