What is The Bajaj Finserv Personal Loan Eligibility Criteria?

A personal loan is one of the most popular loan options among customers as they can opt for this quickly without submitting any collateral. But lenders can place strict eligibility criteria for customers who want a personal loan. When it’s about fulfilling your personal needs, Bajaj Finserv Personal Loan is one of those options that people go for. Same as other personal loan types, Bajaj Finserv also expects customers to fulfill the criteria before getting a personal loan.   

You must be thinking about the eligibility criteria you need to fulfill when going for a personal loan. Well, since lenders are providing personal loans to customers without any security, there is a certain credit risk involved in the process. To minimize this risk, lenders assess individuals on different parameters. If an individual successfully goes through these parameters, the lender will provide the loan amount and vice versa. That’s why it is important to understand the Bajaj Finserv Personal Loan Eligibility Criteria so that you won’t face any trouble. In this article, we will discuss the same in length. So, keep reading!

Different Factors Related to the Bajaj Finserv Personal Loan Eligibility Criteria

As we mentioned earlier, there are different parameters through which an individual needs to qualify if he or she wants to get the required personal loan amount. These parameters are related to age, employment type, credit score, etc. We are showing all of them below. Have a look!

Basic Parameters Like Age and Citizenship

The first and foremost condition to be eligible for a Bajaj Finserv Personal Loan is that an individual must be a residing citizen of India. Any individual outside of India cannot be eligible for this loan facility. One of the other basic eligibility criteria is related to the age of an individual at the time when he or she wants to apply for a personal loan. He or she must be between 23 and 55 years of age at the time of loan application to be eligible. It also means an individual can be a maximum of 60 years of age at the time of loan completion. 

Monthly Income

When assessing the eligibility of individuals, lenders check the monthly income to ascertain if they would be able to repay the loan amount on time without any trouble. However, in the case of a Bajaj Finserv Personal Loan, the minimum salary required depends on the city of your residence; it differs from cities to cities. On average, it ranges from INR 25,000 to INR 35,000 per month. For example, if you are a resident of Ahmedabad or Kolkata, the minimum salary requirement is INR 30,000 per month, while it stands at INR 35,000 per month if you are living in metro cities like Delhi, Pune, Bangalore, Chennai, Hyderabad, Noida, Thane, Ghaziabad, and Mumbai. 

Employment Type

Bajaj Finserv offers a personal loan to salaried employees with a Multinational Company (MNC), Public or Private Limited Company. An individual who is working in a non-listed company would find it hard to get a personal loan from Bajaj Finserv. 

Credit Score

One of the most important factors that help lenders estimate an individual’s repayment history is the 3-digit Credit Score. In the case of Bajaj Finserv Personal Loan, the required credit score stands at 750 or above. Individuals with a score of 750 or above will get a higher loan amount at lower interest rates. However, individuals with a score of 600 - 700 may get a loan but at a higher interest rate.  Do remember that an individual with a score of less than 600 cannot opt for a personal loan from Bajaj Finserv.