A personal loans are financing solution that you can use for anything from a medical emergency or renovating your house to financing an upcoming wedding and honeymoon. There are no restrictions on how you can use the funds from a quick personal loan and since it is an unsecured loan, you do not have to pledge a personal or business asset as collateral or security. A personal loan’s simple eligibility criteria, minimal documentation and quick disbursal add to its popularity.
Many renowned lenders like Bajaj Finserv offer personal loan in India that you can use to finance your child’s education, buy a second-hand car or consolidate all your debts. Continue reading to know the different types of available personal loan in India and how to get a quick personal loan in no time.
What are the different types of personal loans in India?
Various lending institutes offer a range of customised personal loans in India that can help you successfully meet your expenses. Here is a list of quick personal loans you can opt for.
Travel loan: You can use this loan to finance your holiday, right from booking flight tickets and accommodation to sightseeing, commuting, shopping, and dining.
Home renovation loan: Refurbish your house with a personal loan for home renovation. You can use the funds for repair, maintenance, adding a new wing or garage, getting the exterior and interiors painted, redoing the flooring or plumbing, setting up a modular kitchen, buying furniture and electronics, or for any other purpose as required.
Wedding loan: Have a lavish and memorable wedding using a personal loan for wedding to finance every aspect of your child’s special day. Book a breathtaking venue for the reception or remedy any last-minute expenditures using the funds from this quick personal loan.
Debt consolidation loan: Get a quick personal loan to consolidate all your debt into a single monthly payment and clear your debt quickly. Moreover, even if you have a bad credit score, some lenders offer a personal loan for CIBIL defaulters, which have a simpler eligibility criteria, though the personal loan interest rates in this case may be slightly higher. These loans can help you improve your credit score with a proper repayment strategy.
Higher education loan: Opt for a personal loan for higher education over an education loan to finance your child’s overseas education. Unlike an education loan, a personal loan not only covers the tuition fees, but also allows you to finance accommodation, travel, and other living expenses.
Medical loan: In case of a medical emergency or treatment, this loan can help you cover costs that your health insurance doesn’t. An easy online application and fast disbursal makes this loan a boon in times of need.
What are the eligibility criteria for a personal loan?
Simple eligibility criteria are among the most prominent features of personal loans, making them one of the best short-term financing options. Though personal loan eligibility criteria differ from lender to lender, they are related to age, citizenship, salary and employment. However, since a personal loan is an unsecured loan, a good CIBIL score is a necessary eligibility criterion across all lenders. Having a CIBIL score or 750 and above can get you an affordable personal loan with a high amount and a nominal interest rate.
For instance, when you apply for a personal loan from Bajaj Finserv, you only need the meet the following criteria to apply:
- Applicant should be between 23 and 55 years of age
- Applicant should be an Indian resident
- Applicant should be a salaried employee of an MNC, public or private company
- Applicant should meet the minimum salary requirement as per the city of residence (For example, Rs.36,000 if you reside in Delhi or Mumbai)
- Applicant should have a CIBIL score of at least 750
What documents do you need to submit for a personal loan in India?
Unlike other loans, a personal loan does not require you to submit a large number of documents with your loan application. You just need to submit basic KYC documents such as your address proof, employment ID, previous salary slips and bank account statement along with your application.
Once you have decided on the type and amount of personal loan you need, choose a Personal Loan from Bajaj Finserv to access a high loan amount of up to Rs.25 lakh. Additionally, Bajaj Finserv offers nominal personal loan interest rates and has a flexible repayment tenor of up to 60 months.
Furthermore, this personal loan offers the Flexi loan facility, where you can borrow from your sanction multiple times, as per your needs, without submitting multiple applications every time. This allows you to meet unpredictable expenses with ease. To make it easier on your pocket, the interest is only applied on the utilised amount and not the sanction, reducing your interest outgo and the overall cost of the loan. To meet your goals and get started, check your pre-approved personal loan offer from Bajaj Finserv and get instant access to a customised deal today!