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As an athlete, managing your finances often requires balancing training costs, competition fees, and personal expenses. Unlike salaried individuals, you may face fluctuating incomes, making traditional loan assessments more nuanced. Lenders may evaluate your earning potential, endorsement income, and overall financial stability.

A personal loan can support a wide range of financial requirements, such as funding advanced coaching, purchasing high-quality equipment, or covering medical expenses. With customisable options and flexible repayment terms, personal loans for athletes provide convenient access to funds.

You can get personal loans for athletes through Bajaj Markets, which offers a seamless application process.

Personal Loan Lenders Available on Bajaj Markets

Lender

Starting Interest Rate

Processing Fee

Loan Amount

Tenure

Federal Bank

11.00% p.a.

0.70% to 2.80% of the loan amount + 18% GST

₹50,000 to ₹5 Lakhs

Up to 12 months

mPokket

24.00% p.a.

₹50 to ₹200 + 18% GST (maximum APR of 48%)

₹500 to ₹45,000

Up to 90 days

Kotak Mahindra Bank

10.99% p.a.

Up to 1.50% of the loan amount + GST

₹50,000 to ₹40 Lakhs

24 months to 72 months

InCred

16.00% p.a.

2% to 5% of the sanctioned amount

₹10,000 to ₹10 Lakhs

Up to 72 months

Kissht

14.00% p.a.

3% to 5% of the loan amount

₹5,000 to  ₹4 Lakhs

6 months to 24 months

SMFG India Credit

12.00% p.a.

0% to 6% of the loan amount

₹50,000 to ₹25 Lakhs

Up to 60 months

Upwards

1.5% p.m.

Up to 4% of the loan amount

₹25,000 to ₹5 Lakhs

Up to 36 months

Bajaj Finance

10.00% p.a.

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

₹50,000 to ₹35 Lakhs

12 months to 96 months

CASHe

2.79% p.m.

Up to 5.5% of the loan amount + GST 

₹50,000 to ₹3 Lakhs

9 months to 18 months

Fibe

14.00% p.a.

Up to 2% of the loan amount

₹50,000 to ₹5 Lakhs

Up to 36 months

Finnable

15.95% p.a.

Up to 3% of the loan amount

₹20,000 to ₹10 Lakhs

Up to 60 months

Muthoot Finance

14.50% p.a.

2% to 4% of the loan amount

₹50,000 to ₹10 Lakhs

Up to 60 months

IIFL Finance

18% p.a.

2% to 6% of the loan amount + GST

₹70,000 to ₹5 Lakhs

Up to 24 months

KreditBee

14.00% p.a.

Up to 3% of the loan amount

₹1,200 to ₹5 Lakhs

Up to 24 months

L&T Finance

12.00% p.a.

Up to 2% of the loan amount + GST

₹50,000 to 7 Lakhs

Up to 48 months

MoneyTap

18.00% p.a.

5% to 10% of the loan amount

₹5,000 to ₹5 Lakhs

3 months to 36 months

moneyview

1.33% p.m.

Starts from 2% of the approved loan amount

₹30,000 to ₹10 Lakhs 

Up to 60 months

YES BANK

12.50% p.a.

1.15% to 2.75% of the loan amount

₹1 Lakh to ₹50 Lakhs

12 months to 72 months

Zype

18.00% p.a.

2% to 6% of the loan amount

₹3,000 to ₹5 Lakhs

6 months to 12 months

Olyv

18.00% p.a.

2% to 12% of the loan amount

₹1,000 to ₹1 Lakh

2 months to 12 months

PaySense

15.00% p.a.

2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

₹5,000 to ₹5 Lakhs

Up to 60 months

Privo 

9.99% p.a.

1% to 3% of the loan amount + GST

₹2 Lakhs to ₹5 Lakhs

6 months to 60 months

*Disclaimer: The mentioned details are subject to change at the lender’s discretion.

Eligibility Criteria for Personal Loan

To qualify for an athlete loan, you must meet specific eligibility requirements. Here’s the list:

  • The individual should be an Indian citizen

  • Employment can be salaried or self-employed

  • Applicants must be 18 years or older

  • A steady income of at least ₹10,000 per month is necessary

  • Work experience of one year is a prerequisite

  • The CIBIL score must be 600 or more

These requirements can differ based on the lender’s policies. Therefore, it’s important to review the specific criteria set by your chosen financial institution before applying for a loan.

Documents Required for Personal Loan

When applying for a personal loan as an athlete, you will have to submit several documents to confirm your identity, income, and professional credentials. 

Here’s the list of documents that might be required:

Identity Proof: Choose any one of the following documents:

  • PAN Card

  • Aadhaar Card

  • Voter ID Card

  • Passport

  • Driving Licence

Address Proof: Any one of the following can be submitted:

  • Voter ID Card

  • Aadhaar Card

  • Passport

  • Driving Licence

  • Electricity Bill

  • Telephone Bill

Income Proof: Provide a bank statement or salary slips for the last three months

Photographs: Two passport-sized photographs are required

Keep in mind that the required documents can differ depending on the lender’s policies. It is advisable to confirm the specific documentation needed with your chosen financial institution before proceeding with your application.

How to Apply for Personal Loan on Bajaj Markets

You can apply for a personal loan for athletes on Bajaj Markets by following these simple steps:

  1. Visit the website and click on the 'Check Eligibility' option to begin the process

  2. Enter your personal and income-related information. This helps determine your loan eligibility.

  3. Specify the loan amount you wish to borrow and select a repayment tenure that suits your financial plan

  4. Review all the details you have entered to ensure they are accurate before submitting the application form online

Once submitted, your application will be assessed by the partnered lenders. They will contact you for verification and guide you through the remaining steps of the process.

By following these steps, you can easily apply for a personal loan tailored to your needs as an athlete.

Conclusion

A personal loan for athletes can be a reliable financial tool to help you achieve your goals, whether it’s funding professional training, acquiring specialised equipment, or managing unexpected expenses. With the right eligibility criteria, required documents, and an easy application process, accessing funds becomes simple and hassle-free.

FAQs

Does one have to be a professional athlete to get a personal loan for athletes?

No, you don’t necessarily have to be a professional athlete to apply for a personal loan tailored for athletes. However, lenders may require proof of your active involvement in sports, such as certificates of participation, sponsorship agreements, or endorsements. Eligibility often depends on your income stability and overall financial profile.

What is the maximum loan amount an athlete can get?

The maximum loan amount available to an athlete depends on the lender’s policies and your financial eligibility. Factors such as your income, credit score, and repayment capacity play a significant role in determining the loan amount. Typically, personal loans for athletes can range from a few thousand to several lakhs. Check with your chosen lender for specific details.

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