Personal Loans are the loans that are availed for no specific purpose, but for assorted needs which cannot labelled. You might want to go through the following features to get a clear picture of what a Personal Loan really is.
First off, the Features
No Collateral Security:
The providers of Personal Loans don’t usually demand collateral security for safety purposes, like they do for other kinds of loans, but offer them on the basis of your creditworthiness.
If you’re losing sleep just because you don’t have property to offer as collateral—but have maintained a clean slate in terms of income and debt management—a Personal Loan is the way to go. Without the need for collateral, you can rest in peace; there’s never a risk of losing something you own just because you were late on a payment.
No collateral also means the process of sanctioning the loan is quicker and hassle-free, and involves less paperwork.
No Specific Purpose:
Like mentioned before, the most rewarding factor is that it doesn’t come with any sort of limitation regarding for which it can be used. You can use it for different kinds of purposes ranging from buying a vehicle to building a house.
This is extremely liberating if the reasons of loan turn out be menial and not with any capital importance attached to it.
Here, the timing of making the payment is constant and this helps to map your cash balance accordingly.
Rate of Interest:
Even though the interest rates are a bit higher than secure loans, Personal Loans work out a lot cheaper than loans on credit cards.
Also Personal Loans come with a fixed interest rate throughout their lifetime.
Bajaj Finserv as a Provider
Now that we have learned about the basic features of Personal Loans, let us discuss the benefits that can be availed by the borrowers by choosing Bajaj Finserv over other providers.
- Flexi Loans: Flexi loans is a facility extended by Bajaj Finserv with regard to Personal Loans.
The biggest highlight of this product would be that it allows you to pre-pay idle funds. Not only that, you can drawdown the money within the drop-line facility by yourself.
- Flexibility: You can make the prepayment as and when it is possible.
- Interest Rate: No interest is imposed on the prepayments made, interest is charged only on the amount utilised.
- Net Banking: Bajaj Finserv has assured Net Banking facility to empower this benefit. This product is self-service and RTGS enabled, making the process of drawing down the funds and prepayments respectively easier.
- No Additional Documentation: Without submitting any additional document, you can re-avail the paid amount if it fits in the timeframe of loan tenure.
- Instant Approval: Bajaj Finserv with its extensive online assistance and provide instant personal loan, assures of approving your loan within five minutes of time. Along with that, it is the fastest amongst the NBFCs with the transfer of funds happening within 72 hours.
All it takes for you is to fill a form online and ensure that you’re eligible for a personal loan with the help of sufficient information available there. Once that’s made sure by Bajaj Finserv, you’ll be contacted for the process of documentation.
What’s more? The limit for Personal Loan is upto 25 lakhs. In addition to that, if you’re worried about the tenure of payment, Bajaj Finserv has made it easier by offering the option of choosing the tenure of loan ranging from 24 months to 60 months.
- Preapproved Offers: Granting of personal loans completely thrives on the factor of trust that the banker has in you. Gaining this trust is the biggest challenge for any borrower. Bajaj Finserv understands this, hence it makes you automatically eligible for Personal Loans if you are an existing customer of it.
That should give you a clear picture of why Bajaj Finserv is highly popular option, especially so when it comes to Personal Loan.