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Home Business Finance Looking To Avail Bajaj Finance Personal Loan? Check Out The Eligibility Criteria.

Looking To Avail Bajaj Finance Personal Loan? Check Out The Eligibility Criteria.

Ensuring a simplified procedure, minimal documentation & speedy approval are crucial; Bajaj finance personal loan offers loans for up to Rs 15 lakh. The loan comes with flexible end usage that ensures to meet all your personal expenditures, including vacation, wedding, home renovation, medical bills etc. For convenient repayment procedure, Bajaj Finance personal loan can get repaid within the repayment tenure ranging anywhere between 12 and 60 months.

Bajaj Finance personal loan eligibility

 You must be an Indian resident

 You must be a minimum of 25 years of age.

 Your maximum age for availing of this loan must be 59 years.

 You must be a salaried individual working in an MNC, public or private company.

 You must have an overall work experience of at least three years and must have been for over 1 year in the current organization.

 Your minimum salary each month must be according to the city you are residing in:

CityMinimum salary per month
Delhi, Bengaluru, Pune, Hyderabad, Chennai, Ghaziabad, Coimbatore, Thane and NoidaRs 35,000
Lucknow, Goa, Indore, Baroda, Vizag, Bhubaneshwar, Aurangabad, Nasik, Mysore, Madurai, Bhopal, Jamnagar, Raipur, Kolhapur, Vapi, Trivandrum, Trichy, Raipur, Jodhpur, Vijayawada, Rajkot, and Calicut.Rs 25,000
Kolkata, AhmedabadRs 30,000
Chandigarh, Jaipur, Surat, Nagpur, CochinRs 28,000

 

Bajaj Finance Personal loan – eligibility calculator

To help the Bajaj Finance personal loan customers to know whether they are eligible to avail the loan from the bank, many online financial markets offer online personal loan calculators. The calculator needs a few basic details such as your loan amount, tenure, income, the city you reside in etc. and tells in minutes whether you are eligible for the Bajaj finance personal loan. This instrument is very simple to use and is available to you at zero cost.

How can you ameliorate your Bajaj Finance personal loan eligibility?

Maintain a strong credit score: A good or strong credit score can enhance your eligibility for a personal loan as the credit score serves as an indicator of the way you managed your repayments in the past. Thus, holding a strong credit score makes you a trustworthy individual to lend a personal loan.

Select a higher repayment tenure: Selecting a higher repayment tenure might also enhance your personal loan eligibility; as you go for a higher repayment tenure, your EMI would get lower, and you would have higher chances to repay the loan by the due date.

Repay your existing debts: If you pay other loans EMIs or credit card dues, it is always a good option to repay and close all of them or at least a major portion of them. It enhances your debt-to-income ratio, which enhances your eligibility for a personal loan and other loan options.

Bajaj Finance personal loan eligibility: All you must know

While the rising requirement for personal loans has made it simpler for the applicants to get loan approval, there still are specific requirements that are part of the eligibility criteria for a personal loan that you must meet before applying for it.

Check out the personal loan eligibility criteria details:

List of crucial factors that impact your personal loan eligibility:

Age: Applicant’s age plays a crucial role in deciding the eligibility for a personal loan because it proves the seeker’s capability to earn as well as repay the loan amount in a specified time period.

Income: Applicant’s personal loan eligibility depends mainly on his or her income. The more the income, the more is your chances of getting a personal loan approved.

Credit score: Credit score is a very essential parameter determining your eligibility for a personal loan of an applicant. The higher your credit score in India, the higher would be your chances of availing the loan approval.

Past credit repayment: Credit history is a crucial factor in the loan approval procedure. The longer your credit history with good past credit repayment, the higher is your chances of availing a personal loan.

Geographic location: The area where the borrower resides plays a vital role in deciding whether you would be eligible for a personal loan.

Employer/employment organization: The organization with whom the seeker is employed is even a necessary factor considered when determining your personal loan eligibility. For instance, if you are working with a well established and reputed company, then your chances of getting an easy approval for a personal loan is higher than being employed in a startup.

Residential status: As residing in a rented home reduces your disposable income and thus your repayment capacity, it lowers your personal loan approval chances. Residing in your own home, on the other hand, enhances your chances of availing of your personal loan approval.

Personal loan eligibility check:

Before you avail of a personal loan, ensure to pass yourself through the listed conditions:

AgePersonal loan seekers must be from 21 to 68 years of age.
Profession typeSalaried individuals like the ones working with reputed organizations, government and holding
SalaryThe personal loan seekers must hold a minimum monthly salary equaling Rs 25,000 or an annual income of Rs 5 lakh.
Credit scoreAt least 750 and above credit score makes you eligible for a personal loan
Work experienceApplicant must work for at least 2-3 years based on the loan amount and bank’s condition.
EMI amountApplicant’s maximum EMI must be equivalent to 65 percent of his/her income.

 

Documents needed

For checking your personal loan eligibility, seekers are required to furnish the listed documents:

       PAN card

       KYC documents (address proof, identity proof and birth proof)

       Residential proof

       Office address proof

       Bank statement past 6 months

       Income proof

       Proof of business continuity

       Office address proof

How to check Bajaj Finance personal loan status?

Bajaj Finance personal loan status offline:

You can take up the Bajaj Finance personal loan by approaching the branch directly, where you applied for the personal loan. Here are some steps you must follow:

  Approach the branch with whom you applied for a personal loan.

  Mention your personal loan application number with your registered phone number

Also, you can track your Bajaj Finance personal loan status by calling on the customer care number by following the listed steps:

   Dial on the number 1800-103-3535 to get in direct touch with the customer care team

   State your reference number to know about the Bajaj Finance personal loan status.

Bajaj Finance personal loan status online:

       Visit the Bajaj Finance customer care portal page.

       Use your email ID/mobile number/customer ID to log in.

       Authenticate yourself with the password or OTP.

       Click on Bajaj Finance personal loan track application option.

       Enter your mobile number & then click on the option ‘generate password’.

       Use the sent OTP to know about your Bajaj Finance personal loan status.

Also Read,  5 Clever Ways to Use a Small Business Loan for Marketing

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