According to the Reserve Bank of India, the personal loan category grew by 12.3% in February 2022 on a y-o-y basis. Moreover, as per the report from CRIF, as of FY2022, the credit option saw a two-fold growth in terms of value to Rs.147,236 crore and four-fold growth in volume, i.e., 15.8 million new accounts.
There is a pressing demand for this personal loan segment as it is an effective financial solution, helping working professionals to address several financial requirements.
Moreover, working professionals can easily get approval for a low salary personal loan and mitigate financial urgencies from reputed financial institutions. However, they must ensure a decent credit score and be aware of the application procedure.
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Steps to avail a Low Salary Personal Loan with Bajaj Finserv
With the rapid digitisation in financial sectors, it has become easy for salaried professionals to avail a low-salary personal loan online. Here are the steps that individuals need to follow to do avail a personal loan with Bajaj Finserv:
Step 1: Go to the official website of the chosen financial institution and select personal loan from the product page.
Step 2: Click ‘Apply now’ and get redirected to the online application.
Step 3: Provide necessary personal, employment, and income details to fill up the online application form.
Step 4: Enter the desired loan amount and wait for approval from the lender.
After successful loan applications and lenders’ verification, borrowers will receive the loan amount in their mandated accounts.
For further convenience, borrowers can avail this versatile credit option from the dedicated quick loan app. These apps guarantee 100% transaction safety and transparency. Moreover, the application procedure is much faster in a loan app.
Know the eligibility criteria for availing a personal loan
It is vital for borrowers to abide by the following eligibility criteria set by lenders before applying for an instant personal loan. Here are some common parameters:
- Applicants must be residing Indians
- Salaried professionals must fall within the age bracket of 21 to 67 years
- He or she must have a healthy credit score of 750 and above. A healthy credit score will ensure instant loan approval and an affordable interest rate.
Benefits of availing a personal loan with Bajaj Finserv
Small-ticket credit option like personal loan bestows borrowers with the following benefits:
High quantum loan amount: Bajaj Finserv extends a loan amount of up to Rs.25 lakh, which helps borrowers meet high-end expenses with ease.
Instant approval and rapid disbursal: This is perhaps one of the significant benefits why individuals prefer availing personal loans. This quick loan option does not require borrowers to indulge in tedious documentation and property verification procedure. Hence, they receive quick approval for the loan amount, which is instantly disbursed in their mandated accounts. In this context, borrowers must know how the disbursal process for a personal loan works.
No-end use restrictions: Borrowers can use the sanctioned loan amount to fund a child’s education, execute travel plans, manage wedding expenses, support urgent medical exigencies, etc. They are not answerable to lenders regarding the usage of the loan principal.
Affordable interest rate: Borrowers can avail of a personal loan at an affordable interest rate. The affordability of borrowing depends largely on the interest rate. Hence, they should know how to avail of lower interest on personal loan.
Flexible repayment tenor: Borrowers are offered a repayment tenor of 5 years that will help them manage their finances and make the repayment of the loan amount without any hiccups. Borrowers must be wise to choose the right personal loan tenor that will even help them prepay or foreclose the loan amount.
No-collateral: Borrowers can easily avail a substantial loan amount without pledging any collateral to the lender. It proves to be an ideal financing option for those who do not have any such asset to provide as security or are not willing to expose their valuable possessions to risk.
Clear out existing debts: The most convenient way to pay off existing debts is to avail of a personal loan which leads to enhancement of CIBIL score and clears the way to getting instant loan approval from lenders. However, borrowers should be aware of the fees and charges on personal loan for debt consolidation, helping them make an apprised decision.
Moreover, borrowers can enjoy the lucrative benefits of the specially-tailored pre-approved offers extended by leading financial institutions like Bajaj Finserv. These offers are available on a wide range of financial products like personal loans, business loans, credit cards, etc., ensuring a streamlined lending process. Intending individuals can check their pre-approved offers by submitting their names and contact details.
To sum up, a personal loan is a go-to financing option for helping salaried individuals go closer to fulfilling their different aims and goals. Salaried individuals with less disposable income can easily get a low-salary personal loan and sail through monetary obligations without straining their savings.
