Hello everyone. In this post, we will see about the personal loan from Bajaj Finance. How to apply for this personal loan, I will show you how to apply for it step by step. Now, if you need a personal loan for any reason, there may be many reasons. You may need money for an emergency, or a medical emergency, or you may need money for a wedding. Or you may need to renovate your house. Many people come and take a personal loan for many reasons like this.

If you need a personal loan like this, especially if you want a personal loan through a big company like Bajaj Finance, then this post is for you. Many people take personal loans through unnecessary applications. We cannot say how much we can trust that application. But, is there this Bajaj Finserv of Bajaj Finance or not, it is a big company. You may have heard about it. Many people come and trust this company, trusting it and taking personal loans. So now before applying for this Bajaj Finance personal loan, I will tell you some important things about this personal loan.

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Bajaj Finance Personal Loan – Complete Guide

Now this personal loan is for salaried and self-employed individuals, that is, this personal loan is for salaried and self-employed individuals only. In this, no collateral is required. That is, whether you have any kind of jewelry, or documents of your house, or this land, you don’t need to come and pledge any of that. So that collateral is not needed at all.

Why Choose Bajaj Finance Personal Loan?

What they have put on their website is that you can get a personal loan of up to 55 lakhs through this. Now an important disclaimer is that through this you can get a personal loan, or not, how long you can get a personal loan, it depends on your profile and loan eligibility. Not only that, it depends on Bajaj Finance’s Bajaj Finserv. It is in their internal policy.

Loan Amount & Tenure

After taking that personal loan through this, you can come and repay that loan or not. So, you will get tenure for repaying that loan for up to 96 months. One important thing about this is that when you apply for this personal loan, you will get this personal loan. After that, you will not be able to repay this loan. So, how much loan tenure will you get for repaying that loan, they will tell you. You can know it yourself when you apply, it will come and work for you.

Interest Rates & Charges

Apart from that, what is put on their website, is there their interest rate, it starts from 10% for the first time, they have put it like that. This is why the interest rate may vary for you. That is, it may vary for each person. So how can you know the correct interest rate? When you apply for this personal loan, and then when you get this personal loan, before you get it, they will tell you what rate of interest this personal loan will be, and you can know it when you apply.

Next, as far as their personal loan is concerned, there are four different loan variants. Or you can even call it types. One is the term loan. Now, many people apply for this term loan. After that, there is the flexi hybrid term loan. There is a flexi term loan. There is an EMI light term loan.

Now, if there is a normal personal loan, it is a term loan. To put it simply, if there is a personal loan, it is a term loan. Many people come and apply for this. I am also going to apply for this and impress you. What I mean by this is, I do not want to confuse you by telling you all the variants, it will be very confusing. So to put it simply, we are going to apply for this term loan.

Loan Variants (Term Loan, Flexi Loan, EMI Light)

Now, if this personal loan is not there, how does a term loan work? Now, for an example, let’s say a person comes and takes a personal loan. They take a personal loan for an amount. Now, for an example, let’s say they take a personal loan for one lakh rupees. After that, they come and repay that loan. So, to repay that loan, it will be like selecting the tenure of that loan.

Now, let’s say that person comes and selects the tenure of that loan for two years. It will be like this person comes and pays the EMI of that loan for the next two years. After paying, that loan will be closed. Now when you pay the EMI of this loan, that is, when you come and repay that loan, if you look at it, there will be the principal plus interest amount.

If you look at it, if you don’t have this personal loan here, this term loan comes and works like this. Now through this, before you take a personal loan, how much amount of loan do you need, base it on it and calculate how much EMI you will have to pay every month, you can calculate it. How can you calculate it, I have given you a link to their website.

After you come to that page through it, you will only get the page of Bajaj Finserv. Look at what is put there, Bajaj Finserv. Below that, Bajaj Finance’s personal loan has been put like that. If you look there, it has been put like that, enter loan amount. So, whatever amount you need to get a loan, enter that amount there.

You can get a loan from 40,000 to 50 lakhs, it has been put like that. So, for an example, I will come and enter one lakh, like that, I will come and enter the loan amount. After that, select the tenure of the loan there. That is, whether you want to repay this loan or not. So, select how much tenure you need to repay that loan.

Now, for an example, let’s say you select 36 months. For the next 36 months, the EMI of this loan will be due. That is what they will call the tenure of the loan. After that, go to the loan variant and select Term Loan. After entering the loan amount and selecting the loan tenure. For an example, let’s say you get this personal loan at an interest rate of 11%. We have put it here for the example.

In that tenure, that is, for the next 36 months, how much EMI will be due, you can find out there. You can calculate it like this. Now, in this tenure, that is, in that duration, that principal amount will be accrued. That is, it will be repayable. Not only that, how much interest will be accrued. Whether there is that total interest or not, how much it will be accrued in that tenure, you can also find out there.

if you look there, it has a loan summary. So, how much amount you are going to take out of this loan, you can see that in the loan amount. Apart from that, how much processing fee they will charge, you can also see that there. So, if you are going to take a loan, especially if you are taking a lot of loans, they will charge you the processing fee.

