Here’s how to get an instant personal loan at the lowest interest rates with Bajaj Finserv.
A personal loan is a swift and convenient tool to manage various financial needs, especially those that crop up without notice. You can use an online personal loan even for planned expenditures, such as remodelling your home, educational expenses, or even a vacation. Sometimes, it does not make sense to dip into your savings for certain big-ticket expenses. The ideal way to finance your immediate cash requirements is by availing yourself of the lowest interest rate personal loan from Bajaj Finserv. Once you have figured out the amount you need, use a loan EMI calculator to determine your monthly repayments.
Here are 7 steps that will help you get a personal loan at the lowest interest rate from Bajaj Finserv:
1. Clearly define your personal loan requirement
Before opting for the lowest interest personal loan, finalise the amount you need and figure out a comfortable monthly repayment amount depending on your income. You can even mix and match. For instance, if you need a sum of Rs. 4 lakh, but the EMI is turning out to be quite high, you may choose to use Rs. 1 lakh from your savings to reduce the loan/EMI amount. The fine line between a higher loan and sparing your savings vs a lesser loan and eating into your savings is one you must walk alone. When in doubt, use an online loan EMI calculator.
2. Visit the Bajaj Finserv website
Once you have an approximate figure in mind, visit the Bajaj Finserv website and check out the online personal loan offers. Bajaj Finserv offers personal loans ranging up to Rs. 25 lakh. The tenors on lowest interest personal loans vary from 24 months (2 years) to 60 months (5 years). If you have a good credit score and a solid income, you can get the most competitive interest rate on your online personal loan. The interest rates usually start at around 13%. Once again, key in all your loan information into a loan EMI calculator to better understand the offer.
3. Check your personal loan eligibility
Unless you fulfil all the eligibility criteria, getting the lowest interest personal loan is tough. Before applying for an online personal loan from Bajaj Finserv, browse their portal for information on the eligibility criteria such as the age, minimum monthly income, credit score and work experience. You must always keep all the required documentation ready before applying for a personal loan. A higher credit score will allow you to get the lowest interest rates on your personal loan no matter which lending institution you approach.
4. Maintain a high CIBIL score
Your CIBIL score is an indicator of your repayment history. A CIBIL score of over 750 is viewed most favourably by banks and financial institutions, and applicants with these scores are sure to get the lowest rate personal loans without much trouble. Even if your credit score is north of 700, you stand a decent chance of availing yourself of a competitive personal loan offer, but below 700 is where things get tricky. We suggest you make all your credit card/ loan payments in time to build an impressive credit score before applying for a new loan.
5. Compare interest rates online
If you meet all the eligibility criteria and have a 750+ credit score, you can get an online personal loan from Bajaj Finserv at an interest rate of just 13%. However, the interest rate can also climb higher if your repayment ability is questionable. Using a loan EMI calculator, you can better understand the loan variables (such as interest rate and tenor) and how they influence your repayment obligation.
6. Fill out the personal loan application form
Once you are satisfied with the online personal loan details available on the Bajaj Finserv website, you can initiate the application process by filling out the online form. Apart from KYC details such as Aadhaar and PAN Card, you must also provide your income data along with relevant documents such as salary slips and bank statements. Ensure that you enter all the details correctly and submit the softcopies where needed. The online application process is simple and seamless, and you can get it done in very little time. On submission, you will receive an OTP on your registered mobile number. Once you key in the OTP, your application is registered and is in the processing stage.
7. Get quick disbursal of funds
Your Bajaj Finserv Personal Loan application usually gets processed within a short time. However, if your documentation is on point and you meet all the eligibility criteria, you can get the loan amount disbursed in just a few hours.
Taking the lowest interest personal loan for managing personal finances or consolidating your debts is probably the best financial decision that you can make. This is because personal loans are disbursed quickly and do not require you to keep any collateral as security. However, you need to be aware of certain factors, such as your credit score, because having a minimum credit score of 750 is a must for getting an online personal loan. Keep these factors in mind, and you will not have to face any issues while opting for the lowest interest rate personal loan.