Bajaj Finserv Personal Loan Eligibility

Following are Bajaj Finserv personal loan eligibility criteria that you have to meet to be eligible for the loan:

• Age: 23 - 55 years
• Occupation: Salaried, employed with MNC, public/private company
• Nationality: Indian resident
• CIBIL Score: 750 or above
• Minimum monthly income:
  • Rs. 35,000 for Delhi, Pune, Mumbai, Hyderabad, Bangalore, Chennai, Ghaziabad, Noida, Thane, and Coimbatore.
  • Rs. 30,000 for Ahmedabad and Kolkata
  • Rs. 28,000 for Chandigarh, Nagpur, Jaipur, Surat, and Cochin
  • Rs. 25,000 for Goa, Baroda, Indore, Bhubaneswar, Lucknow, Vizag, Nasik, Mysore, Bhopal, Aurangabad, Madurai, Jamnagar, Kolhapur, Trivandrum, Vapi, Raipur, Trichy, Vijayawada, Jodhpur, Rajkot, and Calicult.

The key features of Bajaj Finserv Personal Loan are mentioned below:

• Job stability and profession: The assessment of your total work experience is done to evaluate the job stability of the applicant. A minimum total experience of 2 years is recommended of a borrower to increase the loan eligibility. Also, it is essential that the applicant is working for a minimum 1 year at the current organisation.
• Residence place and stability: The bank for the Personal Loan does not consider some areas. A pre-decided list of such areas is available with Bajaj Finserv. This list is prepared based on the experiences of the borrowers from particular areas. The residential stability, i.e., the number of years the applicant is staying at the current residence is very important to consider your Personal Loan application. Minimum residence stability to be considered by the bank is 12 months. If you are staying at your own residence your chances of getting your Personal Loan approved is more.
• Industry type: There are some professional, which are not considered for approving the Personal Loan at Bajaj Finserv. A negative list of such industry segments, the profession is made at Bajaj Finserv. The professional of an applicant or the industry one is employed in also affects your chances of getting an approval on your Personal Loan application.
• Salary mode: Salary transferred directly to the bank is considered as a secure and stable income backed by proper income proofs by most of the bank. If an applicant is earning cash the probability of getting his loan sanctioned is less as there is an absence of some concrete income proofs to support his loan eligibility and the loan amount. Even if you are earning by cheque your loan eligibility is considered low at Bajaj Finserv. The salary transfer mode is considered by Bajaj Finserv to approve the Personal Loan

Factors Affecting Bajaj Finserv Personal Loan Eligibility

• Payments of past loans
• A high number of unsecured loans
• Usage of credit limit
• Multiple loan applications
• Credit score of the applicant
• Profession and job stability
• Place of residence and individual's stability
• Type of industry one is working in
• Mode of salary

To know your personal loan eligibility, you can use the Bajaj Finserv Personal Loan Eligibility Calculator given on their website under the Calculators tab. All you need to do is just enter the required details like your city, date of birth, monthly income, and monthly expenses. After entering the details, the calculator will provide the information regarding your personal loan eligibility.

Personal Loan Eligibility for Salaried

• You must be an Indian resident.
• Your age should be between 23 to 55 years.
• You should be employed with a private/public limited company or MNC.
• You must provide last 2 months’ salary slips, last 3 months bank statements of the salary account and other required documents.

Personal Loan Eligibility for Self-employed

• You must have a credit score above 750.
• Your age should be between 25 to 65 years.
• You must have a business vintage of minimum 3 years.
• You must have business existence proof, KYC, last year’s ITR, and other required documents.

Personal Loan Eligibility for NRIs

Bajaj Finserv does not offer any personal loan to NRIs or PIOs.

Personal Loan Eligibility for Pensioners/Govt Employees

• You must be an Indian resident.
• Your age should be between 23 to 55 years.
• You should be employed with a government firm.
• You must provide last 2 months’ salary slips, last 3 months bank statements of the salary account and other required documents.
• Bajaj Finserv does not offer personal loan to pensioners.

It is very lucrative to decide the loan amount and the purpose of the loan before applying for the Personal Loan at any finance organisation or bank. This will help you to arrive at the right decision in order to apply for the Personal Loan. Below mentioned are some easy steps to apply for the Personal Loan at Bajaj Finserv:

• Fill in your personal details, financial details, and employment details online at Bajaj Finserv's website or through MyMoneyMantra.
• Select the Loan Amount that you want to meet your objective or financial needs.
• Submit all your documents required.
• Receive your loan amount directly in your bank account within 24 hours after the loan is approved.