For all types of expenses, from children’s education to medical emergencies to home renovation, getting funds has now become easier with an instant personal loan. In fact, instead of a 2-week long wait for approval, you can get approval on a personal loan within minutes.
If you are a government employee, looking for hassle-free finance, which gives you access to sizeable funds at attractive interest rates, then a personal loan from Bajaj Finserv can be your go-to option. It lets you avail of up to Rs.25 lakh with minimal documentation. A feature that sets this loan apart is the Flexi facility. With this facility, you pay interest only on the utilized amount, which helps limit the monthly outflow and makes loan repayment more convenient.
Being a government employee and possessing a fair deal of job security, it is easy for you to meet the simple eligibility criteria and get approval. Read on to know how to get approved for a personal loan in minutes and why the Bajaj Finserv Personal Loan for government employees stand out.
Step 1: Meet the eligibility criteria
As a government employee applying for a personal loan from Bajaj Finserv, all you need to do is ensure that:
- You are between 23 and 55 years of age
- You are a residing citizen of India
- You meet the city-specific monthly income criteria
You can look up the eligibility criteria for a breakup of the income requirements. Once you meet these three criteria, you can get a quick personal loan approval!
Step 2: Keep the documents ready
To prove your eligibility, keep the following documents handy:
- KYC documents
- Employee ID card
- Salary slips – last 2 months
- Bank account statements – last 3 months
In case of any additional documentation, Bajaj Finserv will get in touch with you. As this is a collateral-free loan, you don’t have to pledge any asset or submit any related paperwork.
Step 3: Apply online for an instant personal loan
To get quick approval on the personal loan, apply online. In doing so, you will be able to view your pre-approved personal loan offer, which gives you a personalized deal with instant approval. On the online personal loan form, start by entering your name and mobile number to get an OTP.
Below are the general steps you must follow to get the loan quickly:
- Fill up the online application form with personal, financial, and employment details
- Pick a loan amount and tenure to get an instant approval
- Submit your documents to a representative of Bajaj Finserv
Once your application gets approved, you can look forward to the loan being disbursed within 24 hours*.
As you go about getting a personal loan, keep one thing in mind: an instant personal loan involves repayment, and thus, you should be prudent while applying. Here are 3 things you should do before you apply for a Bajaj Finserv Personal Loan for Government Employees.
Use the EMI calculator to decide loan particulars
When applying for a personal loan, you must specify the loan amount (principal), and tenure (repayment duration). Bajaj Finserv offers:
- Loans up to Rs.25 lakh
- Flexible tenures, ranging up to 60 months
Depending on the loan amount and tenure you choose, your EMI is determined. You can take help of the online EMI calculator to calculate personal loan EMI instead of computing the monthly instalments manually. Moreover, with a calculator, you can backtrack and tweak the principal and tenure values to deduce a loan amount that you can afford.
Consider the Flexi Personal Loan for government employees
If your needs demand frequent withdrawals, say for education fees for your child to be paid every quarter, you can choose to avail of a Flexi Personal Loan for government employees instead of a regular term loan. The Flexi facility lets you borrow from your loan limit on the go, without the need of making a fresh application each time. There is no limitation on the withdrawals and you pay interest only on what you have utilised. Moreover, you can choose to pay only the interest component of your EMIs for the initial part of the tenor, which will reduce your instalments by up to 45%*. All these features aim to make repayment easier and more flexible for you.
Read the terms and conditions for optimal borrowing
Bajaj Finserv assures you of zero hidden charges and 100% transparency in their policies. Go through the terms and conditions before applying for a loan such that you have a clear understanding of the charges you may incur.
Now that you know how to get an instant personal loan and the benefits of the Bajaj Finserv Flexi Personal Loan for Government Employees, it’s time to proceed to the next step. Align your borrowing to your goals and get instant approval on your personal loan, apply online today.
Disclaimer: This content is distributed by Bajaj Finserv. No TNIE Group journalist is involved in the creation of this content.