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Bajaj Finserv Personal Loan Eligibility Calculator

Bajaj Finserv Personal Loan Eligibility 2021

Last Updated 19th Jul 2021

Eligibility CriteriaSalaried Self Employed Professionals
Profession that are eligible for Bajaj Finserv Personal LoanSalaried people working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age25 - 58 years27 - 65 years
  • High credit score and better financial stability lead to high personal loan eligibility from Bajaj Finserv.
  • Bajaj Finserv requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • Bajaj Finserv calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.
Personal Loan Eligibility Calculator
Bajaj Finserv Personal Loan Eligibility

Bajaj Finserv offers various personal loan schemes and offers, at affordable rates to eligible customers. Bajaj Finserv Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Bajaj Finserv, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

Bajaj Finserv Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a Bajaj Finserv personal loan is 25 years and the maximum age is 58 years.If you are aged below 25 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
Bajaj Finserv Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. Bajaj Finserv asks for a minimum net income of ₹ 27,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used to determine 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. Use Bajaj Finserv personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

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, Bajaj Finserv will calculate his eligibility using the eligibility calculator. With a salary of ₹ 27,000, the maximum amount he is eligible for 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: When checking eligibility for a personal loan, Bajaj Finserv will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from Bajaj Finserv will get approved. However, a 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.

Bajaj Finserv Personal Loan Eligibility based on Occupation

There are other factors related to you occupation which are responsible for the approval of the loan by Bajaj Finserv, as listed below:

  • 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 your place of residence. Bajaj Finserv has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of 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 – Bajaj Finserv considers 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,the bank will not give you the loan because the 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.

How can I Check my Bajaj Finserv Personal Loan Eligibility?

To check Bajaj Finserv personal loan eligibility you need to follow these steps:

  • Login to Bajaj Finserv website
  • Go to Bajaj Finserv personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

In Addition to this, you can also contact the bank at their customer care number, 1800-103-3535/ 869-801-0101.

Bajaj Finserv Personal Loan Eligibility for Self Employed

Bajaj Finserv personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be minimum of 25 years at the time of loan application.
  • You must have filed ITR for atleast 0 months to get a personal loan from Bajaj Finserv.
  • You must have a gross annual reciept of more than ₹ 10,00,000.
  • Bajaj Finserv checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a Bajaj Finserv personal loan.

Bajaj Finserv Personal Loan Schemes Eligibility

Flexi Loan

Eligibility

  • Any salaried applicant with minimum age of 25 years, working in a reputed MNC , public, private company is eligible to avail this loan.
  • Bajaj Flexi is available to all existing Bajaj personal customers.
Durable Finance Personal Loan

Eligibility

  • An individual who is in between 21 years-60 years with regular source of income can avail this loan. No documents will be required to avail the durable finance personal loan.
Digital Personal Loan

Eligibility

  • An individual who already is a customer of Bajaj Finserv can take this loan.
Medical Emergency Loan

Eligibility

  • Salaried employees with age between 25 to 58 years and with identity proof and address proof for KYC are eligible for medical loan. The loan can be availed if you are living in top cities in India.
PLOC Loan

Eligibility

  • A salaried employee, aged between 25 to 58 years is eligible for this loan. An applicant must have a bank statement, identity proof and address proof for KYC.

Other Loan Calculators

FAQs

What are the eligibility criteria to avail Bajaj Finserv personal loan?

The minimum age of the applicant required to get a personal loan from Bajaj Finserv is 25 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 58 years.

Is age an eligibility criteria to apply for a Bajaj Finserv personal loan?

Yes, age is an eligibility criteria to apply for a Bajaj Finserv personal loan. You should be of minimum 25 years to avail a loan from Bajaj Finserv.

Am I eligible for Bajaj Finserv personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Bajaj Finserv personal loan if your CIBIL score is less than 300. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from Bajaj Finserv, you must have a credit score above 650.

How can I improve my eligibility for Bajaj Finserv personal loan?

To improve your Bajaj Finserv personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve Bajaj Finserv personal loan eligibility.

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.However, the income criteria of Bajaj Finserv may vary for metro cities, tier-1 or tier 2 locations.

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

To get a personal loan from Bajaj Finserv, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 1 months for 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.However, the eligibility criteria for every borrower is different as it is based on various factors like age, employment etc.

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.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a Bajaj Finserv personal loan as it increases your repayment capacity. While availing loan from Bajaj Finserv ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

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

Personal loan is an unsecured loan, so Bajaj Finserv assure that the amount gets repaid on time. 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 .

Where can I get the company list which is eligible for Bajaj Finserv personal loan?

Bajaj Finserv does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Bajaj Finserv or can use the personal loan eligibility calculator.


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Bajaj Finserv Personal Loan News - Jul 2021
  • 2021-07-07 : Bajaj Finance books 46 lakh new loans in June quarter
    Bajaj Finance said on Tuesday it booked 46 lakh new loans (Personal loan, home loan, loan against property, top-up loan and business loan) during Q1 FY22 as compared to 18 lakh in the year-ago period. Customer franchise as of June 30 stood at 5 crores as compared to 4.3 crores last year. The company acquired 19 lakh new customers in Q1 FY22 as compared to 5 lakh in Q1 FY21.
  • 2021-04-30 : Bajaj Finserv reported a Q4 profit of ₹979 crore
    Bajaj Finserv posted a net profit of ₹ 979 crores in the January-March quarter, which marked an increase of 5 times from the profit of ₹ 194 crores during the same quarter last year. The NBFC reported the surge in profit backed by retail loans like home, personal, LAP, two-wheeler, car, education and doctor loan along with business and mudra loan.
  • 2021-01-25 : Bajaj Finserv Q3 results net profit rises 15% to Rs 1,290 crore
    Bajaj Finserv posted a 15% year-on-year rise in its net profit to Rs 1,290 crore in the quarter ended December, backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans Further, the bank’s revenues climbed 10% year-on-year to Rs 15,960.7 crore.
  • 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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