Personal loans are collateral-free loans, and therefore, have a higher rate of interest. This is standard in every bank as the financial institution is engaging in a riskier lending option. But, there are some NBFCs which provide personal loans that are cheaper compared to the loans given by traditional banks. You need to check eligibility for personal loan form One such NBFC that offers affordable personal loan is Bajaj Finserv.
Bajaj Finserv personal loan offers easy-to-afford loan due to the combination of its rate of interest and lower EMI services. The NBFC makes it possible to get personal loans up to Rs.25 lakhs easily. Customers can apply for it online, and the application gets approved instantly. Moreover, it disburses loan amount within 24 hours after approval, although this may vary as per individual profile of the loan seeker. They have flexible tenure ranging from 12 months to 60 months and require minimal documentation for loan approval.
One of the biggest reasons why they offer easy-to-manage loan is because the NBFC allows customers to pay up to 45% lower EMI!
The interest rate may vary as it depends on several factors such as income level of the customer, loan tenure, and credit rating. These factors enable banks and NBFCs to understand how risky it is to give a loan to a particular customer along with the eligibility. Every lender’s official site informs its eligibility criteria and documents required. You will even find a bajaj finserv personal loan calculator to calculate the EMIs based on your parameters. You can visit the bank or NBFC website to check personal loan eligibility.