Today, the world and our lives are changing at breakneck speed. As a result, you may not be able to plan everything related to your career, your children’s education, healthcare, personal goals, etc. There may be times when you need an influx of funds to deal with emergencies. So it’s wise to educate yourself on easy ways to organize funds while protecting your savings 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 of planned or unforeseen medical expenses
Pay for higher education or courses abroad
High interest debt consolidation
Renovate or repair your home
Buying a vehicle
Finance a wedding
There are steps you can take to make sure you get approved for small loans when you need them, as well as affordable interest rates for personal loans. Here are the 5 most important tips that will help you get instant loan approval from Bajaj Finserv and enjoy end-to-end digital processing and disbursement without leaving your home.
1. Check and meet the personal loan eligibility criteria
The first step in getting your instant loan is to meet the terms set by the lender. Bajaj Finserv makes it easy for you and you can apply for a loan in minutes by fulfilling the following criteria.
Age between 20 and 67 years old
Regular monthly income of a public sector company, private organization or multinational
A credit score of 750 or higher
Valid Indian citizenship and residency
Monthly income meeting the minimum conditions set by Bajaj Finserv depending on the city of residence
Compliance with these conditions allows you to benefit from rapid approval on your online application.
2. Organize the required documents for quick download
To get instant loan approval, keep the following documents handy.
Proof of identity
Aadhaar card, voter ID card, PAN card, ration card, passport, utility bills, or other government issued proof of identity
Proof of address
Aadhaar card, voter ID card, ration card, passport, utility bills or other government issued proof of address
Proof of income
|Pay slips for the last 2 months and pay statements for the last 3 months|
Once all these documents are gathered, you can quickly proceed to the request for a personal loan. Apply online and download electronic copies with just a few clicks.
3. Check Your Debt-To-Income Ratio For Competitive Interest Rates On Personal Loans
The debt-to-income ratio is the percentage of your monthly income with which you pay off your existing debts. It is also called the fixed bond to income ratio (FOIR). Lenders check this to determine loan risk. Usually, an FOIR between 40% and 50% is considered healthy for a personal loan. If your debt ratio is less than 40%, you can get a low interest personal loan. However, if it exceeds 50%, your claim may be rejected or you may be charged additional interest to offset the risk. So, check your finances and existing debts before you apply.
4. Look for a pre-approved offer for faster access to funds
A quick and easy way to get Bajaj Finserv Instant Personal Loan is to pre-approved offer. You can usually get them through tailor-made offers if you have a prior relationship with the lender. With these offers you can receive funds faster than usual and also benefit from an economical offer. As Bajaj Finserv already has your paperwork in place, you may be able to claim the loan without submitting any paperwork.
5. Use the Flexi facility in the event of a financial crisis
Sudden job loss, medical emergencies, or the like can drain your savings. However, financial instability doesn’t need to stress you out when paying off a personal loan. In such cases, you can go for the Flexi loan facility and choose to pay back the IMEs with interest only. With this feature, you can reduce your monthly payments by up to 45% for the first part of the term. So, you can get enough time to recover from a cash flow crisis and avoid late fees and penalties while meeting your financial needs.
With these tips in mind, you can go ahead and apply for a Bajaj Finserv Instant Personal Loan without having to leave your home. Meet simple qualifying criteria and upload minimal documents to get started. Get approved in 5 minutes * and enjoy same day disbursement of up to Rs. 25 lakh. You can choose a maximum term of 5 years and repay without hassle. With this emergency loan, you pay no hidden costs and are not limited in use. Once you’re ready, check your pre-approved offer and apply online.
* Conditions apply