Personal Loan - Loan Trivia

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Personal Loan

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Financial institutions offer several loans and advances designed to meet specific funding necessities of individuals. A personal loan is one such advance that helps fulfill varied financing requirements, large or small, with a loan amount of up to Rs.25 lakh. 

About Personal Loan 

It is a short or medium-term advance you can avail without any collateral. financial lenders offer high-value personal loans to the borrowers with no end-use restrictions on the availed funds. 

Meet the simple eligibility criteria and apply for an online personal loan to receive instant approval of your application. 

Personal Loan Feature and Benefits 

Check out the personal loan features and benefits offered by Lenders. 

A) Flexible Repayment Tenors 

Choose a suitable repayment term with the tenor ranging up to 60 months and repay in easy EMIs. 

B) Collateral Free Loan of High Value 

Avail a personal loan in India of up to Rs.25 lakh against minimum eligibility and documents. 

C) Quick Approval and Fast Disbursal 

Enjoy quick approval of your loan application within 5 minutes through pre-approved offers and disbursal within 24 hours as per the city of residence. 

D) Zero Hidden Charges 

With 100% transparency, Bajaj Finserv ensures zero hidden charges when you avail of a personal loan. 

Personal Loan Interest Rates 

Enjoy competitive interest rates and other nominal charges.

Types of Charges
Applicable Rates
Personal loan interest rates
12.99% onwards
Penal interest (On EMIs)
2% plus taxes or Rs.200 (Higher of the two)
Processing charges (On the loan amount)
4.13% and above
Bounce charges
Rs.600 to Rs.1,200 on each bounce (Tax included)
Secure fee (For online applicants)
Rs.4,499

Personal Loan Eligibility Criteria 

Fulfill easy-to-meet personal loan eligibility criteria for fast approval of your loan application. 

Eligibility Criteria
Requirements
Age
Between 23 years and 55 years
Nationality
Indian (Resident)
Income stability
Should be a salaried employee working with an MNC, a private or a public company

Also, you must meet the minimum net monthly income eligibility as per the city you reside in. 

Personal Loan Documents Required 

Keep all necessary documents handy before applying for a Personal Loan. The basic list of documents is mentioned below. 
  • KYC documents.
  • Employee identity card as proof of employment.
  • Last 2 months’ salary slips.
  • Bank account statement for the previous 3 months.
  • Two photographs (passport-sized.)

Why Should I Apply for a Personal Loan? 

A personal loan helps you meet your substantial funding requirements conveniently and quickly. Here are some other reasons why you should apply for a Personal Loan. 
  • Affordable Interest Rates
Personal loans are available at affordable interest rates, thus bringing your fixed monthly outgo well within your budget and repayment capacity. 
  • EMI Reduction by up to 45%
With the Bajaj Finserv Flexi Loan facility, you can now reduce your EMIs on personal loans in India by up to 45% as interest is charged only on the amount withdrawn. Withdraw as you need from a pre-sanctioned loan amount. 
You can also opt to pay interest-only personal loan EMI and repay the principal by the end of the tenor. 
  • Emergency Financing With Fast Disbursal
Fast disbursal of a personal loan means you can now utilize the funds to meet immediate financing needs like a medical emergency. 

How to Apply for a Personal Loan ? 

Check out the following steps of how to apply for a personal loan: 
  1. Fill up the online personal loan application form with all necessary details. 
  2. Submit all documents to the representative and receive approval. 
  3. Receive loan disbursal within 24 hours. 

How to Calculate EMI on Personal Loan? 

Calculate personal loan EMI with the help of the installment calculator available online. Input the following details to obtain results. 
  • Loan amount (in lakhs).
  • Loan tenor (in months).
  • Applicable interest rates.
Once entered, the calculator will compute the following results. 
  • EMI payable.
  • Total interest payable.
  • Total amount payable (Including principal and interest).

Personal Loan FAQs 

Q1. Can you apply for a personal loan as a student? 

A student can apply for this loan only if he/she meets all the eligibility criteria. If they do not, they can consider co-applying for the loan with another individual. 

Q2. Can a person with CIBIL score of 600 avails the loan? 

A CIBIL score of 600 may not be sufficient to avail a personal loan. A score around or above 750 can help avail the most beneficial terms on a loan. 

Q3. Are there any tax exemptions for a personal loan? 

You can claim tax exemptions on personal loans under Section 24(b) of the Income Tax Act only if the loan amount is utilized for home renovation.

Now that you know what a personal loan and all the other necessary details is, choose a suitable amount with the help of an EMI calculator and proceed to apply.

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