When life brings unexpected expenses or exciting opportunities, having access to quick funds can make all the difference. Whether it’s a dream holiday, a medical emergency, or a wedding, a personal loan can be your financial safety net. Unlike secured loans, personal loans do not require you to pledge collateral, making them a convenient and flexible borrowing option.
If you are considering one, this guide will walk you through the basics of personal loans, eligibility criteria, the documents you need, and why Bajaj Finance is a trusted name in this space.
What is a personal loan?
A personal loan is an unsecured loan that you can use for almost any purpose, from covering travel costs to financing home renovations or handling urgent expenses. Since it doesn’t require collateral, lenders rely on your credit history, income, and repayment capacity to determine approval.
With leading financial institutions like Bajaj Finance, you can avail of a personal loan of up to Rs. 55 lakh, with flexible repayment tenures ranging from 12 to 96 months. Quick approval, minimal paperwork, and online processing make the experience smooth and stress-free.
Why choose a personal loan?
Here are some reasons why a personal loan could be the right choice:
• No collateral required: You don’t have to risk your assets.
• Multi-purpose use: Weddings, travel, medical bills, or education – use it as you need.
• Quick disbursal: Funds are often transferred to your bank account within 24 hours* of approval.
• Flexible repayment: Choose EMIs that fit your budget.
• Transparency: With Bajaj Finance, you get clear terms and no hidden charges.
Personal loan eligibility and documents
Before applying, it’s important to understand personal loan eligibility and documents requirements. This ensures your application is processed faster, without unnecessary back-and-forth.
Eligibility Criteria
The basic requirements usually include:
• Age: You should be between 21 and 80 years* at the time of loan maturity.
• Employment: Both salaried and self-employed individuals can apply.
• Income: Minimum monthly income requirements vary depending on the city you live in.
• Credit Score: A CIBIL score of 685 or higher is generally preferred. A good credit history increases your chances of approval and may fetch you better interest rates.
• Customer profile: Self-employed or Salaried.
• Employed with: Public, private, or MNC.
*You should be 80 years or younger, at the end of the loan tenure.
Documents Required
The documentation process is simple, and Bajaj Finance requires only basic paperwork such as:
• KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
• PAN card
• Employee ID card
• Salary slips of the last 3 months
• Bank account statements of the previous 3 months
• Piped gas bill
• Pension order
• Letter of Allotment of Accommodation Issued by Employer
• Property / Municipal tax receipt
• Utility bill
• Phone bill
• Real-time image / photograph
• Ration card
Submitting these documents online can save time and make the process hassle-free.
How to apply for a personal loan with Bajaj Finance
Applying for a personal loan today is far simpler than in the past. Here’s a quick guide to applying with Bajaj Finance:
• Visit the Bajaj Finserv website.
• Click on ‘APPLY’ at the top of the page
• You will be asked to enter your phone number and an OTP to verify it
• Fill in the application form with your basic loan details
• Now, click on ‘PROCEED’ to visit the loan selection page.
• Enter the loan amount that you need. Choose from our personal loan variants.
• Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
• Complete your KYC and submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents
Tips to improve your chances of approval
• Maintain a healthy credit score by paying bills and EMIs on time.
• Avoid multiple loan applications within a short span, as it may reduce your credit score.
• Borrow only what you need, as higher amounts can increase your EMI burden.
• Keep your documents ready for a smoother application process.
Why Bajaj Finance for your personal loan?
Bajaj Finance has earned a strong reputation for its customer-first approach. By choosing them, you get:
• Loan amounts up to Rs. 55 lakh.
• Flexible repayment terms of up to 8 years.
• Competitive interest rates.
• Quick approval and minimal documentation.
• Transparent processes with no hidden costs.
This makes Bajaj Finance one of the most reliable options for individuals seeking fast, flexible, and hassle-free funding.
Final thoughts
A personal loan can be a simple solution to meet urgent financial needs or plan big milestones without disturbing your savings. By understanding personal loan eligibility and documents in advance, you can ensure a faster approval process and smoother journey.
With trusted lenders like Bajaj Finance, you gain access to quick funds, flexibility, and peace of mind. So, the next time you’re planning a big life event or handling unexpected expenses, you know where to turn.
*Terms and conditions apply
