A personal loan could serve many purposes and come to your aid when you have no other source of money to turn to. Life throws a variety of situations at us that require that little extra source of funds - be it covering expenses for a marriage- whether of your child, sibling or your own; higher education; emergency buffer to recover from the loss of a job; home renovation; medical emergency, or a myriad other reasons.

 Since a personal loan doesn’t require any collateral and no restrictions on how you spend the loan amount, it could be a very welcome source of quick funds. In times of need, a Bajaj Finance personal loan could be a good choice, provided you know how to manage your finances and have an accurate plan on how to repay your loan.

Bajaj Finance Personal Loan - What You Need to Know

With Bajaj, you can get a variety of online personal loan solutions, which include information on personal loan eligibility criteria, EMI calculation, the documentation required, and application help for the personal loan.

Am I Eligible?

You are eligible for a personal loan from Bajaj Finance, if you are

• A salaried person

• You earn a minimum of Rs. 25,000 to Rs. 40,000 (Salary requirements differ from city to city, check with Bajaj Finance for more details.)

You can also use the Bajaj Finserv Personal Loan Eligibility Calculator online tool in order to do a quick check of your eligibility. You can also use the Personal Loan EMI Calculator to determine how much EMI you will have to pay for your personal loan, and plan your finances accordingly.

Ok. What’s the interest rate?

The interest rate varies with each customer depending on his/her income, credit score and repayment history among several other factors. You will need to check with the company about the interest rate that is being offered to you. Personal loans are some of the most expensive retail loans on the market and it is important to check the rate so you can plan the repayment accordingly.

How do I get the best interest rate possible?

Obtain your credit report and check your credit score.  Generally, a credit score of 750 or above qualifies you for the most favourable terms and conditions, including a lower interest rate. While a high credit score does not guarantee loan approval or low interest rate, it certainly helps your cause considerably.

You need to be aware and updated on your most recent credit report. Take a fine comb to your report and check for any inconsistencies or errors. If you find one, immediately file a dispute and get it corrected. If your credit score is low, then take time to improve it before applying for a personal loan to avoid the possibility of rejection or unattractive interest rates.

I Am Ready! What Next?

Great. Now you can apply for a Bajaj Finance Personal Loan. You can do so by logging onto the Bajaj Finance website and uploading the required documents or by visiting the nearest Bajaj Finance branch and submitting the application with the required documentation.

Alternatively, if you think you need help with the loan application process and advice on eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your credit profile.