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Can me and my friends take a group personal loan

By Finserv MARKETS - Aug 30,2019
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Personal Loans for Friend Groups

Friendship is one of the most beautiful bonds we create in our lives, and it truly makes our lives amazing. While you may not have the choice to pick your parents, siblings and relatives, friends are those special bonds that you have chosen to create. Be it spending quality time on vacation, going out for meals, watching a movie, chatting or simply revelling, presence of friends makes even the most mundane things a wonderful experience.To commemorate the occasion of Friendship Day, you can avail of a personal loans to manage a variety of expenses, including those in a wedding, home renovation, higher education, purchasing the latest electronic gadgets or home appliances, or simply travelling together to your dream destination. You must, however, remember that there is no facility of taking a group personal loan, whereby the group pledges for repayment through a common collateral.

What are personal loans taken by a group?

It is simply a group of individuals or friends coming together, and taking personal loans for their respective requirements. It also can mean friends taking personal loans for a common end like a vacation together to celebrate Friendship Day. The highlight of a personal loan is that unlike a home loan or a car loan, the loan is not secured against any asset. As it is unsecured, you do not require putting up collateral like gold or property to avail it. The purpose of a personal loan is not monitored by the lender and you can use it to meet a variety of expenses, including business investments and any emergencies.

Difference between group loans by Microfinance institutions and personal loans taken by a group:

Micro finance institutions provide group loans to a particular group, like women entrepreneurs. Here, the group has to provide collateral or loan guarantee through a group repayment pledge. There is no provision to apply for a group personal loan by any service provider. But people in a group can always take individual personal loans for a common objective.

You can apply online for personal loan, available on Finserv MARKETS, and avail a personal loan upto Rs 25 lakh. This loan also has added benefits like no hidden costs to help you meet all your financial obligations with ease.

What are the eligibility criteria for a Personal Loan?

  1. Age:  The personal loan age limit ranges between 23 and 58 years. The younger you are, the higher the loan amount you can avail, because of more workable years.
  2. Nature of Employment: Applicants must have a regular source of income to avail a group personal loan on Friendship Day. You can be salaried, self-employed or a professional to apply for the loan. Salaried individuals should have been employed for a certain period of time with the current employer, besides a minimum number of years as total service period to avail the loan.
  3. Net Monthly Income and location of residence: Applicants with minimum take home salary of Rs 37,000 in Tier 1 cities, and Rs 27,000 in Tier 2 cities are qualified to apply for a personal loan, available on Finserv MARKETS. Along with the net monthly income, the location of applicant’s residence, be it urban, rural or semi-urban has also to be provided. The type of residence, whether it is on rent, family-owned or self-owned is also a crucial factor for approval of the loan.
  4. CIBIL score:  The higher the credit score, the better chance an applicant has to secure a group personal loan on the occasion of Friendship Day. The minimum CIBIL score for personal loan in Bajaj Finserv is 750. A credit score of 750 and above is considered ideal for obtaining a personal loan. Applicants with lower CIBIL scores may also manage to secure a personal loan, but only with a higher rate of interest.

You can also check your eligibility for loan with the help of an online personal loan eligibility calculator. The calculator also clarifies various aggregation of loan repayments and provides a calculation of interest to be paid.

The personal loan, which is available on Finserv MARKETS, allows you to avail several options like multiple withdrawals of the loan amount on a need basis, paying interest-only EMI during the initial loan period, and part payment of the principal amount without any hidden charges. Other benefits include flexible repayment facility and online access to keep track of repayment schedules, with minimal documentation and full transparency. There are also pre-approved offers for existing customers. So what are you waiting for? Celebrate Friendship Day without any worries.

Get to know more about the benefits of personal loan balance transfer. You can also read about 5 reasons to apply for personal loan.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. 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