Big plans don’t always wait for your savings to grow. Sometimes it’s a long-pending holiday, sometimes a medical need, or simply a chance to upgrade your lifestyle. In such moments, choosing to apply for a personal loan the smart way can help you move ahead without putting pressure on your monthly budget.
A personal loan is designed to be flexible, quick, and convenient. With Bajaj Finance, the entire journey—from application to repayment—is built to suit today’s fast-paced lives. Let’s break down everything you need to know before you apply for a personal loan, including EMIs, eligibility, and smart planning tips.
What makes a personal loan a popular choice?
A personal loan is an unsecured loan, which means you don’t need to mortgage your home, car, or any other asset. You can use the funds for almost any personal requirement, such as travel, weddings, education, medical bills, or even managing multiple expenses at once.
Many people apply for a personal loan because it offers quick access to funds with predictable monthly repayments. Bajaj Finance makes this even easier with a smooth digital process and flexible repayment options.
When should you apply for a personal loan?
Applying for a personal loan makes sense when:
- You need funds urgently
- You want to avoid using emergency savings
- You prefer fixed monthly instalments
- You don’t want to pledge collateral
Instead of delaying plans or stretching your finances, a well-planned personal loan can help you stay in control while meeting your needs comfortably.
Basic eligibility you should be aware of
Before you apply for a personal loan, it’s important to understand the basic eligibility factors lenders usually consider. These include:
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL Score: 650 or higher.
- Customer profile: Self-employed or salaried
*You must be 80 years * or younger, at the end of the loan tenure.
Documents required to apply for a personal loan
The documentation process is generally simple and hassle-free. You may need to submit:
- 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
With Bajaj Finance, much of this process can be completed online, saving time and reducing paperwork.
Plan your EMIs before you apply
One of the smartest things you can do before you apply for a personal loan is to plan your repayment in advance. This is where a personal loan EMI calculator becomes extremely useful.
By entering the loan amount, interest rate, and tenure, the calculator instantly shows your estimated EMI. For example, if you borrow Rs. 3,00,000 for three years, you’ll know upfront how much you need to set aside every month.
Using a personal loan EMI calculator helps you:
- Choose an EMI that fits your budget
- Compare different tenures
- Avoid repayment stress later
How to choose the right loan amount and tenure
Easy EMIs are not just about low monthly payments. A longer tenure may reduce your EMI, but it also increases the total interest paid. A shorter tenure reduces interest but may increase monthly outgo.
The smart approach is to balance both. Choose a loan amount you genuinely need and a tenure that keeps EMIs manageable. Bajaj Finance offers flexible tenures so you can customise repayments based on your income and lifestyle.
Why Bajaj Finance stands out
Many borrowers prefer Bajaj Finance because of its customer-focused approach. Some key benefits include:
- Quick approval processYour loan application is reviewed fast, so you don’t have to wait long to know the outcome or receive the funds.
- Minimal documentationOnly basic documents like identity, address, and income proof are required, reducing paperwork and saving time.
- Flexible EMI optionsYou can choose a repayment tenure that suits your budget, making monthly EMIs easier to manage.
- No collateralYou don’t need to pledge any asset, such as property, gold, or a vehicle, to get the loan.
Whether you are applying for your first loan or planning a major expense, Bajaj Finance focuses on making borrowing simple and stress-free.
Step-by-step process to apply for personal loan
Here’s a simple way to apply for personal loan with Bajaj Finance:
1. Visit the Personal Loan page on the Bajaj Finserv website and click on ‘APPLY’.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Fill in the application form with your basic loan details
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the loan amount that you need. Choose from our personal loan variants.
6. Choose the repayment tenure – you can select tenure options ranging from 12 months to 96 months and click on ‘PROCEED’.
7. Complete your KYC and submit your application.
Once approved, the loan amount is usually credited directly to your bank account, allowing you to use it right away.
Borrow smart, repay comfortably
While it’s easy to apply for a personal loan today, responsible borrowing is what keeps your finances healthy in the long run. Always borrow within your repayment capacity, track your EMIs, and pay on time. This not only reduces financial stress but also helps maintain a strong credit history.
If you’re ready to take the next step, explore a personal loan with Bajaj Finance and turn your plans into reality with easy EMIs and smart financial planning.
*Terms and conditions apply
Disclaimer: The press release above isn’t produced by Insider Monkey’s editorial team. We don’t verify the contents of press releases for accuracy. It is strongly recommended that you perform due diligence before borrowing, investing or trading in anything, including consulting a professional financial advisor.
