FAQ - Personal Finance - Loan Trivia


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FAQ - Personal Finance

How do I calculate my income tax in India, when I am new to all salary components?

Based on the information provided in the salary, your total CTC is 703028 and your gross salary is Rs 605468 and your basic salary is Rs 281400. Now, before we proceed on to your income tax incidence, let’s first simplify the terms so you can understand the answer properly.
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How Do I Apply For a Personal Loan?

Personal Loan is a type of loan taken by an individual person from any NBFCs or Bank to cover any of their personal needs like Higher Education, Medical Emergency, Debt & Wedding. A personal loan is a type of unsecured loan. In fact, applying for personal loans is also easy and fast. You can apply for a personal loan online.
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What Are Eligibility Requirements For a Personal Loan?

A personal loan can be of great help if you are looking for an immediate solution for all your monetary problems. The eligibility requirements for a personal loan are very simple. However, the lender’s policy plays a very crucial role in setting up the eligibility criterion's and thus, the answer would depend a lot on which lender is approving your application. 

Where Can I Find Personal Loan Interest Rates?

To find personal loan interest rates, you can visit the official websites of the various NBFCs and banks in India. The personal loan interest rates differ from lender to lender. It is basically decided on the basis of your employment type. 

How Do I Know My CIBIL Score?

CIBIL Score or Credit Score or Credit Rating is a 3-digit number that indicates an individual’s financial & credit health. CIBIL Score is a must for most of the financial transitions like personal loans housing/ mortgage loans. It is good to maintain personal finance which would help to get better CIBIL Score. You can check your CIBIL score from Bajaj Finserv free CIBIL score checker. 
You can check your CIBIL score by visit free CIBIL score checker tools.  

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How Can I Get a Travel Loan?

Travel loan is a type of personal loan which can be availed to finance your travel expenses. Almost all major banks and NBFCs in India offers personal loan for travel to cover the travel needs. You can avail at low-interest rates with Bajaj Finserv, you need to fulfill the eligibility criteria for a travel loan.

How Much Time Will it Take For My Personal Loan to Get Approved?

Are you looking for a personal loan? The time taken to get it processed and approved varies from bank to bank and on other factors. Once you apply for the loan, the verification officer determine the details, check your eligibility, cibil score, credit history, past dues, financial obligations, regular income, etc. Each individual loan application is analysed on the basic parameters set by the bank or non-banking financial companies. Just provide the required support documents along with the loan application. 
The time taken for the approval of the personal loan depends on the verification process and usually takes 1-2 days to get the loan amount disbursed into the bank account of the applicant. Some of the banks and NBFCs offer loan disbursal within a day. In some cases, this entire process can also take 2 days to one week time. With the digitalization, it is now easy for the applicants to apply for the loan online and upload the required documents. The loan gets approved in few hours as complete details of the applicant are available over the internet. 
People who require an urgent loan needs to contact Bajaj Finserv in order to get a customized loan processed and disbursed in just a few hours after the application.

How can a self-employed person get a personal loan in Delhi (India)?

All self-employed individuals can get a personal loan in Delhi provided they have a sound financial background and decent CIBIL score of 750 or above. Since these loans are unsecured loans, you do not have to provide any security or collateral. However, most financial institutions place great emphasis on financial antecedents and it is vital that you maintain good money management skills.

In India, almost all financial institutions separate self-employed people with technical degrees as opposed to those who do not have one. For the sake of clarity, the two categories are defined below.

# Self-employed professionals: This section incorporates everyone who has successfully completed a technical degree. People with MBBS, BDS, MD/MS, and B.Tech, among other technical degrees, are eligible to apply for a personal loan in Delhi.
# Self-employed non-professionals: All loan applicants who are educated but may not necessarily have a technical degree fall under this category. Such applicants may be eligible to apply for a loan.
In the last 5 years, unsecured personal loans have grown by 32%, according to the latest reports. Thus, regardless of whether you have a technical or non-technical background, you can easily avail a personal loan from renowned NBFCs like Bajaj Finserv.

Criteria You Must Fulfill

There are certain criteria that you must fulfill before you apply for a personal loan in Delhi, irrespective of whether you have a technical background or otherwise. A loan acts as the seed capital to build and then expand your business.

Before Applying For Personal Loans, Ensure That You –

Are between 23 to 55 years of age.
* Have a business vintage of at least 3 years.
Have submitted all income tax returns for the last financial year. At least one year’s IT returns must be presented for quick loan disbursal.
Have submitted the audited report of your business’ previous year’s turnover. The audit must be carried out by a certified chartered accountant.

Once you have ensured that your documentation is in proper shape, there is no reason why your application for a personal loan in Delhi should be rejected. Always ensure your previous and outstanding debts are settled and never take too many loans simultaneously.

Where can I get a personal loan?

Growing with the Digital World now it is possible to get a personal loan in any parts of India from Websites and Mobile Apps. you can avail an online personal loan from any financial institution upon providing the required documents.
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How Do I Apply Online For An Instant Personal Loan For Emergency?

Personal loans are an unsecured form of credit that can be used to meet immediate cash requirements. With the advancement in technology, availing such loans has become easier. Most banks and financial institutions have their own website and smart apps to provide instant loans online.

You just need to follow some simple steps to get an instant personal loan within 24 hours at your fingertips:

# Find a lender which provides an online facility to check loan eligibility and loan application
Fill in the online application by providing personal, financial, and employment details
To get the loan approved instantly, select the amount of loan required and mention the period of time within which the loan will be repaid
Complete the documentation as required by the concerned representative and upload them online
Soon after submission of application and documents, the details are scrutinized. 
After the verification, the loan can get processed within a day and the amount is credited in your verified account

However, before applying for an instant personal loan, check on your credit report, find the eligibility criteria, read through the terms and conditions, and keep all the documents ready for a safe and seamless experience. 

If you need quick financial assistance in the form of a personal loan at the time of an emergency, you can consider NBFCs like Bajaj Finserv. They strive to provide a completely online, quick, and hassle-free process with flexible interest-only EMIs. Post documentation and verification, the loan gets disbursed within 24 hours.

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Pardeep Sharma

Pardeep is an experienced financial analyst, researcher & writer. I have done MBA in Finance. I have worked extensively in the finance sector along with many organizations. I spend most of my time on the Internet reading finance related stuff and love to share my expertise with readers...