- About Coverfox
Bajaj Finserv Ltd. is a leading non-banking financial services company which focuses on lending, wealth and asset management, insurance and credit related facilities. One popular credit instrument is that of a personal loan. Bajaj Finserv offers quick personal loans which can be availed online as well. The borrower does not have to guarantee any collateral or mortgage as the personal loan is an unsecured loan. One of the many benefits of a personal loan is that the loan amount can be utilized for any purpose. Be it marriage, destination wedding, vacation abroad, medical emergencies or home renovation, you can use the personal loan amount for any desired purpose as long as it is within the legal framework.
Every time an individual applies for a personal loan, the bank or lending institution runs a credit check on the financial health of the potential borrower. That is, they seek a high CIBIL credit score. A CIBIL score of 750 plus is considered ideal in most conditions for availing a personal loan. The minimum CIBIL score required for availing a personal loan from Bajaj Finserv is 750. If your CIBIL score is above 750, Bajaj Finserv will process your loan application further. There are times when you can avail a loan with a CIBIL score i.e. below 700, but it will be in unfavorable terms and conditions with a higher rate of interest. The CIBIL score is a reflection of your past credit history with respect to your payback capacity. If you have made any payment defaults in the past, it gets recorded in your credit information report and brings about a negative impact on your CIBIL score. Lenders usually do not give personal loans to individuals who have defaulted on a payment in the past, as banks do not want to take the risk arising out of a non-paying borrower.
|Age||25 yrs - min
58 yrs - max
|Status||Resident Salaried Individual|
|Monthly Income Requirement||Based on the city of residence. (Mentioned below)|
|Rs. 40,000/- plus||Delhi, Mumbai, Hyderabad, Bangalore, Chennai and Thane.|
|Rs. 35,000/- plus||Ahmedabad, Pune, Kolkata, Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi Gobindgarh, Indore, Jaipur, Jalandhar, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada, Yamunanagar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Madurai, Mangalore and Mohali.|
|ID Proof||Aadhaar Card, Driving License, Passport or Voter ID.|
|Residence Proof||Passport / Driving License / Ration card / Latest Mobile Bill / Letter from Employer (with HR /Admin sign).|
|Employee ID Proof||Employee ID Card and Visiting card.|
|Bank Statement||Latest 3 month’s salary account bank statement.|
|Salary Slips||Latest 3 month’s salary slips.|
|Work Experience||Current offer letter, appointment letter, old salary slips, form 16, ITR.|
|Processing Fees||Up to 2%|
|Foreclosure Charges||Up to 4% post 1st EMI clearance|
|Repayment Options||Up to 5 years|
|Max Loan Amount||Rs. 25 Lakhs|
|Secure Fee (Applicable only for Online Approvals)||Rs. 4,499|
|Turn Around Time (TAT)||48 hours|
What if I have a low CIBIL score, will I get a personal loan from Bajaj Finserv?
Most likely no, you require a minimum CIBIL score of 750 in order to avail a loan from Bajaj Finserv. In case you do get a personal loan, it will come with a higher rate of interest or unfavourable terms and conditions.
Does skipping ICICI Bank personal loan payment affect my CIBIL score?
Yes, skipping even a single payment of any bank’s personal loan payment or EMI can have a negative impact on your credit history and score.
Had a loan settlement with Bajaj Finserv, will it affect my CIBIL score?
Yes, it will have a negative impact on your credit score. When a bank labels the loan as settled, it implies that the loan amount was never recovered completely or became a permanent NPA. You need to change the status to closed when you have paid all your dues and loan amount.
Can I get more than 3 Bajaj Finserv personal loans if I have a good credit score?
No, you can avail only one personal loan at a time from Bajaj Finserv.