Bajaj Finance Loan – A Quick Review Of The Procedure
Have you applied for a Bajaj finance loan in the UK and you are still not able to access the desired loan amount? Well, it is not the end of the world. There are various other options available in case of a loan delay. Here are some quick solutions to your problem:
Talibabajan bank provides customers with an online application facility for Bajaj finance loans in the UK. You can fill up the application form by clicking on the links provided. On submission of the application form, you will receive a response from the customer care executives. Check your Bajaj Finance approval status, by logging onto the customer portal and following those simple steps: Choose the specific loan you wish to view the LAN for, fill up the application form and then click on ‘Submit Application’ or ‘Pay Online’. The status of your application would be updated as ‘approved’ or ‘in process’. If you do not have an active banking account, you can apply for an EMI through a credit facility provider instead.
Borrowers with bad credit are eligible to apply for the bajaj finance loan. However, applicants must fulfill certain criteria. For starters, they should be self-employed and they should possess fixed employment. They should have a regular source of income and they should possess the capacity to pay the monthly installment on time. Other eligibility criteria of the borrower include monthly income that is more than the median income of the state. A convincing loan repayment plan is required along with a specified repayment period and an ability to repay the loan amount.
Applicants can also look forward to financing loans with poor credits. There are some loans available for such people. The eligibility criteria of the borrower are the same as that of normal self-employed individuals. However, the basic requirement of the borrower is to have a fixed source of income, regular monthly income and he or she must also have an active bank account.
The basic eligibility criteria of the borrower for a bajaj finance loan is that he or she should have a valid bank account. The individual must also have a fixed source of income. In case of unsecured loans, the applicant must be above 18 years of age, possesses an active bank account, and possesses a permanent legal address of residence. Proof of age and legal address is available at the time of applying. The borrower can borrow the maximum amount in this loan scheme subject to the following terms and conditions: the interest rate applicable on the loan is variable and may vary with time; interest rate on the loan is to be paid only once, whereas in the case of secured loans the borrower can pay in installment.
A regular repayment schedule is required of the individual for the timely repayment of the loan amount eligibility. The repayment schedules are decided after considering the income and expenditure pattern of the borrower. For those eligible for the low-income category, a monthly EMI or the monthly earnings of the borrower will be considered for arriving at the monthly email limit. For those eligible for the medium-income group, the monthly earnings and the monthly expenditure of the borrower will be considered for arriving at the monthly email limit. For those eligible for the high-income group, the loan amount may be higher, but the monthly email limit will be lesser.
Before applying for the bajaj finance loan, an individual will be required to submit certain documents which include the payslip, bank statement, income proof, the Permanent Portfolio Card of the borrower, among others. These documents required for attaining the loan amount eligibility include the latest bank statement, the credit card bills, the income proof, the payslip, among others. The documents required for getting the approval for the bajaj finance loan are required to be submitted along with the application form duly filled. If any one of the above documents is lacking, the application will be rejected.
In order to get the approval for the bajaj finance loan, the loan application should include the required documents along with the required documentation. The documents required for attaining the loan amount eligibility include the monthly income proof, the Permanent Portfolio Card of the borrower, among others. Once the documents are submitted along with the application form duly filled, it will take a few days only for the bank to process the application and bring the approval soon after. For obtaining a suitable monthly income repayment plan, the borrower should be able to convince the lender of his monthly income and expenditure pattern. In this way, the loan amount and the repayment plan will be granted in accordance with the financial condition of the borrowers.