Top Factors to Consider When Applying for a Personal Loan

Are you seeing big spending ahead of you? It could be for several reasons, from a wedding to home renovation, from higher education to reinvestment. There are several reasons why you need an instant personal loan.

But what do you need to do and keep in mind when applying for one? What are the different things you must consider when applying for a personal loan?

What is a personal loan?

This type of loan is typically unsecured, meaning they are not secured by collateral. This means you are not needed to put up any asset as a security on the loan. This type of loan usually doesn’t have a particular end-use case and can be used for various reasons.

From debt consolidation to medical expenses, vacation expenses, funeral expenses, wedding expenses, and home renovation expenses, it covers a wide ambit for you to do what you wish to with that money.

How to secure a loan?

It has become effortless to get a loan nowadays, but it still has a process you would need to follow. The following are the steps I used to get a loan from Bajaj Finserv:

  1. Download the app from the Google Play store or Apple App Store.
  2. Sign in or log in using your mobile number and email address.
  3. Go to the home page and click on loans.
  4. Choose Personal Loans once there.
  5. Fill in the personal details and the professional details required.
  6. Tap on Apply now.
  7. Once done with that, you will be contacted by a representative who will help you get the loan approved in minutes and get the money disbursed within the day.

What are the things to consider before applying?

●     Personal loan calculator

Always use a loan calculator to simulate and compare the offerings of different lenders. This will help you make an informed decision and get the best deal.

●     Loan tenure

One thing to remember is that if you want to avoid giving a significant chunk of money in one go, you should consider getting a loan with a longer tenure. Although the total interest you would have to pay will be higher, your EMIs will be lower.

●     Repayment terms

Ensure to check if the repayment terms offered by the lender are acceptable, whether they allow paying the EMIs online, and offer many repayment options.

●     Credit Score

Having a good credit score is essential. It helps you secure a loan and gets lower interest rates and better deals.

(Tip: Also consider lenders with competitive interest rates. Bajaj finserv personal loan interest rate are between 11 to 35%)


These are a few things to remember when applying for a loan, including using a loan calculator, having a good credit score, beneficial repayment terms, and a longer loan tenure.

So if you want a personal loan apply online using Bajaj Finserv to get the loans at a competitive interest rate, convenient and best repayment options, and three options so that you can choose what’s the best for your needs.

By Smith

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