Bajaj Personal Loan
Personal loans are easy methods for funding of emergency fund requirements. These also come handy for meeting some expenses like furnishing of house bought with a home loan as all the savings have been used for paying the margin money for the home loan. Personal loans are also availed by the borrowers for taking up dream holidays and buying expensive items. Personal loans specially come handy to the people for arranging funds who do not have any asset to offer to the lender as collateral.
From whom can you get a personal loan?
Almost all the banks and non banking finance companies (NBFC) offer personal loans catering to the needs of different strata of the borrowers. Bajaj Finserv is one of the leading NBFC engaged in providing home loans as well as personal loans. It is very aggressive in western part of the country as well as in all the major cities of India.
Features of Bajaj Personal Loans
You can chose different Bajaj Finserv personal loans products for varying needs. One can apply for the personal loan either in the traditional way by submitting physical documents or can apply f online. The company promises to sanction the personal loan within 24 hours only if applied online.
Bajaj Finserv also provides a flexible personal loan which is named as Flexiloan. Under this product one has the flexibility to withdraw personal loan as and when one needs. One also has the option to service only interest for the initial period and the prepayment of the principal amount starts later on.
Documents required to avail Personal Loan
The documents required for availing personal loan differ depending on whether one is are salaried or self employed. For salaried employee one has to submit the salary slip for last two months along with photocopy of the employee ID and bank statement for last three months. The applicant has to also submit the application form with photograph in addition to basic Know Your Customer (KYC) documents like Copies of PAN card/passport/driving license/voter ID/Aadhaar card. In addition to the identity proof, the applicant has to submit the proof for address like utility bill, driving license, rent agreement, property ownership documents etc.
The Bajaj Personal loan is also available to self employed people who are between 25 years and 58 years of age. The self employed applicant may be professionally qualified or non professional. The business or enterprises in which the self employed person is engaged should at least be three years old for the owner of the business to be eligible to avail the Bajaj personal loan.
Some of the documents required to be submitted by self employed differ from those required to be submitted by salaried people. Firstly they have to submit proof of their business or profession. In case of professionally qualified person, the certificate of membership issued by the professional body is sufficient enough. The businessman has to submit the proof of registration of his business under shop and establishment and/or GST and profession tax. In addition to the application form, photograph, and KYC documents, they are also required to submit bank statement for one month and copy of the income tax returns with profits and loss account along with Balance Sheet for last two years. The turnover of the business also need to be certified by a Chartered Accountant.
Rate of Interest, Processing fee and Prepayment charges
The Bajaj Personal loans for salaried are presently available at flat interest rate 13.99% from Bajaj Finserv. The borrower also has to pay a processing fee ranging between 2.25% to 3% of the loan amount applied for. In addition to these charges, the borrowers have to pay an amount of Rs. 1200/- for each bouncing of of EMI.
Under Baja flexi personal loans one has the option to prepay the personal loan partly or fully without having to pay any prepayment charges. However for other personal loans one has to pay prepayment charges @ 4% of the principal amount outstanding in case of full prepayment. For part prepayment the charges are lower @ 2% of the amount being repaid. In case the EMI gets bounced, a monthly penal interest at the rate 2.38% is also charged for Bajaj Personal Loans. An annual maintenance charges of 0.25% is also levied on all the Bajaj Flexi loans.
Amount of Loan and Tenure available
The Bajaj Personal loans are available for amount ranging between 1 lakh and 25 lakhs. The eligible personal loan amount will depend on the applicant’s income, age, tenure selected as well any loan already being serviced. The Bajaj Personal Loans are available for tenure ranging between 12 months to 60 months. The rate of interest on personal loan varies from depending on whether you are self employed or salaried. Even you credit score is also taken into account while determining the rate of interest on personal loans. The personal loan is repayable through equated monthly instalment (EMI) spread over the tenure. In case of Flexi personal loan, you have the option to service the interest only for initial period and the repayment of the principal amount starts later.