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Why Check Your Personal Loan Eligibility?
Checking eligibility before applying is crucial because:
- It prevents loan rejections that could affect your credit score.
- You can apply confidently knowing you meet the lender’s requirements.
- It helps you plan loan amount and tenure better.
Bajaj Finserv Personal Loan Eligibility Criteria
Here are the general eligibility requirements:
1. Age Requirement
- Minimum age: 21 years
- Maximum age: 67 years (at the time of loan maturity)
2. Employment Type
- Salaried employees working in private, public, or multinational companies.
- Self-employed professionals and business owners (subject to financial stability).
3. Income Requirement
- A steady monthly income (varies by city and employment type).
- Higher income levels improve approval chances and loan limits.
4. Work Experience
- Salaried: Minimum 1 year of total work experience.
- Should have worked at least 6 months with the current employer.
5. Credit Score
- Minimum CIBIL score of 685+.
- A higher score (750 and above) increases approval chances and may fetch lower interest rates.
Documents Required for Bajaj Finserv Personal Loan
Keep these documents ready to speed up your application:
- KYC documents (Aadhar, PAN, Passport, Voter ID, Driving License)
- Income proof (Salary slips, bank statements for last 3 months)
- Employment proof (Employee ID card, offer letter)
- Passport-size photographs
Factors That Influence Your Eligibility
Several factors can affect whether your personal loan application gets approved:
- Credit History: Timely repayment of existing loans/credit cards builds trust.
- Debt-to-Income Ratio: Lower liabilities compared to income increase approval chances.
- Employer Reputation: Working with a reputed company may enhance eligibility.
- City of Residence: Minimum income criteria vary from metro to non-metro cities.
How to Improve Your Bajaj Finserv Personal Loan Eligibility
- Maintain a healthy credit score by paying EMIs on time.
- Avoid applying for multiple loans simultaneously.
- Reduce existing debts before applying for a new loan.
- Show stable employment with consistent income.
Why Apply via FinCrif?
At FinCrif, we simplify your loan journey by:
- Offering side-by-side comparisons of banks and NBFCs.
- Helping you check eligibility instantly online.
- Guiding you through a hassle-free application process.
FAQs on Bajaj Finserv Personal Loan Eligibility
Q1. What is the minimum salary required for a Bajaj Finserv personal loan?The minimum monthly salary requirement varies by city, but typically starts around ₹25,000.
Q2. Can self-employed individuals apply for Bajaj Finserv personal loans?Yes, self-employed professionals can apply, provided they show consistent income proof.
Q3. What happens if my CIBIL score is below 685?You may face rejection or get approval at a higher interest rate. Improving your score before applying is recommended.
Q4. How quickly can I get loan approval?With the right eligibility and documents, approval can be done in as little as 30 minutes.
Understanding Bajaj Finserv personal loan eligibility is the first step toward a smooth borrowing experience. By meeting the criteria and preparing your documents in advance, you can get faster approval and better loan terms. With FinCrif’s expert guidance, applying for a personal loan becomes simpler, smarter, and stress-free.
