What a Personal Loan Costs you

What a Personal Loan Costs you 

Instant Approval | Loan Upto 30 Lacs | Flexible Repayment Options
18 Sept 2020

Applying for a loan in India is a convenient way to raise funds. A personal loan is easy to acquire, and what makes it easier is the flexibility to repay the loan in smaller Equated Monthly Instalments (EMIs). However, the interest rates for personal loans tend to be higher because it is an unsecured type of loan, which means that the loan does not require any collateral. The loan amount and interest charged will depend on various factors, such as the applicant's income, credit history, credit score, etc.

Benefits of a Personal Loan

● No collateral required

One of the significant features of personal loan is that it does not require security or collateral. Being an unsecured type of loan, you need not provide any security against the borrowed amount. So, when you apply for a loan, you do not have to pledge any of your valuable assets as collateral.

● No restrictions on fund usage

A personal loan is different from the other loans that are used for specific purposes. When you take a loan, you are not required to provide a goal or a reason to acquire a loan. The loan amount can be used for almost anything. The lenders generally don't have any restrictions on the end usage of the funds, unless you use it for any illegal purchases or activities. You can use the money to finance your wedding, purchase business machinery and even fund your travel expenses with ease.

● Quick disbursal of loan

To get your loan approved, you first have to make sure you fulfil the eligibility criteria and have a good CIBIL Score. After submitting your loan application, your documents move ahead for verification. The lender then runs a check on your credit history, and once they are satisfied with your repayment capacity, the loan amount gets disbursed on the same day.

● Flexible loan tenure

One of the benefits of a personal loan is that you have the liberty to choose the duration of your loan based on your repayment capacity. A more extended period of loan means lower EMI, which can be quickly repaid. Most banks and lending institutions have their own EMI calculator online. With the online calculator, you can determine the loan duration and the EMI to be paid every month. The EMI calculator makes it easier to make payments towards your loan and manage your finances accordingly.

● Interest rate

Most banks and lending institutions in India provide Personal Loans on a fixed interest rate basis. Irrespective of the tenure you choose, the interest remains the same, which means you need not worry about the fluctuations in the interest due to changing market conditions.

Personal loan Eligibility

For instant approval on loans, you need to make sure you fit in the essential eligibility criteria set by the lender. The specified criteria may vary from lender to lender. Fulfilling the requirements ensures a smooth loan application process and lowers your chances of rejection. As loan rejection will harm your credit score. Given below is the eligibility criteria:

● The borrower needs to be between the ages of 23 and 55 years

●The applicant needs to be working with a private, multinational company (MNC) or public company

● The applicant should have an Indian citizenship

●The applicant's salary should be in between INR 25,000 and INR 35,000

Documents Required For Personal Loan

● Proof of Identity such as Aadhar Card, PAN Card, Passport, Driving License and Voter's ID.

● Residential proof such as, like Electricity Bill, Gas Bill, Passport, or Leave and License Agreement.

● Bank account statement for the last three months. These documents will be used to calculate your CIBIL score and determine your overall creditworthiness.

● Salary slips for the last three months.

● Your passport size photographs.

Also read is there a tax benefit on personal loan only at Finserv MARKETS

Numerous Banks and NBFCs offer loans at attractive interest rates. However, getting a Bajaj Finserv Personal Loan at Finserv MARKETS will help you get the best deal online. The online application process for loans is quick and easy. You can avail a Bajaj Finserv Personal Loan amount of up to Rs 30 lakhs at attractive interest rates starting from 12.99% per annum. Once the loan gets approved, the funds get deposited to your account within 24 hours.The best thing about the loan is that the funds can be used for multiple purposes like wedding expenses, travel expenses, medical emergencies and much more.

Avail a flexible loan repayment tenure of up to 12 to 60 months, where you can enjoy the freedom of choosing your loan tenure. To calculate your EMIs, you can take the help of a personal loan EMI calculator that gives you the exact monthly outflow of the amount that is to be paid every month. By applying for a loan with the Finserv MARKETS app, you also get personalized pre-approved offers and added services like a free Financial Health Check Report (FCHR). This financial report will help you understand and improve your credit standing for future loan applications.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”