Bajaj Finserv Overdraft Loan: Features, Eligibility, and Application

Bajaj Finserv Overdraft Loan: Features, Eligibility, and Application

Mar 22, 2024

15 Mins

Bajaj Finserv offers an overdraft loan called Flexi Loan, which allows borrowers to lower their EMIs by up to 45%. With Bajaj Finance's overdraft loan, borrowers can enjoy instant approval and a quick disbursal process through an online application. The loan allows individuals to borrow funds whenever they need them, with no charges for prepayment and interest only being levied on the amount utilized at the end of each day.

Bajaj Finance Overdraft Loan provides borrowers with the opportunity to secure a loan amount of up to Rs. 25 lakhs. The loan amount is sanctioned based on the customer's profile, and the interest rate starts from 13% per annum. The rate is charged daily on the amount utilized. The tenure for repayment can extend up to 60 months, and borrowers can expect a quick approval turnaround time of within 5 minutes. Disbursal of the loan amount takes place within 24 hours, without the need for collateral.

In terms of financial requirements, there are no prepayment charges, while the processing fee can be up to 4%. The age criteria for eligibility range from 21 to 67 years.

For those interested in the Bajaj Overdraft Loan, certain eligibility criteria must be met. The applicant should be an Indian citizen, employed by a multinational company (MNC), public or private limited company. The minimum age for application is 21 years, and the maximum age at the time of loan maturity should not exceed 67 years. Additionally, a Credit Score of 750 or above is required for eligibility.

To apply for a Bajaj Finserv OD loan, applicants need to provide certain documents like Aadhaar Card, PAN Card, Driving License, Voter ID, or Passport for KYC. Additionally, bank account statements for the past 6 months, Form 16 or latest salary slips, and an Employee ID card are also necessary.

When comparing the Bajaj Overdraft Loan and Bajaj Term Loan, the primary difference lies in the amount sanctioned. Under the term loan, the entire loan amount is disbursed in one go, and the borrower pays interest on the full amount. The EMI includes both principal and interest. On the other hand, with the Bajaj Finance overdraft facility, borrowers are assigned a sanctioned amount, but can choose to borrow and pay interest only on the utilized funds. Principal repayment can be made at the end of the loan tenure.

Applying for a Bajaj Overdraft Loan is a simple process. Individuals need to fill in their personal, financial, and employment details, select the loan amount and tenure, and submit the required documents for verification. Approval of the loan is followed by the direct credit of the loan amount into the borrower's bank account within 30 minutes.

Bajaj Finserv offers an overdraft loan called Flexi Loan, which allows borrowers to lower their EMIs by up to 45%. With Bajaj Finance's overdraft loan, borrowers can enjoy instant approval and a quick disbursal process through an online application. The loan allows individuals to borrow funds whenever they need them, with no charges for prepayment and interest only being levied on the amount utilized at the end of each day.

Bajaj Finance Overdraft Loan provides borrowers with the opportunity to secure a loan amount of up to Rs. 25 lakhs. The loan amount is sanctioned based on the customer's profile, and the interest rate starts from 13% per annum. The rate is charged daily on the amount utilized. The tenure for repayment can extend up to 60 months, and borrowers can expect a quick approval turnaround time of within 5 minutes. Disbursal of the loan amount takes place within 24 hours, without the need for collateral.

In terms of financial requirements, there are no prepayment charges, while the processing fee can be up to 4%. The age criteria for eligibility range from 21 to 67 years.

For those interested in the Bajaj Overdraft Loan, certain eligibility criteria must be met. The applicant should be an Indian citizen, employed by a multinational company (MNC), public or private limited company. The minimum age for application is 21 years, and the maximum age at the time of loan maturity should not exceed 67 years. Additionally, a Credit Score of 750 or above is required for eligibility.

To apply for a Bajaj Finserv OD loan, applicants need to provide certain documents like Aadhaar Card, PAN Card, Driving License, Voter ID, or Passport for KYC. Additionally, bank account statements for the past 6 months, Form 16 or latest salary slips, and an Employee ID card are also necessary.

When comparing the Bajaj Overdraft Loan and Bajaj Term Loan, the primary difference lies in the amount sanctioned. Under the term loan, the entire loan amount is disbursed in one go, and the borrower pays interest on the full amount. The EMI includes both principal and interest. On the other hand, with the Bajaj Finance overdraft facility, borrowers are assigned a sanctioned amount, but can choose to borrow and pay interest only on the utilized funds. Principal repayment can be made at the end of the loan tenure.

Applying for a Bajaj Overdraft Loan is a simple process. Individuals need to fill in their personal, financial, and employment details, select the loan amount and tenure, and submit the required documents for verification. Approval of the loan is followed by the direct credit of the loan amount into the borrower's bank account within 30 minutes.

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