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5 Things You Need to Know When Applying for A Personal Loan

By Finserv MARKETS - Mar 7,2019
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Applying for Personal Loan

If you are looking for funds to meet an emergency or to fulfill some personal needs, we recommend you apply for a personal loan today! A personal loan will help you meet a number of financial requirements or obligations like paying for home renovation or for higher education, and you can also use this loan to cover for medical expenses in case of an emergency. If you have multiple forms of debt, like credit card dues, overdue bills, or even short-term loans of varying interest rates, a personal loan can definitely come in be handy.

1. Features and benefits of a personal loan

Here are some of the top features and benefits of a personal loan you need to know before you apply for one:

  • Quick approval

Some of the best personal loans have a quick approval process. If you meet the eligibility criteria and have submitted complete documentation, your loan can be approved in no time. Some non-banking financial companies (NBFCs) like Finserv MARKETS offer Bajaj Finserv personal loan products with an approval time of as low as 3 minutes!

  • Minimum documentation

With the advances in technology, it is possible to apply for a Bajaj Finance personal loan from the comfort of the home. The best personal loans in 2019 have a minimal documentation requirement and once you submit the basic documents, the loan will be approved instantly.

  • Flexible tenure

With this loan, you get a higher amount in your account and you can repay it over a flexible tenure that ranges from one year to five years.

  • Collateral-free loan

The personal loans are unsecured in nature and you are not required to worry about pledging any collateral. The loan will be offered to you without any collateral.

  • No hidden charges

There are no hidden charges for the loan, you get what you see. However, it is important to understand the terms and conditions of the loan before you sign the documents.

2. How does a personal loan work for you?

The personal loan will be an unsecured loan and you do not need to pledge collateral to receive funds. Availing a loan is easy today, starting with the first step of filling in an online application. It is advisable to compare the terms and conditions offered by the lenders before you make the application. Choose the best lender in the industry for the loan and get a quick approval with immediate disbursal.

3. Documentation requirement

There is minimal documentation required for the loan application, which includes your KYC documents, passport size photos, and bank account statement for three months.

4. How much can you borrow?

The loan amount will depend on the income and whether you are self-employed or a salaried individual. There is basically a restriction on the loan amount where your EMI should not be more than 40% to 50% of the monthly income. If you already have a loan on you, it will also be considered by the lender. For a self-employed individual, the amount of loan will be determined based on the profit earned according to the latest profit and loss statement of your company or business, which will also take into account any additional liabilities.

5. How is the maximum amount decided?

The loan sanctioning criteria will differ from one lender to another and there are key factors which play a crucial role. These include your credit score, any outstanding liabilities, and the current income level. When you have a high credit score, lenders will feel that you are a safe borrower and you have the ability to repay the loan in due time. Nowadays, you also get a personal loan for a low credit score. Your monthly income will reflect on your ability to make the loan repayment and if you have a higher income and few financial liabilities, you will be able to get quick loan approval and instant transfer of funds.

Also Read: Personal Loan Insurance Everything You Should Know

Consider your monthly income and your financial needs before you make an application for a personal loan.

With Finserv MARKETS, applying for a Bajaj Finserv Personal Loan is easy, convenient and completely hassle-free. What’s more? You can avail attractive interest rates as well as a host of other features and benefits. So why wait? Avail your personal loan with us, today!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522