Today, the world and our lives move at a breakneck speed. As a result, you may not be able to plan everything related to your career, children’s education, healthcare, personal goals, and more. There may be times when you require an influx of finances to meet emergencies. So, it is wise to learn about easy ways to arrange funds while keeping your savings safe for the future.
With the Bajaj Finserv Personal Loan , you can avail up to Rs. 25 lakh from the comfort of your home. You can use this emergency loan for many reasons, including
Financing planned or unplanned medical expenses
Paying for higher education or overseas courses
Consolidating high-interest debts
Renovating or repairing your home
Purchasing a vehicle
Financing a wedding
You can take certain steps to ensure that you can get approval for small loans when you need them, along with affordable personal loan interest rates. Here are the 5 most important tips that will help you enjoy instant loan approval from Bajaj Finserv and benefit from end-to-end digital processing and disbursal without leaving your home.
1. Check and meet the personal loan eligibility criteria
The first step towards getting your instant loan is meeting the terms set by the lender. Bajaj Finserv makes this easy, and you can qualify for a loan within minutes by fulfilling the following criteria.
Age between 20 and 67 years
Regular monthly income from a public sector company, private organisation, or an MNC
A credit score of 750 or more
Valid Indian citizenship and residency
Monthly income that meets the minimum terms set by Bajaj Finserv based on the city of residence
Meeting these terms helps you enjoy quick approval on your online application.
2. Arrange the required documents for a quick upload
To get instant loan approval, keep the following documents ready.
Purpose | Requirement |
Identity proof | Aadhaar card, Voter ID card, PAN card, ration card, passport, utility bills, or any other identity proof issued by the government |
Address proof | Aadhaar card, Voter ID card, ration card, passport, utility bills, or any other address proof issued by the government |
Income proof | Payslips of the previous 2 months and salary account statements for the previous 3 months |
Once you have arranged all these documents, you can quickly proceed with the application for a personal loan. Apply online and upload soft copies in a few clicks.
3. Check your debt-to-income ratio for competitive personal loan interest rates
The debt-to-income ratio is the percentage of your monthly income with which you repay your existing debts. It is also called fixed obligation to income ratio (FOIR). Lenders check this to determine the risk of lending. Usually, an FOIR between 40%-50% is considered healthy for a personal loan. If your debt-to-income ratio is lower than 40%, you can get a low-interest personal loan. However, if it crosses 50%, your application may be rejected, or you may be charged more interest to offset the risk. So, check your finances and existing debt before you apply.
4. Look for a pre-approved offer for faster access to funds
An easy and quick way to get a Bajaj Finserv Instant Personal Loan is via a pre-approved offer . You can usually get these when tailormade offers if you have a prior relationship with the lender. With these offers, you can receive funds quicker than usual and enjoy a pocket-friendly deal too. As Bajaj Finserv already has your documents in place, you may be able to claim the loan by submitting zero paperwork.
5. Avail of the Flexi facility in case of a financial crunch
A sudden job loss, medical emergencies, or other such situations may drain your savings. However, financial instability doesn’t need to stress you out during personal loan repayment. In such cases, you can opt for the Flexi loan facility and choose to repay interest-only EMIs. With this feature, you can lower your monthly instalments by up to 45% for the initial part of the tenor. Thus, you can get sufficient time to recover from a cash crunch and avoid late fees and penalties while still catering to your financial needs.
With these tips in mind, you can go ahead and apply for a Bajaj Finserv Instant Personal Loan without setting a foot outside your home. Meet simple qualification criteria and upload minimal documents to get started. Get approval in 5 minutes* and avail of same-day disbursal going up to Rs. 25 lakh. You can choose a maximum tenor of 5 years and repay without hassle. With this emergency loan, you pay no hidden charges and aren’t restricted on usage. Once you’re ready, check your pre-approved offer and apply online.
*Conditions apply
