Guide on filling a Personal Loan Application Form

Guide on filling a Personal Loan Application Form

Check your pre-approved loan offer in 2 simple steps and have your application form ready to go.
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Rs. 40000 - Rs. 55 lakh

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Easily apply for a personal loan with our step-by-step guide to filling the application form. Fast, secure, and designed for minimal hassle, this process ensures accurate submission and speedy approval.


Taking the guesswork out of lending – Check your pre-approved loan offer in 2 simple steps and have your application form ready to go.


What is a personal loan application form?

A personal loan application form is an essential document used by financial institutions to assess your eligibility for credit. It collects crucial details such as your identity, income, employment status, and the loan amount you're seeking. By submitting this information, you enable the lender to evaluate your creditworthiness and offer suitable terms, including loan amount, interest rate, and tenure. The form also ensures regulatory compliance and provides the lender with all data needed for a fair lending decision.

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Key sections of a personal loan application form

Explore the essential components of a personal loan application form, including personal details, employment information, loan specifics, and required supporting documents to ensure a smooth application process.

  • Personal Information

    Provide basic details: full name, date of birth, contact information (mobile, email), and residential address. Lenders use this section to verify your identity and perform background checks against regulatory databases.

  • Employment and income details

    Share your current employment status, job title, employer’s name, length of employment, and monthly income. Include salary slips or alternative proof. This section helps the lender assess your repayment capacity based on financial stability and income level.

  • Loan details

    Specify the loan amount, purpose of the loan, and preferred repayment term. Be realistic about your needs and your budget to receive an offer you can comfortably repay without strain.

  • Supporting documents

    Submitting the right personal loan document is crucial for verifying the information shared in your application. Lenders typically require proof of identity (such as a passport or driver’s licence), proof of income (like salary slips or tax returns), and proof of address (such as utility bills or bank statements). These documents help validate your details and support a fair assessment based on the personal loan eligibility criteria. Providing accurate documentation improves your chances of quick approval.

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Step-by-step guide to completing the form

Follow these steps to avoid mistakes:

  1. Gather documents: Collect originals and photocopies. Use the lender’s checklist to confirm completeness.
  2. Fill personal details: Enter names and contact info exactly as on your IDs. Double-check spelling and numbers.
  3. Employment & income: Provide current and previous employer details, exact salary figures, and income sources. Attach salary slips or ITRs.
  4. Loan specifics: Choose loan amount and tenure precisely. Use EMI calculator estimates.
  5. Upload documents: Scan in high resolution. Ensure no part of the document is cut off. Label files clearly (e.g., "Aadhaar_front").
  6. Review and submit: Proofread every entry. Check for missing fields and ensure document uploads are complete. Submit digitally or in person as directed.
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Common mistakes to avoid when filling out the form

  • Incomplete Information: Leaving fields blank can delay processing. Fill out every section thoroughly.
  • Inaccurate Details: Mismatched information between the form and documents leads to rejections or reduced offers.
  • Missing Documents: Omissions slow down verification and approval. Always attach the full list of requested documents.
  • Poor Image Quality: Blurry or cut-off document scans can be rejected. Ensure clarity and completeness.
  • Inconsistent Data: Discrepancies between form entries and supporting documents raise red flags. Maintain consistency.

A personal loan application form is a critical step in securing the funds you need for life’s important goals. By understanding each section, preparing accurate documentation, and following this step-by-step guide, you can streamline the process, reduce errors, and increase your chances of quick approval.

Ready to apply? Learn more about the personal loan application process and get started with confidence.
 

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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 24 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of Interest per annum

10% to 31% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi facility charges above are inclusive of applicable taxes

*Loan amount includes approved loan amount, insurance premium, and VAS charges.
Principal Holiday Facility Fees
  • Up to Rs.1999/- for loan amount less than Rs.2,00,000
  • Up to Rs.3999/- for loan amount from Rs. 200000 to Rs.399999
  • Up to Rs.5999/- for loan amount from Rs. 400000 to Rs.599999
  • Up to Rs.7,999/- for loan amount from Rs. 600000 to Rs.999999
  • Up to Rs.8,999/- for loan amount from Rs.10,00,000 to Rs. 1499999
  • Up to Rs. 9999/- for loan amount from Rs. 15,00,000 to Rs.19,99999
  • Up to Rs.10,999/- for loan amount from RS. 20,00,000 to RS.2499999
  • Up to Rs.11,999/- for loan amount from RS.25,00,000 to RS. 29,99999
  • Up to Rs. 12,999/- for loan amount of Rs.30,00,000 and above

Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount

*(Loan amount includes approved loan amount, Insurance Premium & VAS Charges)

Bounce charges

Up to Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Pre-payment charges

Full pre-payment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part pre-payment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part pre-payment.
  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid.

*Foreclosure will be processed post clearance of first EMI

Penal charge

 Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.

Broken period interest / Pre-monthly Instalment interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:


EMI Date : 2nd

Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement
For Flexi Loans: BPI amount will be capitalised, i.e added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:
First instalment will consist of interest for actual number of days

Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.