Documents Required for Bajaj Finserv Personal Loan

Personal loans are financial service products suited for individuals who wish to avail a high amount of funds for any purpose. Personal loans provide the borrower with the required amount under certain conditions and the amount is then supposed to be repaid in the form of EMI's. The repayment is done with a little added interest. This makes the product helpful for both the lender and the borrower.

Bajaj Finserv provides Personal loan products for individuals who may need urgent funds for purposes like medical emergencies, wedding expenses, business expenses, etc. Bajaj Finserv offers easy documentation and application process with minimal turnaround time. Bajaj Finserv offers a high amount of Personal loan at competitive Interest rates.

The first step to get your application approved is to make sure that you satisfy the eligibility criteria mentioned by the bank. The bank specified the eligibility criteria based on age, income, tenure, etc. Along with the eligibility, it is important to verify that the loan product you are applying for is as per your requirements. For this, it is prudent to go through all the features of the Personal loan product. Below mentioned are the features and eligibility of the Personal loan by Bajaj Finserv.

The company will ask for documents to support all your claims of income and eligibility. These documents are to be submitted along with the application for the Personal loan. Most of the documents are mandatory and there are chances that your loan will not be approved if you are unable to provide them. Different sets of documents can be required for different kinds of applicants. Although several documents are mandatory for all. Please find them all listed below.

1. Documents concerning the applicant:

These are the general documents required from every kind of applicant as proof of their identity and residence.

• Filled application form with photographs attached.
• Proof of Identity(Any of the following): PAN card, Aadhaar Card, Passport, Driver's License, Voter ID Card
• Proof of Residence (Any of the following): Passport, Driving License, Aadhaar, Utility Bill (e.g. Telephone Bill, Electricity Bill, Water Bill Gas Bill)

2. Account Statement:

The account statement is required by the bank as proof of your income and your spending habits. It will be used to determine how much do you spend and save on an average monthly.

• Last 6 months' Bank Account Statements for all accounts.
• Loan account statement of last 1 year (in case of existence of prior loan).

3. Documents required by salaried individuals

Salaried individuals will have to provide proof of salary credited to them every month as claimed and will also have to provide their tax filings and papers. Below are the documents usually asked for.

• Last 3 months' Salary Slip.
• Copy of IT returns of the last 2 years or copy of Form-16 for the last 2 years.
• The last 6 months' account statement shows salary deposited into the account.

The first step to availing the Personal loan is to make sure that you satisfy the eligibility criteria mentioned by the bank. The bank specifies eligibility based on age, loan amount, income, tenure, etc. However, there are a lot more factors that can also impact your eligibility for the Personal loan. Please find some factors below.

• Credit Score: Your credit score is an important measure of your creditworthiness. A credit score is calculated by taking into account all your prior credits and your behaviour towards them. This denotes how timely your credit payments were, how many unpaid bills you have, how much income you are left with to satisfy the credits etc. A credit score is important to the lender so they can determine if you are a creditworthy individual or not. That is why having a high credit score is very important when you apply for a Personal loan. Bajaj Finserv facilitates loans from many different vendors and hence, their requirement for credit scores may vary between different applications. Bajaj Finserv requires a CIBIL score of 750 or above to be eligible for the Personal loan.
• Documents: Along with the loan application, you will need to provide the company with a certain set of documents that can validate the claims you make in your application. The company requires documentation such as identity proof, residential proof, income proof, etc to make sure that your eligibility is correct as per the details filled out in your application. The above-stated documents are mandatory and the company will simply be unable to approve your loan if you don't provide them. Bajaj Finserv asks for the documents to be uploaded to the website along with the application form. This saves a lot of hassles for the applicant.
• Income: A lot of your eligibility is dependent on your income. When you apply for a loan with Bajaj Finserv through their website, the website provides you with an option of entering how much EMI you are comfortable with providing and also the tenure. The website will then showcase the amount of loan you can avail. The EMI amount will depend on your monthly income. Moreover, the EMI has to be covered within your disposable income, i.e., the income that will be remaining once you satisfy your liabilities. The higher your income, the higher your possible disposable income and the higher your eligibility and ability to repay the loan.