Personal Loan for First-time Borrowers

For first-time borrowers, understanding personal loans can seem challenging. Bajaj Markets   simplifies this process by enabling you to compare lenders offering competitive interest rates starting from 9.99% p.a. You could get a personal loan if you are a first-time borrower, with an amount that goes up to ₹50 Lakhs. Flexible tenures of up to 96 months ensure that there are repayment options that suit your needs. Whether it's for education, travel, or other financial goals, this marketplace provides a seamless way to explore suitable loan options.

Here are some important points that first-time borrowers should keep in mind before applying for a personal loan:

Assess Your Financial Needs

Determine the exact amount you require and avoid borrowing more than necessary. This helps you minimise interest payments and manage repayment effectively.

Check Eligibility Criteria

Each lender has specific eligibility requirements based on income, age, employment, and credit history. Ensure you meet these conditions before applying to avoid rejections.

Compare Interest Rates

Interest rates vary among lenders. Compare personal loan interest rates carefully to choose an option that offers competitive terms, reducing the overall cost of the loan.

Understand Loan Tenure

Select a loan tenure that aligns with your repayment capacity. A longer tenure may reduce monthly instalments but increase overall interest, while a shorter tenure could save on interest but have higher EMIs.

Review All Charges

Examine additional costs such as processing fees, prepayment charges, and late payment penalties to understand the total cost of the loan.

Maintain a Good Credit Score

A healthy credit score improves your chances of approval and could help you secure better interest rates. Consider checking your credit score before applying.

Read the Terms and Conditions Carefully

Thoroughly review the loan agreement to ensure you understand all clauses, including repayment terms and hidden charges, to avoid surprises later.

To apply for a personal loan for first-time borrowers on Bajaj Markets, ensure you meet these basic requirements:

• Citizenship: Must be an Indian citizen

• Employment: Salaried or self-employed individuals

• Age: 18 years or older

• Income: Minimum income of ₹10,000 per month

• Work Experience: 1 year or more

• CIBIL score: 600 or higher

Here is a list of essential documents you may need to submit when applying for an instant personal loan for first-time borrowers:

• Identity Proof: PAN card, Aadhaar card, voter ID, passport, or driving licence

• Address Proof: Aadhaar card, voter ID, passport, driving licence, electricity bill, or telephone bill

• Income Proof: Bank statements or salary slips for the last 3 months

Photographs: Two passport-size photos

Here are the simple steps to apply for an instant loan for first-time borrowers:

1. Click on ‘Check Eligibility’

2. Fill in your personal details

3. Choose the loan amount and repayment tenure

4. Submit the form for verification

Applying for a personal loan for first-time borrowers is simple with the right preparation. Bajaj Markets, a financial marketplace, helps you compare lenders offering competitive rates and flexible terms. Review eligibility, documents, and loan details carefully to choose an option that fits your needs and ensures smooth repayment.