A personal loan is the best option when there is a sudden financial need. The reason behind this is that, in this type of loan, the borrower is free to use the funds for any legitimate purpose as there are no predetermined terms and conditions regarding the usage of money. In addition to this, it gives the facility of getting a higher amount at low-interest rates without any collateral. Thus, with all these attractive features, this funding scheme has all that the applicant wants and as a result more demanding than others. So, you want money for your business extension or want to travel abroad or have plans to go for foreign education or family function, etc. you can get the fund and fulfill all your wishes. Having said that, any unforeseen requirement of funds look temporary with this funding scheme within our reach.
In India, there are many banks and NBFCs that provide PL and Bajaj Finance is one of the leading Non-Banking Financial Company (NBFC) that provides a higher loan amount facility at an attractive rate of interest. Bajaj Finance Personal Loan takes care of everything without digging a hole in the applicant's pocket. This finance company provides customized funds for multiple purposes like Wedding, Travel, Home Improvement, Medical Emergency and Higher Education, etc. Bajaj offers this loan at the starting rate of 12.75% p.a. with the tenure up to 5 years. In addition to this, there is an additional scheme named Flexi Personal Loan which is beneficial for the smoother repayment. This is the facility wherein a borrower can pre-pay and drawdown money within the drop-line facility using a self-service process without any hassle. Read this article to know more in detail about this scheme.
|Interest Rate||12.75%p.a. onwards|
|Loan Amount||Up to ₹ 25 lakhs|
|Processing Fees||2.25%-3% of the loan amount|
Here are some of the main features of Bajaj Finance that make it different from others
Bajaj Finserv PL is a multi-purpose loan and can be taken for any legitimate purpose. So, have a look at some of the main purposes for which you can take money:
At Bajaj, only salaried class individuals are eligible to apply and get the fund. However, there is a certain eligibility criterion for the applicants according to which their applications are accepted. Having said that, this criteria is subject to change from one person to another. So, have a look at the below-given eligibility criteria and see if you are eligible or not:
A person can also check his/her eligibility with the help of the Bajaj Finserv PL Eligibility Calculator that works on the basis of the profile of the customer.
The Applicant must carry all the documents listed below:
At Bajaj Finserv, the application process is very simple with easy documentation. There is no collateral required so the documentation is hassle free and quick. With the advantage of online application, a person can apply as per your convenience and get instant approval as well. In addition to this, an applicant can also check the eligibility in advance on the website and then apply for it.
EMI calculator is the tool that is used to calculate the EMI you have to pay. A borrower can calculate the monthly installments he is liable to pay and decide your affordability. With the knowledge of the EMIs in advance, a person gets the chance to manage his monthly finances accordingly. In the EMI calculator, the mandatory fields to be filled in are:
For eg., let us suppose that a person is planning to take a loan of ₹ 2 lakhs and has been offered the interest rate of 12.75% per annum. Now, the borrower has chosen the loan tenure of 5 years. The monthly installments that he will have to pay can be seen here:
Table for EMI per month, Total Interest Outgo and Total Amount
|Loan Amount (in ₹ )||Interest Rate (p.a)||Tenure (in Years)||EMI (in ₹ )||Total Interest Outgo (in ₹ )||Total Amount (Principal + Interest) (in ₹ )|
|Year||Principal (in ₹)||Interest Outgo (in ₹)||Balance Amount (in ₹)|
Flexi loan account is the facility extended by Bajaj Finance wherein a borrower gets the facility to prepay and drawdown money within the drop-line facility. A borrower can also opt for a self-service process to save time.
If a person chooses the flexi loan facility, he can save interest cost by pre-paying any additional or idle funds (if any) without paying any charges on the part-paid amount. Here are some of the benefits of flexi loans over an existing term loan that will help you in taking a decision henceforth:
Bajaj Finance is one of the leading NBFCs that gives one of the lowest PL interest rates in India. Having said that, the interest rates are available with the starting rate of 12.75% per annum.
Some of the main features of personal loan scheme of Bajaj Finserv are as follows:
Bajaj Finance has made it convenient for the customers to ask any queries related to loans. A loan seeker can contact the company on the toll-free no.: 020 3957 4151