The requirement of funds for addressing urgent financial obligations can arise unannounced at any instant. Accumulating substantial funds amounting to Rs. 3 lakh or more can be difficult if an individual is not saving for an extended period.
Individuals looking for an immediate solution regarding such monetary needs can opt for an Rs. 3 lakh loan from a leading lender like Bajaj Finserv. But for that, they should be aware of some vital aspects.
How to Acquire a Personal Loan of Rs. 3 lakh instantly?
To acquire an instant Rs. 3 lakh loan, individuals must carry out the below-mentioned steps on the official website of the lender:
Step 1: Select ‘Apply Online’ for viewing the personal loan application form.
Step 2: Enter the phone number for receiving an OTP to authenticate the profile.
Step 3: Enter basic details related to income, employment and KYC.
Step 4: Upload all necessary documents for verification and submit the online form.
What documents are required to acquire Rs. 3 lakh loan from Bajaj Finserv?
It is imperative to be aware of the various documents required to acquire a simple unsecured loan of Rs. 3 lakh from a leading financial institution like Bajaj Finserv. Given below is a list of the documents required:
- Salary slips of past few months
- Government-issued KYC documents like Aadhaar, PAN card, Voter ID card, Passport or Driving license
- Bank account statements of last few months
After the applicant uploads all required documents and submits the application form for Rs. 3 lakh loan, representatives from the lending institution will contact the individual to process the loan further.
What are the eligibility criteria for acquiring a personal loan of Rs. 3 lakh?
Before loan application, individuals must first check the eligibility parameters for a personal loan and ensure that they are eligible for acquiring the credit.
Listed below are the eligibility criteria that individuals must meet for availing Rs. 3 lakh loan:
- Must be a resident of India
- The age of the individual should be between 21 to 67 years
- Must hold a decent credit score above 750
- Should be a salaried employee of an MNC, a public company, or a private limited organization.
- Must receive a salary amounting to Rs. 22,000 or more, depending on the city of employment
Benefits and features of acquiring a personal loan of Rs. 3 lakh
Individuals acquiring a personal loan of Rs. 3 lakh from a renowned financial institution like Bajaj Finserv will get to enjoy several benefits. One of the benefits comes in the form of pre-approved offers for existing customers. Extended on both unsecured and secured financial products, these offers help simplify and accelerate the lending process. Applicants can check their pre-approved offers by providing a few details, such as their name and contact details.
Given below are some benefits and features of a personal loan offered by Bajaj Finserv:
- Fast approval
Applicants who meet the eligibility criteria for this loan receive approval within minutes.
- Flexible repayment schedule
Individuals who apply for a personal loan of Rs. 3 lakh can choose an appropriate tenor for credit repayment. The duration for the same can range up to 60 months, thereby ensuring a flexible repayment schedule to repay the acquired credit.
- Up to 45% lesser EMIs
Applicants can lower EMI by 45%* with a Flexi loan from Bajaj Finserv. Individuals can conveniently repay their acquired credit through the Flexi loan facility by paying interest-only EMIs.
Individuals can use an EMI calculator before loan application to determine the equated monthly installments payable. This will help them manage the personal loan EMI repayment efficiently without burdening their disposable income.
Regarding EMI payment, borrowers must note that they can make significant savings in the interest payable towards the personal loan by carrying out full prepayment relatively early into the loan tenor. This can be best understood through the following example:
For a customer who has acquired a personal loan amounting to Rs. 3 lakh at a 15% interest rate for a period of 5 years, the EMI amounts to Rs. 4758. The individual will be paying Rs. 28057 as interest and Rs. 29039 towards premium at the end of the first year. If the total amount is prepaid at this instant, the customer will be paying Rs. 57422 less in the form of interest.
- Online loan management
Individuals can use the customer portal to view loan statements, manage their EMIs, and carry out other loan-related activities.
Given its wide array of benefits, personal loans with ticket sizes of approximately Rs. 3 lakh has received colossal demand lately. According to a recent report, the average ticket size of personal loans reduced 40% from Rs. 2.4 lakh to Rs. 1.5 lakh between FY17 and FY21 (1). Individuals are willing to acquire an Rs. 3 lakh loan must consider the various vital aspects mentioned above.