Dhanteras, the festival of wealth and prosperity, is a perfect occasion to make significant purchases—be it gold, electronics, or home renovations. But sometimes, your savings might fall short of your festive plans. That’s where a personal loan can come in handy, giving you the financial boost you need to celebrate Dhanteras in style. Before you rush to apply for one, it’s important to understand the key personal loan requirements and what affects the rate of interest for personal loan.
Understanding a personal loan
A personal loan is an unsecured loan that you can use for almost any purpose, including festival shopping. Unlike other loans that are tied to assets like a home or car, you don’t need collateral. This makes it easy and quick to access funds when you need them most. Bajaj Finance offers attractive Dhanteras loan offers with minimal paperwork and quick approval, making it ideal for festival shopping.
If you want to check your options, you can explore the personal loan offerings from Bajaj Finance online.
Key personal loan requirements
Before applying, it’s essential to be aware of the eligibility criteria. These personal loan requirements ensure that you are a suitable candidate for the loan and can repay it comfortably.
- Nationality
You must be an Indian citizen to apply for a personal loan.
- Age Criteria
Applicants should be between 21 years and 80 years*. You should be 80 years* or younger at the end of the loan tenure.
- Employment Type
You must be employed with a public, private, or multinational company. Both salaried and self-employed individuals can apply, provided you can furnish income proof.
- CIBIL Score
A CIBIL score of 685 or higher is generally required. Maintaining a good credit score helps you secure better interest rates and loan approval.
- Customer Profile
Bajaj Finance caters to both self-employed and salaried individuals, making personal loans accessible to a wide range of borrowers. Self-employed applicants need to provide business proof, while salaried employees must submit salary slips or bank statements, among other documents.
Factors affecting rate of interest for personal loan
The rate of interest for personal loan can vary depending on multiple factors:
- Credit Score: A higher credit score usually qualifies you for a lower interest rate.
- Income Level: Higher and stable income may help negotiate better rates.
- Loan Amount and Tenure: Larger loans or longer tenures can sometimes come with slightly higher interest rates.
Documents required for a personal loan
Having the right documents ready can speed up your loan approval process:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Phone bill
- Real-time image / photograph
- Ration card
Submitting these documents accurately reduces delays and ensures a smoother process.
Benefits of applying for a personal loan during Dhanteras
- Quick access to funds: With Bajaj Finance’s streamlined process, funds can be disbursed in as little as 24 hours*.
- Flexible loan amounts: Borrow exactly what you need, from Rs. 40,000 up to Rs. 55 lakh.
- No collateral required: Since personal loans are unsecured, you don’t need to pledge assets
Tips for managing your personal loan
Even though a personal loan can help during festivals, managing it responsibly is crucial:
- Plan your budget and avoid borrowing more than necessary.
- Compare interest rates and loan tenures before applying.
- Make timely EMI payments to avoid penalties and maintain a healthy credit score.
- Check if prepayment or part-payment options are available to save on interest.
Conclusion
A personal loan can make your Dhanteras celebrations brighter without putting a strain on your finances. By understanding the personal loan requirements and factors that influence the rate of interest for personal loan, you can make informed decisions and enjoy a worry-free festive season. Bajaj Finance’s Dhanteras loan offers combine quick approval, flexible repayment options, and competitive interest rates, making it easier than ever to achieve your festive goals.
Celebrate this Dhanteras with peace of mind and financial confidence, knowing that your dream purchases are just a personal loan away.
*Terms and condition apply