Step‑by‑Step Application Process

what other charges they will charge you, you can also find out there. how much is the stamp duty? If there is stamp duty and there is no state loss, they will charge it based on that. What other charges are there, you can find out there. So, if you are going to take a loan for an amount, after selecting the tenure, you can calculate it based on that and calculate how much EMI you will have to pay every month.

you can get a brief summary of the loan here. When you take this personal loan, you will get the interest rate at which this personal loan will be given to you, which you can find out when you apply for this personal loan. Next, let’s see how to apply for their personal loan, now let’s see our step by step. Now I have given you the link to the Bajaj Finserv website in the description. After you have reached this page through it. Now to apply for their personal loan, there is an Apply button at the bottom right side. Click on it.

Now, they have asked for your mobile number. After you enter it here, click on Get OTP. They will send an OTP to your mobile number. After you enter it here, click on Submit.

They have asked for some consent here. Please read this carefully and there is a Privacy Policy Terms of Use. After you read it and tick the box next to it, click on Continue.

You will be logged in to the Bajaj Finance Bajaj Finserv website. If you have seen it there, you will see a personal loan.

They will ask you to enter the loan amount. Enter the amount of loan you want. Select the tenure of the loan. Select term loan in the loan variant. After you fill all this, I did some calculations for you before this, didn’t I? You can calculate it in the same way. You will get an idea about this loan to some extent.

There is something like Apply there, right? Click on that. Now, here, they have asked for your full name. So, whatever your name is on your PAN, enter the same full name here. There is something like Continue without Autofill at the bottom, right? Click on that.

Now, they have asked for your personal details. Now you have already entered your full name, that is what you will need at that point. Select your gender. They have asked for your date of birth. Now whatever date of birth is on your PAN, enter the same date of birth here. Enter your PAN number.

They have asked for your employment type. So whether you are salaried or self-employed, select it here. They have asked for your net monthly salary. That is, how much you earn in a month, they have asked for that. Enter that.

They have asked for the postcode of your current residential address. That is, they have asked for the zip code of the address you are currently at. Enter that.

If you see it here, it says Terms and Conditions, read it and tick the box next to it. Isn’t it saying I hereby consent to? You should read that and tick the box next to it.

Not only that, but there is a statement saying I hereby expressly authorize Bajaj Finance Limited and its representatives to send promotional communications, isn’t it? That is, can they send you that promotional, that is, that marketing-related communication? They come and ask like that. If you want it, you can tick the box next to it, otherwise leave it. I will come and tick it.

Now, after you fill all this, continue at the bottom, click on it. Account Verification in Progress will come and work like that. Next, it will be like you do income verification. That is, whether you have that income or not, you will verify it. How can you do that, whether you have that salary every month, which bank account will it come to, or whether you have that income or not, which bank account will it come to, it will be like you verify that bank account. Only after doing that, that income verification will come. Not only that, but how long will you get the loan if you don’t complete this step? Will you get this loan or not? Those people will come and check your loan eligibility.

So, whether you have that income or not, in which bank account it will come, select that bank account here, or you can search and select it. After selecting, it will say Continue at the bottom, click on it.

Now, to verify your income, they will verify it through that account aggregator. So, it is all there. Those steps have been given there. After scrolling down, if you see that I agree, it is there. After reading it, tick the box next to it, and then click on Get OTP.

They will send an OTP to your mobile number. After entering it here, click on Proceed. Next, select the bank account in which your income will be received. You will also be asked for your consent here. Read this and click on Select All.

Whether or not you have that salary, which bank account will be received, you will come back and select it here. They will take that statement for income verification. After you select the bank account, there will be an approval there, click on that. Your consent was received successfully and it will be shown to you like that.

Now, you have done income verification. Next, you have asked for employment details. First, you have asked for the company name. So, now, enter the name of the company in which you are currently working.

You have asked for the type of the company. So, whether it is government sector, manufacturing sector, private sector, public sector, others, whatever it is, select it here.

You have asked for your job profile. That is, you have to search for which job role you are currently working in that company, or which job profile you are working in, and select it. That is, HR or Manager. If you see something like this, there are many job profiles. You can search for your job profile and select it.

They have asked for your work email ID. It is optional. The company you are currently working for may have given you a work email ID. If they have given you one, enter it, otherwise leave it.

They have asked for your total work experience. So, whether you have the job profile you are currently working for or not, how many years of experience do you have in that, enter that there.

They have asked for your total monthly loan EMI. That is, you have already come and taken a loan. If you have been paying the EMI of that loan every month, how many months have you been paying EMI? They have asked for that. Enter that. If you are not taking any kind of loan now, what kind of monthly EMI is it that you are not paying for that, that is, if you are not taking any kind of loan now, enter zero like that.

After filling all this, there will be a Continue button there, click on that. Next, they have asked for the office address. Now, whichever company you are currently working for, or whichever office you are working in, fill in the address of that office here. It says Continue, click on it.

