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 –

• Applicant’s age between 22 to 55 years.
• Their business should be operational for at least 3 years.
• At least past one years IT returns for the organisation.
• Duly audited turnover of at least the previous year.

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.

• An applicant will have to navigate to the official page of the lender and find the respective credit option in the lending section to apply.
• They will receive the application form, where he/she will have to fill in the appropriate details and submit.
• Once the information is verified, representatives will visit the applicant to collect the necessary documents and hand over the paperwork.

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.

• Large scale financing – Bajaj Finserv offers up to Rs. 30 Lakh as loan for self-employed. Such a large amount allows a borrower to use it for various purposes, whether for large-scale purchases, family occasions, debt consolidation, working capital, etc.
• ●       Flexibility – Bajaj Finserv’s unique Flexi Loan Facility allows a borrower to withdraw funds according to their requirement and repay interest only on that amount. It helps in saving a considerable amount of money while paying off the personal loan.
• Online account management – Borrowers can easily manage their loan account, keep track of the repayment schedule, EMI, next due date, and other necessary details via their dedicated Customer Portal Experia. It makes the entire process hassle-free and convenient.
• ●       Minimum charges – Industry best fees keep the loan process simple and expenses to a minimum. A borrower does not have to pay any loan statement charge, interest and principle statement charge, and secure fee. Only a processing fee of up to 2% is levied when applied for the credit.

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.