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Bajaj Finance Personal Loan Eligibility Calculator India Jul 2020

Bajaj Finserv Personal Loan Eligibility

Last Updated 04th Jul 2020

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age25 - 58 years27 - 65 years
Minimum Eligible Income ₹ 27,000 per month ₹ 10 Lakh gross annual receipts
Maximum Eligible Loan10x of monthly income  -
Maximum Loan Amount Eligibility ₹ 25 Lakh ₹ 30 Lakh
Minimum Work Experience36 months 36 months
Bajaj Finserv Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 25 years and maximum age is 58 years. Bajaj Finserv offers personal loans for a maximum period of 60 months.
Bajaj Finserv Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 27,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that Bajaj Finserv uses to find out your Bajaj Finserv personal loan eligibility. Bajaj Finserv takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Bajaj Finserv is 0.50. Calculate and compare your eligibility with Bajaj Finserv personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of ₹ 27,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. Bajaj Finserv allows a maximum FOIR of 0.50.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 27,000, the maximum amount for which he is eligible is ₹ 5.93 Lakh. The interest he has to pay for this amount for 60 months is 12.99%.

Bajaj Finserv Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, Bajaj Finserv will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Bajaj Finserv will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. Bajaj Finserv requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from Bajaj Finserv.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Bajaj Finserv, improve your credit worthiness to get a good score and your loan application to get approved.

Bajaj Finserv Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by Bajaj Finserv. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Bajaj Finserv. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Bajaj Finserv looks for a minimum total experience of 36 months and also looks for applicants who have been employed in the current job for a minimum of 1 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. Bajaj Finserv has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Bajaj Finserv also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Bajaj Finserv. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Bajaj Finserv has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Bajaj Finserv if you apply for a personal loan.

FAQs

What are the eligibility criteria to avail Bajaj Finservloan?

The minimum age of the applicant required to get a personal loan from Bajaj Finserv is 25 years. The maximum age for salaried employees can go up to 58 years.

What should be my income to secure a personal loan from Bajaj Finserv?

The minimum income for a salaried employee should be at least ₹ 27,000 per month to secure a personal loan from Bajaj Finserv.

How much work experience is required for personal loan from Bajaj Finserv?

The applicant must have at least work experience of 1 months in avail the benefit of Bajaj Finserv personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Bajaj Finserv is up to ₹ 25 Lakh.

Will CIBIL Score affect my personal loan from Bajaj Finserv?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Do I need to have a guarantor to apply for Personal Loan from Bajaj Finserv?

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Bajaj Finserv .

What is the minimum loan amount from Bajaj Finserv for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from Bajaj Finserv.


Bajaj Finance Personal Loan News - Jul 2020
  • 2020-06-01 : Bajaj Finserv extends loan EMI moratorium
    Following Reserve Bank of India guidelines, the Bajaj Finserv has extended the moratorium on retail loans like personal, home, gold, car, two-wheeler and credit cards till August 31, 2020. It will be applicable for June 1 to August 31, 2020. Individuals will require to apply to avail the benefits of the moratorium. If they fail to apply, loan instalments will continue to be debited every month as per the existing process.
  • 2020-05-20 : Bajaj Finance posted a net profit at ₹948.1 crore
    Bajaj Finance posted a 19.38% decline in consolidated net profit at ₹948.1 crores in the fourth quarter of FY20 when compared to ₹1,176.06 crores a year ago. The bank’s net interest income grew 38% to ₹4,684 in the quarter ending March 31, 2020, crore from ₹3,385 crores a year ago. New loans backed by retail loans like home and personal loans along with business, mudra and two-wheeler loans increased by 3% during the quarter.
  • 2020-01-29 : Bajaj Finance Q3 new net profit soared by 52%
    Bajaj Finance reported a hike of 52% in its net profit to Rs. 1,614 crores backed by an increase in the Home Loan and Personal Loan. Further, Net Interest Income surged by 42% to Rs. 4537 crores from Rs. 3,206 crores in the same quarter a year ago.
  • 2019-10-29 : Bajaj Finance earns revenue worth Rs 1204 crores in the second quarter
    Bajaj Finance declared that its net profit increased to 71 percent to Rs 1204 crores and its total income rose to Rs 14,224 crores. The Bank claims that it earned a large revenue from interests earned on deposits and from retail financing on home and personal loans.
  • 2019-10-22 : Bajaj Finance reports a profit as per Q2 results
    Bajaj Finance reported a year-on-year net profit of 63% in Q2. The earned profit is much higher than the estimated profit of Rs 1,434 crores. The resultant gain is due to a large number of retail loans like personal and loan against property booked in the three months, which were 23% more than the previous year.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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