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 borrower.

Bajaj Finserv provides Personal loan products for individuals who may need urgent funds for purposes like medical emergency, 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.

Also Check: CIBIL Score Required for Personal Loan

The first step to get your application approved 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 definitely 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 set of documents can be required for different kind of applicants. Although there are several documents which are mandatory for all. Please find them all listed below.

Must have document categories

1. Documents concerning the applicant:

These are the general documents required from every kind of applicant as a 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).

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 last 2 years.
• Last 6 months account statement showing salary deposited into account.

The company usually asks for at least 6 months worth of bank account statement. The bank statement will showcase the salary you receive monthly. The company will need your statement to ascertain if you are truthful about your income and expenditure. Moreover, the bank can use your statement to analyse your spending habits and how much amount of money you are able to save on an average. This will help them verify if you will be able to handle the EMI's or not. Your statement might also contain other income sources which will have to be declared with the company as well. This why the company will ask for a bank account statement for Personal loan approval.

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 the 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 down 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 loan from many different vendors and hence, their requirement of credit score 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 Personal 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 on 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.

MyMoneyMantra makes it easy to apply for a Personal loan by providing professional guidance as to the company's features and eligibility. MyMoneyMantra guides you through each step of the application process by simplifying it. To apply for the Personal loan through MyMoneyMantra, follow the below steps.

• Visit the MyMoneyMantra website and search for the Personal loan option under the Menu.
• Once you click on Personal loan, the tab opens up containing details and features of a Personal loan below.
• The page will have certain input fields where you need to mention your personal details such as name, email address, address, phone number etc.
• Then, mention your occupation, employment details, monthly income etc.
• Now, enter the loan amount you wish to apply for along with the some meow details such as purpose, tenure you would like to again etc.
• Once MyMoneyMantra has these details, we will send you a list of product packages that we find most suitable for your needs.
• MyMoneyMantra provides a comparison between the features of all and helps you to decide between the products.
• Once you finalize the product, MyMoneyMantra will ask you to keep the documents handy for a quick verification.
• Once this is done, the application can be submitted to the company.

It is natural to be confused while deciding which Personal loan product to go for. With the amount of banks, NBFC's and financial institutions offering the loan services, it can be daunting to determine the ideal one for your needs. Fortunately, MyMoneyMantra helps you through this confusion and ensures that you only get the best product. Below are the benefits of applying for a Personal loan through MyMoneyMantra.

• Get support from a team of expert financial advisors as to the benefits of the different kinds of loan products.
• Get a better understanding of each step of the application process as the process is broken down to simplify it.
• Avail the support of MyMoneyMantra right up to the disbursal process at no extra charge.
• Avail 24x7 support for any queries you might have during the application process.
• Get an accurate comparison between the charges and Interest rates of different institutions so you can choose the best one for your needs.
• Avail all these services through the comfort of your own house.

Additional Reading: CIBIL Score Required for Home Loan