Bajaj Finserv announces pre-approved personal loans; all you need to know

Bajaj Finserv announces pre-approved personal loans; all you need to know

PTIUpdated: Wednesday, September 08, 2021, 12:13 PM IST
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Bajaj Finserv said, it has "received an in-principle approval from Securities and Exchange Board of India (SEBI) vide their letter dated 23 August 2021, for sponsoring a mutual fund."/ Representational image |

Bajaj Finserv, through its lending arm Bajaj Finance Limited, has announced pre-approved loans that can be availed of digitally. With it, customers can borrow money online through a paperless process and address both planned and urgent expenses stress-free.

This facility also eliminates the need to fill an offline or online loan application form. Existing customers of Bajaj Finserv need only to check their pre-approved loan offer and authorise online disbursal, it said in a press release. To access pre-approved funding, customers must meet the minimum criteria:

• Applicants must be citizens of India and be between 20 and 60 years of age

• Have a steady income

• Must meet the city-specific income requirement

• Have a CIBIL score of 750 or higher

Applicants new to Bajaj Finserv are required to upload their basic documentation to get the funds they need.

How to avail of a pre-approved loan

Visit the application form on the Bajaj Finserv website

Log in by entering the OTP sent to the user’s phone number

Check the pre-approved loan offer set aside

Verify loan details and pick a suitable tenor

Check the entered details and complete the online process

Customers can borrow funds up to Rs. 25 lakh. This amount is based on the borrower’s financial and credit profile.

Customers can have the entire pre-approved loan disbursed to their accounts within 24 hours.

Customers can repay their Bajaj Finserv Personal Loan over a tenor of up to 60 months. The pre-approved loan has no hidden costs.

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