5 Reasons for Getting a Personal Loan from Bajaj Finance
By TOI Desk Report
August 31, 2023
Update on : August 31, 2023
A personal loan can help you address financial emergencies easily and quickly. Whether for any unexpected expenses like medical treatment or planned expenditures like a vacation or home renovation, these instant loans offer a hassle-free source of funds.
With their growing popularity and availability, you can easily get an instant loan through various lenders. One NBFC (non-banking financial company) that offers numerous benefits with an instant personal loan is Bajaj Finance. From affordability to flexibility, there are a host of reasons why you should choose a Bajaj Finance Personal Loan. Read on to know more.
Quick Approval and Sanction
Bajaj Finance offers speedy approval of your loan application combined with lightning-fast disbursal of funds. It is a great option to consider if you are in urgent need of financing. You can fill out the application form online in less than 5 minutes on the app or website.
After you send your application, the lender assesses your information, verifies your documents and then approves the loan. After approval, the funds are transferred to your provided bank account in less than 24 hours. This speedy approval and sanction allows you to get access to funds swiftly, which ensures that you can meet your needs on time and in a hassle-free way.
High-Value And Collateral-Free Financing
Bajaj Finance offers personal loans ranging up to ₹25 Lakhs. This ample loan amount ensures that you can meet various financial needs with ease. These loans come with no restriction on end use.
You can use the funds to cover hospital bills, finance wedding expenses or educational needs, take a vacation or invest in a business. Further, this unsecured loan does not need any collateral or security. So, it avoids the added pressure of risking your assets.
Flexible Repayment
You can choose a flexible repayment tenure of up to 60 months according to your financial obligations and repayment strategy. This allows you to repay the loan in affordable EMIs. Using the personal loan EMI calculator can help you tailor the instalments to your budget.
Another huge perk of this loan is the Flexi facility, which you can opt for to make repayment even more budget friendly. A Flexi loan works like a line of credit where you can withdraw from your loan limit as many times as you want and repay as you go. There are no prepayment charges to worry about. What’s more, you can choose to pay only the interest component as EMI and reduce your instalments further.
Low Interest Rates and No Hidden Charges
The personal loan interest rate influences your total borrowing cost and your EMIs. Therefore, choosing a lender like Bajaj Finance, which offers low interest rates on your loan can help you cut down on the cost significantly. The Bajaj Finance Personal Loan rates start at 13.5% p.a.
Another benefit of getting a loan from Bajaj Finance is that it offers complete transparency of the associated fees and charges, allowing you to borrow stress-free. Lenders generally levy various charges, including processing fees, late payment penalties and foreclosure charges, among others. Knowing these costs beforehand helps you plan and prepare for repayment better.
Simple Eligibility and Documentation
Qualifying for a personal loan from Bajaj Finance is easy as the eligibility criteria are simple and easy to meet. To get this loan, all you need to do is:
- Be a citizen of India between 21 and 67 years of age
- Be a salaried individual earning a minimum monthly salary of ₹25,000, based on your place of residence
- Be an employee of a private company, a public company, or an MNC that is well known
- Have a CIBIL score of at least 685 or more
Since the terms of eligibility are simple, the paperwork is simple too. You only need to provide ID proof, address proof, income proof and employment proof. You can submit all these documents online, which makes your application easier to complete.
For the above reasons, a personal loan from Bajaj Finance can be a reliable option to fund any requirements. You can apply for it in no time using the Bajaj Markets loan app. This digital platform offers a variety of loans and credit solutions under one roof. Download it now from the App Store or Google Play and get an instant loan easily.
Read more: 5 Reasons for Getting a Personal Loan from Bajaj FinanceLatest News
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