Personal loan in 24 hours

In today’s fast-paced world, having access to quick financial solutions can make all the difference. When an urgent need arises, such as a medical emergency or unexpected expense, securing funds rapidly is crucial. A personal loan processed within 24 hours* offers a swift and efficient way to address such needs. This guide explores the essentials of personal loans available within a day, including their features, eligibility criteria, documentation requirements, and application process.

Personal loan in 24 hours*

A personal loan in 24 hours allows you to obtain the necessary funds quickly, often with minimal hassle. These loans are designed for urgent financial needs where immediate access to money is essential. By leveraging streamlined application processes and fast approval systems, lenders can disburse funds within a single day, helping borrowers address their needs without delay. With Bajaj Finserv Personal Loan your bank account will be credited within 24 hours* of approval or, in some cases, on the same day of approval.

What is a personal loan?

A personal loan is a type of unsecured loan offered by financial institutions to individuals for various purposes, including debt consolidation, home renovations, or personal expenses. Unlike secured loans, personal loans do not require collateral, making them accessible to a broader range of borrowers. These loans are typically repaid in fixed monthly instalments over a set period, with interest rates varying based on the borrower’s creditworthiness and the lender’s terms.

Features of a personal loan

Following are the features of Bajaj Finserv Personal Loan:

• Money in your account within 24 hours* Your loan amount will be deposited into your bank account within 24 hours* or, in some cases, on the same day as approval.

• Loans up to Rs. 55 lakh Handle both small and large expenses with loan amounts ranging from Rs. 20,000 to Rs. 55 lakh.

• Approval in just 5 minutes Complete your loan application online from anywhere and receive instant approval for a personal loan.

• Simple application processOur personal loan application process is designed for ease and speed. Fill out the online form, submit your required documents, and receive quick approval—all from the comfort of your home.

• No hidden charges All fees and charges related to the personal loan are transparently listed on this page and in the loan documents. Be sure to review these details before applying.

• No guarantor or collateral required No need for collateral like gold, property papers, or a guarantor to secure your loan.

Eligibility criteria for personal loan in 24 hours*

The personal loan eligibility criteria differs from lender to lender. You can qualify for a Bajaj Finserv Personal Loan once you meet the five simple eligibility criteria mentioned below:

Nationality: India

Age: 21 years to 80 years*.

Employed with: Public, private, or MNC.

CIBIL score: 685 or higher.

Monthly salary: Starting Rs. 25,001, based on the city you live in.

*You should be 80 years* or younger, at the end of the loan tenure.

Documents required to apply for a personal loan

The documentation requirements for a personal loan can vary from lender to lender. Below are the documents that are required to be submitted when applying for a Bajaj Finserv Personal Loan:

KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register

PAN card

Employee ID card

Salary slips of the last 3 months

Bank account statements of the previous 3 months

Application process for personal loan in 24 hours*

You can apply for a Bajaj Finserv Personal Loan by following these simple steps:

Visit the personal loan page and click on ‘APPLY’

Enter your 10-digit mobile number and OTP.

Fill in the application form with your basic details.

Now, click on ‘PROCEED’ to visit the loan selection page.

Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.

Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.

Complete your KYC and submit your application.

Things to know before taking a personal loan

Before committing to a personal loan, consider the following:

Don’t overborrow

Borrowing more than you need can lead to unnecessary debt and higher interest costs. Assess your financial situation carefully and only take out the amount necessary to cover your expenses. Overborrowing increases your repayment burden and can strain your finances, making it harder to manage monthly payments and achieve financial stability.

Interest rate on loan

The personal loan interest rates significantly impact the total cost of borrowing. Rates can vary based on your credit score, loan term, and lender policies. Ensure you understand the rate applied to your loan and how it affects your monthly payments and total repayment amount. Comparing rates from different lenders can help you secure the most favourable terms.

Processing fees

Personal loans often come with processing fees, which are charges for handling your loan application. These fees can affect the overall cost of the loan and vary by lender. Be aware of any processing fees associated with your loan and factor them into your financial planning. Some lenders may offer to waive or reduce these fees as part of promotional offers.

Repayment terms

Understanding the repayment terms of your personal loan is crucial for managing your finances effectively. Terms include the loan duration, instalment amounts, and any prepayment penalties. Choose a repayment plan that aligns with your financial situation to ensure you can meet your monthly obligations comfortably. Clear repayment terms help prevent default and maintain good credit standing.

Conclusion

A personal loan processed within 24 hours* provides a valuable solution for urgent financial needs, offering quick access to funds with minimal hassle. By understanding the features, eligibility criteria, and application process, you can navigate the loan landscape effectively. Remember to consider factors like interest rates, processing fees, and repayment terms before committing to ensure that the loan aligns with your financial goals and capabilities. With careful planning and informed decision-making, you can apply for a personal loan to address your immediate needs while maintaining financial health.

*Terms and conditions apply.