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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