Overview
It’s time to realize all your dreams! Bajaj Markets brings to you a plethora of loan options to help you fulfill your financial needs. Bajaj Markets connects you with multiple lending partners across India, so that you choose the loan as per your requirement. With a variety of lending products, ranging from a Personal Loan to Home Loan, your dreams need not wait anymore. So, apply for a loan today!
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Why Choose Bajaj Markets for Loans
How to Apply for Loans at Bajaj Markets
When opting for a loan, do keep in mind that the application process varies from product to product. What is mentioned below is just a general overview of the steps involved when applying for a loan on Bajaj Markets. Given that we’re completely online, here’s how you can apply for a loan on our platform –
1. Online Loan Application
Having zeroed in on the type of loan you wish to avail (basis your need) all that you need to do is visit our website and fill in an online loan application form. You will need to provide your personal and employment details here and support this by uploading the relevant documents. Wondering what personal details you’d be asked to furnish? Well, this includes –
- Your identity proof (Aadhar Card/Passport/Voter ID/Driving License)
- Your Address Proof
- Your PAN Card details
- Your bank details (last 6 months)
- Your salary slip (last 3 months)
The documents mentioned above are required across all loan types. You will need to furnish additional documents when availing a home loan, home loan balance transfer, loan against property, loan against property transfer, 2 wheeler loan.
2. Select from a multitude of Lending Partners
After you enter the personal and employment details, you can select the loan offer from a list of lending partners. At Bajaj Markets, you get the loan offers from some of the best lending institutions. So, make a choice and you can move ahead in the journey of the loan application.
3. Specify Loan Details
This includes mentioning the loan amount you wish to apply for and choosing your repayment tenure. At Bajaj Markets, you can avail a personal loan to the tune of up to Rs. 25 Lakhs while with home loans and a loan against property, the upper limit is Rs. 5 Crores. When it comes to repayment, customers enjoy the freedom of choosing their own tenure. With personal loans, the repayment tenure ranges between 12 – 60 months. For home loans and loan against property, this could go up to 360 months or 30 years.
4. Loan Verification, Approval and Loan Disbursal
Upon successfully uploading your documents and stating your loan requirements, the lender will conduct a thorough check. This includes a check on your CIBIL score and verifying the documents provided. Once satisfied, the loan application is approved and the sanctioned amount disbursed to the bank account of the customer. The time taken for verification, approval and disbursal varies from product to product. For instance, a personal loan could be approved within minutes given that there’s not much documentation involved and neither does the borrower have to provide any collateral. On the other hand, a home loan application takes much more time to get approved as the process involves inspection of the property and verification of all related documents.
Key Things to Consider When Applying for a Loan
- Type of Loan
- Charges Associated with Loans
- Loan Repayment Tenure
- Credit Score and Repayment Capacity
- Eligibility Criteria
This is an important pointer as it helps determine whether you will have to make a down payment or provide collateral. If you are looking for instant financial help, a personal loan is what you should apply for. These are unsecured loans – no collateral or guarantor is required. If you plan on buying a home or desire to send your child to study abroad, a home loan or a loan against property is the right way to go. These are secured loans – one must provide collateral when availing such loans. In addition to this, you can also apply for a home loan balance transfer or a loan against property balance transfer if the interest rate you currently pay is way too high.
The online loan you apply for comes with a host of charges that you ought to be aware of, before signing that dotted line. From processing fees to foreclosure charges, from missed EMI penalties to part-prepayment charges, it is important that you apply for a loan with the knowledge about the charges you might incur. At Bajaj Markets there are no hidden charges to worry about ensuring complete transparency and quick loan process.
Your repayment tenure depends on the type of loan you apply for. Personal loans (unsecured loans) usually come with a 12- 60 months repayment tenure. However, as a customer you get to choose your tenure. As for home loans or a loan against property, repayment tenures could go up to 300 months or 20 years. So why is this important? Well, your repayment capacity and loan tenure go hand in hand. Basis your capacity to repay, you can choose an EMI tenure without affecting the way you live.
Consider it sacrilege if you apply for loans in India without checking your credit score! As a matter of fact, most financial advisors will direct you to check your CIBIL when you apply for a loan. Why is this important? Well, your credit score determines whether the bank or lender will approve or reject your loan application. Your credit score is a 3-digit number that could range between 300 – 900. The higher your score, the better your chances of having your loan application approved. Moreover, this allows you to negotiate with your lender in terms of getting a good interest rate on your loan. Banks usually consider 700 and above as a good score.
Your credit rating isn’t the only parameter that determines the outcome of your loan application. There are several criteria applicable and to have your loan approved you need to meet these parameters. Some of these parameters include your age, the city you reside in, your monthly salary and your credit history. However, do keep in mind that such parameters vary from lender to lender and thus you need be sure about your eligibility before applying. In addition to this, having your documents in place is imperative to ensure a smooth application process.
What are the Different Types of Unsecured Loans
What are the Different Types of Secured Loans
Read more to know details about types of loans
How to apply for a loan using Bajaj Markets app
Applying for a loan using the Bajaj Markets app is quick and easy. Here are some simple steps to help you get started:
Step 1: Visit the ‘Loan’ section on the Bajaj Markets app
Step 2: Choose the loan offer that suits your needs best, from a lending partner of your choice
Step 3: Enter the desired loan amount and select the repayment tenure
Step 4: Upload the required documents and submit your application online
That’s all. The lender will conduct a background check and verify your documents. A representative may get in touch with you, for further processes.
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Loan FAQs
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✔️What are unsecured loans?
Loans that do not require the borrower to provide any collateral or a guarantor are categorized as unsecured lending. Typically, personal loans fall into this categorization. Due to this reason, interest rates on unsecured loans are quite high.
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✔️What are secured loans?
Loans that require the borrower to provide collateral or a guarantor are categorized as secured lending. Given the huge loan amount in question, banks/financial institutions require collateral which serves as security, should the borrower not be able to repay the amount. -
✔️How does one calculate the EMI amount for a loan?
There are 3 factors that determine EMIs – the loan amount, the interest rate applicable on the loan amount and the loan repayment tenure. To know how this works, check out our loan EMI calculator page. -
✔️What is the basic criteria to apply for a loan?
Depending on the type of loan, there is different criteria to be met. However, there are certain basic criteria such as –
- You must be a resident Indian citizen,
- You must be able to prove your repayment capacity (either salaried or self-employed) and
- There is a minimum and maximum age limit involved.
