Personal loans, as you know, are generally unsecured loans, that means the bank or NBFC give full freedom to the borrower to use the money for any legitimate purpose. Since personal loans are the most demanding loans, there are of course many lenders that are available in the market. Having said that, Bajaj Finance or Bajaj Finserv is one of the leading personal loan providers in India that offers an attractive rate of interest with more fund as well. The uniqueness about Bajaj personal loan is that this financial institution provides flexi loans facility as well. In this article, you will get to know more about this loan, so have a look.
What are Flexi Loans?
Flexi loans is the facility provided by this finance company that gives the advantage to pre-pay and drawdown money within the drop-line facility using a self-service process. Another major advantage of this product is that it is easy and hassle-free. Also, it gives you an option to save interest cost by making the advance payment of any additional or idle funds that you have without paying any interest on the part-paid amount.
Benefits of Flexi Loans: Here are the main advantages of the flexi loan facility that will make it easier for you to take a decision:
- Flexibility to pre-pay the debt with idle funds at no extra cost.
- Re-avail the pre-paid amount within the drop-line facility at any time within the tenure timeframe without any additional documentation.
- Save on interest and you only pay the interest on the utilized the amount and not on the pre-paid amount.
- Easy, hassle-free and time-saving online transactions.
Interest Rate: The most important detail a borrower would look for is the interest rate he/she is getting. Here at Bajaj Finserv, the rates are one of the lowest interest rates with the starting rate of 12.99% per annum.
Eligibility Criteria: Just like any other finance company, Bajaj Finserv also has a certain eligibility criteria which are subject to change from profession to profession. So, here is the eligibility criteria:
- Minimum age of the applicant-25 years
- Maximum age of the applicant-53 years
- Net monthly salary:
- ₹40,000 (Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Thane)
- ₹35,000 (Chandigarh, Cochin, Jaipur, Nagpur)
- ₹30,000 (Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag)
However, the amount and rates are calculated with the help of the eligibility calculator and can be used online for free.
Documents Required: To apply for a personal loan at Bajaj Finserv, you must have to have the following documents:
- Last 2 months salary slips
- Last 3 months bank statement with salary credit details
- Employee ID card
- Identity Proof- Passport/Voter ID Card/Driving License/PAN Card
- Address Proof- Passport/Driving License/Ration Card/Latest Mobile Bill/Letter from employer (with HR/admin sign)
For what purposes can you take this loan: Bajaj Finance is one of the leading finance providers in the country that provides loans for the following purposes:
- Higher Studies
- Medical Emergencies
- Home Improvement
EMI Calculator: An EMI calculator is the tool that gives you the detailed information of the monthly installments, the total interest outgo and the total amount (principal+interest). The main reason for using the calculator is that it gives you the accurate details about your installments within few seconds. To check the monthly installments, you need to mention the below data in the calculator:
- Loan amount
- Interest rate
For example, if you have taken a personal loan of ₹2,00,000 for the tenure of 5 years at the interest rate of 12.99% p.a. The EMI, Total Interest Outgo, and Total Amount will be:
- Total Interest Outgo-₹72,975
- Total Amount-₹2,72,975
Features & Benefits:
- Low-interest rate-12.99% p.a. onwards
- Higher amount up to ₹25 lakhs
- Tenure up to 5 years
- Multi-purpose loans
- Flexi loans
- Instant approval
- Online access
- Preapproved offers
Thus, this loan can be taken for any legitimate purpose as there are no limitations from the lender’s side on the usage of money. Having said that, Bajaj Finance personal loan has designed this product according to the general requirement of a borrower. So, why wait when you have this great scheme in front of you?