1 lakh personal loan

Avail of an Instant Rs. 1 Lakh Loan Through Bajaj Finserv

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Financial obligations can arise at any point in time. If the amount required for meeting those obligations is low, individuals can use their savings. However, savings might prove insufficient if it is a substantial amount like Rs. 1 lakh or more and therefore acquiring credit in such circumstances becomes one of the most preferred options.

Several reputed lenders like Bajaj Finserv provide a personal loan of Rs. 1 lakh and more for tackling such scenarios. Individuals in need of an Rs. 1 lakh loan must be aware of some vital details related to this procedure.

Steps to Acquire Rs. 1 Lakh Personal Loan Instantly From Bajaj Finserv

To avail Rs. 1 lakh loan for meeting urgent financial obligations, applicants must follow a few simple steps mentioned below:

Step 1 – Visit the official web portal of Bajaj Finserv and select ‘Apply Online’ to view the application form for a simple unsecured loan.

Step 2 – Enter the phone number in the specified field. After a while, an OTP will be sent to this number. Input the received OTP to complete the authentication procedure.

Step 3 – Fill out all basic details related to employment and KYC.

Step 4 – Upload all necessary documents for verification and submit the application form. After an individual submits the filled up application form, representatives from Bajaj Finserv will reach out to them for further loan processing.

Documents required for acquiring an instant loan of Rs. 1 lakh

Listed below are the various documents that applicants must furnish while applying for Rs.1 lakh loan:

  • KYC documents issued by the Government like PAN card, Aadhaar card, passport, voter ID card, or driving license
  • Salary slips of the past few months as specified by the concerned financial institution
  • Bank account statement of last few months as specified by the concerned financial institution
  • Employee ID card

Besides being aware of these details, prospective applicants must ensure that they are responsible for punctually repaying their loans. Individuals can use an EMI calculator to manage the loan repayment before acquiring a loan. This tool helps individuals calculate personal loan EMIs in advance, thereby helping them to manage their loan repayment efficiently.

Individuals who are about to use a personal loan calculator for determining EMIs will see that their amortisation schedule will change according to the values they enter into the tool. To understand the amortisation schedule for a given loan, consider the example given below:

For an individual acquiring a personal loan of Rs. 1 lakh at a 10% rate of interest per annum in 2021 for a tenor of 3 years, the amortisation schedule will be as follows:

  • For 2021, the total amount payable will be Rs. 3,259. Here, the principal component amounts to Rs. 2417, and the interest component is Rs. 842. The outstanding balance will be Rs. 98,583.
  • For 2022, the total amount payable will be Rs. 39,108. Here, the principal component amounts to Rs. 30,627, and the interest component is Rs. 8,481. The outstanding balance will be Rs. 67,955.
  • For 2023, the total amount payable will be Rs. 39108. Here, the principal component amounts to Rs. 33,838, and the interest component is Rs. 5,270. The outstanding balance will be Rs. 34,119.
  • For 2024, the total amount payable will be Rs. 35,849. Here, the principal component amounts to Rs. 34,120, and the interest component is Rs. 1,729. The outstanding balance will be Rs. 0, thereby implying that the loan will be paid entirely to date.

The credit landscape of India has witnessed changing consumer preferences over time, including an inclination towards small ticket loans. As per a recent news report, the average ticket size for personal loans reduced 40% between FY17 and FY21 to touch a valuation of Rs. 1.5 lakh (1). 

Potential applicants willing to apply for a personal loan must note that they can enjoy several benefits if they acquire it from a leading lender like Bajaj Finserv. For instance, they can choose a tenor ranging up to 60 months (5 years), thereby benefiting from a flexible repayment schedule to repay the acquired credits.

Moreover, existing customers of Bajaj Finserv can benefit from several pre-approved offers that help simplify and accelerate the lending process. These offers are extended on both unsecured and secured financial products. Applicants can check their pre-approved offers by providing a few details, such as their name and contact details. 

Hence, individuals willing to acquire Rs. 1 lakh loan from a leading financial institution like Bajaj Finserv must consider the various details mentioned above to avail hassle-free loan approval.

Due to the flexibility and benefits offered, a personal loan is the go-to option financing source for meeting short-term funding requirements or financial emergencies. Whether you have availed a Rs 1 lakh loan or a higher amount, ensure you repay the loan amount through regular monthly EMIs adhering to the terms and conditions of the loan. Missed or delayed payments could adversely affect your credit score, among other things.

Apply with us today, and manage your personal loan account online. Check important details like EMI amount, interest rate, repayment schedule and many more from the ease and comfort of your home.

Read Also: How Gold Loan Calculator Is Beneficial For Right EMI

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