Personal loans have become the go-to option for most Indian households when it comes to addressing any emergency financial shortfall. Even for long-term planned financial assistance, individuals are inclined towards availing of this credit option. This trend becomes even more pervasive as a recent report reveals,
● The personal loan segment is expected to grow by 55.5% and reach US$15,754m in 2021 in terms of the transaction value.
Another CIBIL report also claimed that,
● The personal loan market share of NBFC improved to 44.92% in August 2020.
In this respect, the Bajaj Finserv Personal Loan can be regarded as a viable financial solution. This Non-banking Finance Company offers a personal loan that accompanies several benefits. It allows individuals to mitigate every financial requirement with ease. Hence, individuals need to know all about this credit option in detail to leverage maximum profit.
Tips to manage expenses with Bajaj Finserv Personal Loan
Following are some of the key benefits of a Bajaj Finserv Personal Loan that individuals can consider.
1) Use collateral-free funds without any restriction
This credit is collateral-free, and thus there is no scope for losing an asset. Moreover, this loan does not have any end-use restriction, and individuals can utilise these funds for any purpose they can think of. It includes-
● Addressing medical emergency.
● Financing education abroad.
● Supporting high-ticket purchase.
● Funding a luxury holiday.
● Financing wedding expenses.
● Consolidating existing debt.
Besides, the funds can be used for any other expenses as well. A personal loan from this NBFC saves individuals from liquidating their savings.
2) Apply for a high principal and repay the loan easily over a flexible tenor
A Bajaj Finserv Personal Loan offers up to Rs.25 lakh to eligible applicants. The fund is sufficient to address most of the expenses, immediate or planned. Moreover, the repayment structure is feasible enough to clear the debts quickly. You can choose from a tenor up to 60 months as per your financial standing.
For more convenience, you should also learn how to use a personal loan calculator to estimate EMIs. It lets you adjust the tenor and loan amount to arrive at an EMI amount that facilitates repayment.
If you want to avail of a personal loan with low credit score, you may need to reduce the loan amount or meet/exceed other eligibility requirements to ensure guaranteed funds.
3) Manage emergency with instant approval and disbursal
Emergencies can creep in anytime, and individuals need to respond immediately. For instance, a heart attack is one such condition that requires prompt hospitalisation and treatment. As per a recent survey,
● Almost 41,000 heart attack patients were admitted to hospitals from March to June 2020.
The treatment cost of this disease is relatively high, and individuals can address the same with a Bajaj Finserv Personal Loan. The loan approval and disbursal of this fund takes only 24 hours*.
You can also leverage the benefits of pre-approved offers that this NBFC provides. These ensure faster and simpler loan processing. Besides personal loans, such offers are also available on a gamut of financial products such as business loans, credit cards and many more. You can check your pre-approved offer by entering your name and contact number.
4) Opt for a Flexi loan and save on EMI outgo
Besides the prompt personal loan verification process, individuals can also opt for a Flexi loan that reduces the EMI burden significantly. It allows them to pay interest only on the funds utilised from a pre-sanctioned limit and not on the whole corpus.
For instance, you avail a personal loan of Rs.15 lakh with an interest rate of 12% on November 3rd, 2020 and withdraw Rs.3 lakh from the fund and repay it on November 15th, 2020. In this case, the interest accrual would be on Rs.3 lakh for 12 days and not on Rs.15 lakh.
Know how to get the most out of your Flexi loan and save on EMI payable to optimise your savings.
5) Loan approval with minimal paperwork
You have to submit only a few documents to avail of a Personal Loan from Bajaj Finserv. These include –
● KYC documents.
● ITR documents.
● Bank account details of the last 6 months.
● Income proof.
However, the lender may ask for additional documents during the loan process. The minimal paperwork expedites loan processing further. For greater convenience, borrowers should also know the online loan application procedure.
Therefore, a Bajaj Finserv Personal Loan can prove to be an excellent borrowing solution that helps in better finance management. Moreover, borrowers should also know how personal loan can provide tax benefits to enjoy maximum savings. These are some of the advantages of this credit that individuals should know while applying.