As per the recent data from the RBI, the personal loan segment continued to escalate at a robust rate, and in March 2022, it grew by 12.4% from 10.7% in March 2021.
A personal loan is a versatile financing choice that enables individuals to sail through urgent cash requirements. Borrowers can avail of this credit option from reputed financial institutions like Bajaj Finserv and benefit from instant approval. With the easy accessibility of instant personal loans online, it has become convenient for borrowers to access high-value funds and meet varied financial requirements.
Steps to Apply for an Instant Personal Loan with Bajaj Finserv
Borrowers can easily apply for an instant personal loan from the dedicated official website of their preferred lender and enjoy rapid loan disbursement. Here are the steps that will help individuals opt for the credit option:
Step 1: After visiting the official website, click on ‘Apply Online to get redirected to the online application form.
Step 2: Now provide necessary personal, income, and employment details. Upload necessary documents on getting an email from the lending institutions.
Step 3: Select the required loan principal and suitable loan tenor. In this regard, borrowers can use a personal loan EMI calculator for estimating EMIs and then choose a loan amount accordingly.
Step 4: Submit the online application form.
After successful submission, a representative from the lending institution will contact and take the remaining steps ahead. After verifying the borrower’s documents and eligibility, lenders will disburse the loan amount within the stipulated time.
Besides knowing the application procedure, borrowers must also know the eligibility criteria and documentation required to obtain a personal loan.
Eligibility Criteria Required to Avail of a Personal Loan
Borrowers must meet the following eligibility parameters to qualify for availing of an online personal loan:
Applicants must be Indian.
He/she must belong to the age group of 21 years to 67 years.
Individuals must have a stable income source.
Applicants should have a CIBIL score of 750 and above. Borrowers with decent credit scores receive quick loan approval and enjoy the lowest interest rate personal loan.
In this context, borrowers must know how important is CIBIL score for personal lending. Individuals with substandard CIBIL scores must strive to improve their score by clearing debts on time and being disciplined with credit.
Documents Required while Applying for a Personal Loan
Here are the documents that borrowers must submit while making an online application for an instant personal loan.
- KYC papers
- Address proof (Aadhaar card, voter ID, etc.)
- Salary slips
- Bank account statements
Borrowers must note that the list of documents mentioned here is indicative. Borrowers may have to submit additional documents as per the lender’s requirement.
Features of an instant personal loan
Instant personal loan encompasses the following lucrative features:
- Collateral-free loan
A personal loan is an unsecured financing option, allowing borrowers to avail of considerable loan amounts without pledging their assets as collateral. As the credit option is collateral-free, borrowers do not have to undergo a tedious documentation process, facilitating instant loan application.
- Quick loan approval
An instant personal loan comes with easy documentation and online availability, helping borrowers get quick loan approval. Borrowers have to enter basic information and meet easy-to-meet eligibility criteria to have easy access to lump-sum loan amounts. Moreover, borrowers must know the mistakes to avoid while applying for a personal loan. This will help them avoid rejection of loan applications and receive instant approval.
- Convenient loan term
An instant personal loan comes with a flexible loan tenor of up to 60 months, allowing borrowers to adjust their monthly instalments per their income status. A flexible loan tenor helps one make timely repayment of the loan amount. In this context, borrowers must know how to find the right personal loan tenor that works in their favour.
- Flexi personal loan
Borrowers can conveniently opt for a Flexi personal loan, helping them make multiple withdrawals from the sanctioned amount and pay interest-only EMIs for a certain period of the loan tenor.
- Get pre-approved offers
Borrowers also get to reap the benefits of specially-tailored pre-approved offers extended by leading financial institutions. These offers are available on a wide range of financial products like personal loans, business loans, credit cards, etc., to help expedite the loan application process. Intending individuals can check their pre-approved offers by submitting their names and contact details.
To sum up, the provision of instant personal loan has made it feasible for borrowers to avail of funds without undergoing a long and tedious loan application process. However, when making a loan application, borrowers must know the intricacies of the credit option and go through the terms and conditions before signing the loan agreement.