A personal loan is one of the most sought-after unsecured credit facilities as it lets individuals quickly address their financial shortages with simple application and convenient documentation processes. To get the credit facility, they just need to meet the eligibility criteria, including minimum credit score, income, etc. Nevertheless, one of the leading financial institutions in India, Bajaj Finserv, lets its customers get a low-salary personal loan.
Individuals need to know the tips to get this credit facility despite having a less salary.
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Eligibility criteria for a personal loan at Bajaj Finserv
Individuals must know the eligibility criteria for Bajaj Finserv Personal Loan before knowing the strategies to get it with a lower salary. Following are the eligibility parameters:
- Applicants need to be within the age group of 21-67 years.
- They must be Indian.
- They also need to have a CIBIL score of 750 or higher.
- Having a minimum salary of Rs.22,00 is also important. The income requirement may be different according to location.
All these eligibility parameters help the lending institution to understand whether its applicants are credit worthy.
Generally, if individuals have an income lower than the amount mentioned above, lending institutions do not get the confidence regarding timely repayment. They deem those applicants as risky. Still, there are some strategies that such borrowers can deploy to get the credit facility in spite of their low salaries.
Strategies to get low-salary personal loans
Individuals can easily get approval on their personal loan requests by following the approaches mentioned below:
● Getting a co-applicant
Individuals with insufficient income can apply for personal loan with a co-applicant. It helps lenders get an assurance that if the primary applicant encounters a financial problem, the co-borrower can help them pay the EMI. This way, it reduces the overall risk factor of lenders, which may result in a quick loan approval.
● Meeting the credit score
Individuals with a lower income need a decent CIBIL score of 750 or higher. This indicates that the borrower is credible enough and will pay EMIs on time. Lenders get confidence in such applicants. They may agree to sanction a personal loan amount within their capacity. Alongside, individuals also need to know how to get a personal loan with a poor credit score.
● Declare additional income sources
Individuals may have additional monthly earnings from rent, dividends, interest, or any other side hustles. By declaring all these earnings, they can complement their low salary during the personal loan application process. They can also show their Income Tax Returns to validate all their additional earnings.
While applying for a low salary personal loan from Bajaj Finserv, individuals can follow these strategies to enhance their chances of getting approval on their credit requests. Apart from this, they also need to know major reasons to apply for a personal loan from Bajaj Finserv.
How to apply for low-salary personal loan at Bajaj Finserv
Individuals need to follow the steps mentioned below to apply for personal loan:
Step 1: Access the financial institution’s website and navigate to the personal loan application form
Step 2: Enter your mobile number and name
Step 3: Provide the OTP received on your contact number
Step 4: Mention the personal, professional and income details properly
Step 5: State the loan amount
Step 6: Submit the application form
Upon completion of these steps, the lender will receive the application form. After this, it will designate a representative to contact the applicant. The representative will inform the applicant about the following procedures.
In this regard, individuals also need to be aware of potential mistakes that they should avoid while applying for a personal loan.
In addition, financial institutions like Bajaj Finserv often extend specialised pre-approved offers to existing customers on products including personal loan, business loan, and credit card. It is generally a tailored loan offer that lenders design especially considering customers’ portfolios. Applicants can expedite their personal loan application process by accepting these benefits. They just need to mention their names and contact details to check their pre-approved offers.
Bajaj Finserv customers can accept the pre-approved offers from its portal or quick loan app, Experia.
Steps to accept pre-approved offers from ‘Bajaj Finserv’ app
Following are the steps to accept the instant personal loan offer:
Step 1: Download and install the ‘Bajaj Finserv’ mobile app
Step 2: Login using your Experia credentials, including user ID and password or OTP
Step 3: Go to the ‘Pre-approved’ section
Step 4: Open your personal loan pre-approved offers and apply for it
With these simple steps, individuals can get a personal loan from the loan app of Bajaj Finserv.
In conclusion, lending institutions like Bajaj Finserv ensure that their customers can repay their debts conveniently while they approve a personal loan request. This is why they review the monthly income of their applicants. Nevertheless, it is not impossible to get a personal loan if borrowers have a lower salary. Following the strategies mentioned above, they can easily get a low-salary personal loan from Bajaj Finserv.