5 Things to Know while Applying for a Bajaj Finserv Personal Loan For self-employed Professionals
A personal loan has no specific end use, which makes it one of the best tools to fund planned and unplanned expenses of all kinds. Whether you want to take a vacation or finance your business’ working capital needs, you can do so easily with a personal loan for self-employed. As a self-employed individual, you may not be able to borrow a personal loan that caters only to salaried, and so Bajaj Finserv offers a personal loan specifically designed for self-employed borrowers.
With it, you can meet both personal and professional needs with equal ease. Here’s more about Bajaj Finserv Personal Loan that are specially designed for self-employed and 5 things to know before applying for one.
You don’t have to pledge collateral
Bajaj Finserv’s Personal Loan for self-employed applicants is a collateral-free loan where you don’t have to pledge any asset. Additionally, with the Flexi facility you can withdraw as you go and pay interest only on the amount you end up using. You also have the option to pay interest-only EMIs, repaying the principal at the end of the tenor, for easy cash flow management.
You have to meet simple eligibility criteria
Since this is an unsecured loan, Bajaj Finserv has a set of eligibility criteria that you have to meet. Nonetheless, the eligibility criteria are basic, ensuring that it is easy for you to qualify for the loan. To be a candidate you must fulfil the following conditions.
- You should be between 22 and 55 years of age
- Your business should have been in existence for at least 3 years
- Your business should have filed IT returns for at least the past 1 year
- Your business’ previous year’s turnover should be audited by a CA
Since adherence to eligibility criteria helps the lender gauge your repayment ability, meeting all or most of these conditions will result in speedy approval.
You have to produce minimal documentation
Documents are proof of your eligibility and repayment ability. Therefore, in addition to meeting eligibility criteria, you are also required to produce the following documents in order to secure a loan.
- Passport-size photograph
- KYC documents like Aadhaar card or PAN card
- Certificate of your business’ existence
- Financial documents such as bank statements
You can access a substantial loan amount
Bajaj Finserv’s Personal Loan for Self-Employed gives you access to a hefty sanction of up to Rs.30 lakh, with which you can meet both scheduled and emergency expenses. It can act as best option for start up business loans as whether you want to acquire machinery and equipment, expand your start up business operations, plan an international holiday or pay for your child’s education, you have ample funds to do so.
You can choose EMIs as per your affordability
Since EMIs take up a significant portion of your monthly income, the loan’s affordability is key. Fortunately, you can calculate this beforehand by using a personal loan EMI calculator. You can tweak the loan amount and tenure as per your choice, after which the calculator picks up the applicable interest rate and shows you the EMI amount. Repaying your loan in time helps in avoiding penal interest and boosts your credit score, so select your loan amount and tenor with care. In this regard, Bajaj Finserv’s Flexi facility comes in handy as it results in substantial savings.