Personal Loan Eligibility Criteria
It is important to know the basic personal loan eligibility criteria for instant approval of your loan application.
Mentioned below are some important eligibility criteria to apply for a personal loan:
You should be an Indian Citizen
You should be a salaried individual
Your age should be between 23-58 years
What is a Personal Loan Eligibility Calculator
The Personal Loan Eligibility Calculator is the quickest way to calculate your personal loan eligibility criteria. All you need to do is enter your net income and the Equated Monthly Installments (EMI) amount that you are comfortable paying.
Conventional, offline methods for checking your personal loan eligibility and applying for the same are time-consuming, inefficient, and quite frankly, outdated! Finserv MARKETS puts all these problems aside and has simplified the entire process to make it seamless, easy, convenient and hassle-free.
You can easily use the Personal Loan Eligibility Calculator by providing information in two fields mentioned below:
Your net income per month
The total EMI amount you are planning to pay in order to repay your loan amount
You are eligible for a loan amount of
You are eligible for a loan amount of
Personal Loan Eligibility Criteria for Salaried employees
For salaried employees, personal loan can be availed if you can fulfill the eligibility conditions. Qualifying for a personal loan is quite easy if you can meet the eligibility criteria and submit the required documents. Let’s have a look at the personal loan eligibility criteria:
The applicant should be aged between 23 and 55 years
If you are an Indian resident you are eligible for a personal loan
You should be an employee at MNC, private or a public limited company
KYC documents
Employee ID card
Salary slip of the last 2 months
Salaried bank account statement of the last 3 months
Along with these, the lender will also run a check at your CIBIL score and credit history before approving your personal loan application. This information will determine whether you will be able to repay the loan in a timely manner or else your application may get rejected. Although the required CIBIL score for personal loan is 750+, you can avail a loan even when you have a lower credit score.
The best way to know how much personal loan you can get based on your salary will be by using the personal loan eligibility calculator. It will show you the final amount that you can apply for, this way, you can apply for the eligible amount and avoid rejection of your personal loan application. However, when you apply for a personal loan you should always look for interest rates & charges. Finserv MARKETS, offers the most attractive Bajaj Finance Personal Loan interest rate offers with no hidden charges.
What are the documents required to apply for a personal loan?
It is mandatory to meet the documentation requirements for verification purpose in order to avail a personal loan. Hence, it advisable to keep your documents like Identity Proofs (Aadhaar Card and PAN Card) in place for instant approval of personal loan.
To get a detailed list of documents, you should check out our Personal Loan Documents pages.
What are the personal loan interest rates and other charges at Finserv MARKETS?
At Finserv MARKETS, you can assured that you will get a competitive interest rate for your personal loan application. We charge a minimal processing fee of up to 3.99% of your loan amount.
To get a holistic view about our interest rates and other fees, you can visit our Personal Loan Interest Rates page.
Why should you apply for a personal loan with Finserv MARKETS?
Get a Personal Loan from Finserv MARKETS and avail the below benefits:
Fast Process
Instant Loan approval,
Minimal documentation
Customized Personal Loan which meet your set of requirements
All we need from you…
- You must be a citizen of India.
- You must be a salaried individual.
- Salaried individuals between ages 23 - 58 are eligible and can apply for a Personal Loan.
- Aadhar Card/Passport/Driving License.
- PAN Card.
- Bank Statement - Last 3 months.
Frequently Asked Questions on Personal Loan
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Why should I avail of a Personal Loan online?
Taking a personal loan online is simple, quick, convenient and hassle-free. It not only saves you time and effort but, also guarantees transparency and security.
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Why should you choose us for a Personal Loan?
With Finserv MARKETS, your personal loan application can be approved within 3 minutes and the loan amount can be disbursed and credited to your bank account within 24 hours – all of this from the comfort of your home! With the Bajaj Finserv lending process made simple and hassle-free, apply for a pre-approved Bajaj Finserv loan, today!
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Do I have to provide any security, collateral or guarantors when applying for a Bajaj Finserv loan?
None, whatsoever! At Finserv MARKETS we trust our customers and hence do not ask for collateral.
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Can I carry out the application process in a conventional manner offline?
At Finserv MARKETS, we strongly believe in the power, speed, transparency, and efficiency of our online platform. Hence, our operations are exclusively online and we recommend the same to our customers as well.
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Do you offer balance transfer facility for Personal Loans?
We do not offer balance transfer for personal loans.
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How secure is my information when applying for Bajaj Finserv pre-approved loan?
All sensitive information like personal and financial data is heavily encrypted and safeguarded through our robust security systems. No individual apart from the authorized Finserv MARKETS personnel can access and process your information. All things considered, this makes it more safe and secure than convention offline loan applications, which involve a lot of paperwork that, many people can access.
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What are the basic Personal Loan eligibility criteria?
You can apply for a Personal Loan if: 1. You are a salaried employee 2. You are between 23-58 years of age 3. Your minimum take home salary is greater than Rs. 37,000 and you reside in Tier 1 cities and Rs.27,000 incase you reside in Tier 2 cities.
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Can I avail a pre-approved Bajaj Finserv Personal Loan if I am self-employed?
If you are self-employed, do check out the ‘Self-Employed’ section under Business Loans to find out more.
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Can I avail of a NRI Personal Loan?
At this moment, we offer a Bajaj Finserv loan only salaried Indian residents.
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What is the minimum and maximum tenure that I can avail when applying for a Bajaj Finserv pre-approved loan?
You can avail a Personal Loan for a tenure ranging from 1 year to 5 years (with annual renewal option for interest servicing loan).
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Can I get a Bajaj Finserv Personal loan anywhere in India? What is the maximum loan amount that I can get?
We are present in 35 major cities in India. Click here to see the list. You can avail of a loan of up to Rs.25 lakh subject to your eligibility.
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How do I check my personal loan eligibility?
The Personal Loan Eligibility Calculator section is designed for exactly this purpose. Do check it out to find out your loan eligibility in just a few clicks!
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Why do I need to provide my bank account credentials while applying for a Bajaj Finserv pre-approved loan?
We use the credentials to get your 3 months’ bank statements directly from your bank. Hence, you don’t need to worry about procuring, scanning, and uploading the documents anymore! And yes, this makes the Bajaj Finserv lending process hassle-free.
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Are there any hidden charges when applying for a Bajaj Finserv pre-approved loan?
At Finserv MARKETS, we’re committed to being 100% transparent and clear. There are no hidden charges or fees, whatsoever!
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What should be my monthly income to be eligible for a personal loan for salaried individual?
Based on your city of residence your minimum monthly salary must be the following: Rs. 37,000 - For Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida and Thane. Rs. 32,000 - For Ahmedabad, Kolkata, Cochin, Jaipur, Nagpur. Rs. 30,000 Jaipur, Chandigarh, Nagpur, Surat and Cochin. Rs 27,000 - For Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut and Rajkot.
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