Next, they will ask you to verify your work email ID. That is, if you had entered that work email ID before, they will ask you to come and verify it. You can check your work email ID there. There it says Get OTP, click on it. They will send an OTP to your work email ID. After entering it here, click on Submit.

Next, there is Offer Details. So you can fill in the details, your eligibility, and know your personal loan offer there. You can see how much loan you can get, how long loan tenure you can get, everything is there.

If you want to edit these offer details, if you see it there, the edit details are like that. Now, how much loan amount you want, enter that loan amount. You can take a loan from ₹40,000 to whatever amount you earn. So, in that loan amount, enter how much loan amount you want.

You can take a loan., So you enter the amount of loan you want in that loan amount. They ask you to select the loan tenure., So you select the tenure that you have selected on the spot.

You can find out at what rate of interest this personal loan will be given (I have told you for your convenience) on that spot., So as I told you before, when you apply, you can find out at what rate of interest this personal loan will be given to you, didn’t I? You can find out through this.

Besides, if you look there, the installment is like that. So you can find out how much EMI you will have to pay every month during that tenure there. Now if you want to take this personal loan, if you see it there, it will say Continue, click on it.

Loan Summary:

Next, there is a loan summary. You can find out the loan summary for your personal loan here. Then, you can enter the amount you are going to take out of the loan, and you can find out the loan amount there. You can also find out the processing fee that will be charged there.

Now, if we add the loan amount and processing fee here, the total loan amount will come. You can find out how much it will come and how much it will be there. Based on that, whether there is a tenure or not, how much installment (i.e. how much EMI) you will have to pay per month in that tenure, you can also find out that there.

The rate of interest per annum and how much it will cost, you can also find out there. This is a term loan in the loan variant. You can also find out what charges are there in this personal loan. How much is the processing fee, how much is the stamp duty, you can find out all that there.

Then, if we subtract those charges from the loan amount, how much amount will you get (that is, how much loan amount will you get) you can find out there. So, take a good look at this loan summary. After you have looked at all this carefully, click on it and see if it says “Continue” or not.

KYC (Know Your Customer) Verification:

This is like completing the KYC. You will get the loan only after doing it. This is how you can complete the KYC through DigiLocker. What you need to do here is to do the address verification through Aadhaar. So you can complete the KYC through DigiLocker. Those steps are given right there.

How can you complete it, if you see it below, is there a ‘I accept the terms and conditions’ or not? Read it and tick the box next to it, then click on Continue. You have been asked for your Aadhaar number. Enter your Aadhaar number here and click on Next.

Now, you will receive an OTP for the mobile number linked to your Aadhaar. Enter it here and click on Submit. Now, if you have already registered with DigiLocker, then when you create that DigiLocker account, you will definitely have set a six-digit security PIN. Enter it here and click on Next.

Next, Bajaj Finance will ask for your Aadhaar and PAN. So, both of them will be selected. This means that your consent has been asked. Please read and accept this. There, KYC details will be posted. What this means is that you can see your name, Aadhaar number, and date of birth there by making your Aadhaar base.

Whatever address is in your Aadhaar, that same address will be displayed there. So now they are asking if the address in your Aadhaar is the same as your current address. If both are the same, select Yes. If not, select No.

Additional Details:

They have asked for additional details. What is your father, or mother, or spouse, or what is the full name of some person? So enter their full name. They have asked what relationship you have with that family member. So whatever it is, father, mother, or spouse, you can select it there and then click on Continue.

Bank Details:

Next, they have asked for your bank details. So, whether you have that loan amount now or not and whether you want it to come to your bank account or not., that is what they are asking for.

Now, whether you have that loan amount now or not and which bank account you want to come to, it will be like adding that bank account. It will be like verifying that bank account.

The reason they are asking for this is to disburse that loan amount. Not only that, after you take that loan, it will be like paying that EMI for that loan every month.

You can pay it only through the bank account you are going to add now. So, to add the bank account in which you want to receive the loan amount, there is an Add Account button. Click on it.

Now, to verify that bank account, enter the account holder name, IFSC code, account number of that bank account, and then select the account type.

Select that. Here, I will come and select savings. After filling all this, continue at the bottom. Click on it. Your bank account will come and be verified. If you see there, it will say Bank Account Verified Successfully.

Application Submission:

Next, your loan application has been submitted. That’s why it will say Application Submitted Successfully. Now their representative will contact you. They will contact you to process your loan application. Not only that, they will also check whether your KYC is there or not and if it is not completed, they will help you complete your KYC.

Not only that, if you have any doubts related to this personal loan, you can feel free to ask them. What happens after this is that they will come and verify whether you have all your documents or not. After verifying your documents, they will come and check whether you have that credit score (i.e. that CIBIL score).

They will check all its eligibility. After taking this loan, they will come and repay that loan or not. If you look at repaying that loan, there are some steps. It will seem like everything is complete. If you look at it relatedly, their representative will guide you. After that, you will get that loan. If you look at it like this, it will seem like you have come and done some steps.