Personal loans are one of the most popular forms of short-term unsecured financing options in India. A recent study by the Reserve Bank of India shows that these types of advances accounted for 96% of incremental non-food credit in the fiscal year 2018.
Personal loans grew at a staggering rate of 26.9% between FY 17 and 18. Availability of credit from various financial institutions, borrower-friendly lending terms, zero end-usage restrictions, etc. made these type of financing one of the most preferred amongst a vast number of individuals. Moreover, lenders also started to offer tailor-made packages, like a Bajaj Finserv personal loan, to meet their unique financial requirements and repayment capability.
These types of advances come with an affordable interest rate, easy-to-meet eligibility criteria, and minimum documentation. The borrower will not have to pledge any collateral against the money and can use the funds for a variety of reasons, including personal and professional financing.
The process of availing a personal loan is considerably simple and time-saving. An applicant has to ensure they meet the minimum eligibility criteria before they apply for credit. Although that might vary between financial institutions, most lenders usually ask for –
NBFCs like Bajaj Finserv allocate such simple eligibility criteria to ensure anyone who requires additional funding can meet the requirements and avail a Bajaj Finserv Personal Loan easily. They have also moved the application process online to streamline the system. Here is a step by step guide to apply for a Bajaj Finserv Personal Loan.
Benefits of availing a personal loan for self-employed
These credits offer several benefits and features in favour of the borrower. Here are some of them.
These following reasons and the simplicity of application is why Bajaj Finserv is one of the most preferred personal loan providers in India. The convenience and benefits set them apart from the rest of the market.