Categories: Blog

Aditya Birla or Bajaj Finserve: What will be the best pick when you need an immediate personal loan?

Have you been putting off something you solely want? Is an unpredictable financial shortfall stopping you from treating the people you love or yourself? Then you must think about getting a personal loan. Eventually, why hold off on your dreams when you have great options handy to assist you in receiving funds quickly? You will have lots of options, but deciding which one will serve you the best may be confusing to you. 

That’s why we have come up with a comparison of Aditya Birla Finance and Bajaj Finserv personal loans.

Aditya Birla Finance provides personal loans to employed individuals with a strong credit score for consolidating debt, emergency medical treatment, purchasing necessary household or electronic products, schooling of kids, wedding day expenses, remodelling homes, and travel. It generally covers a family member’s personal emergency financial necessity. The unsecured loan is available to all employed adults.

On the other hand, Personal loans of up to INR 40 lakhs are available from Bajaj Finserv, with payback terms of up to 96 months. The application procedure is easy and swift, with minimal paperwork and immediate approval. Medical situations, marriages, continuing education, housing bills, and travelling are all possible uses for the loan. Bajaj Finserv also has a Flexi Hybrid option, which enables you to make payments on interest-only EMIs for a portion of the period while also making several withdrawals and deposits.

So, we can say both of these have unique features to meet your demand.

Here we are presenting a comparison table that will help you pick the best option for you!

Aditya Birla Finance Personal Loan

Bajaj Finserv personal loan

Minimum Salary 

20000 Per Month

If Working in Metro 38K, If working in Rural 27K

Rate of Interest

14% to 25% (Reducing)

13.5% to 15% (Reducing)

Loan Amount 

1 Lac to 50 Lac

Rs.1 Lac to 35 Lac

Processing Charge

1% to 3%

1% to 4%

Loan Tenure

12- 84 Months

12 to 84 Months

CIBIL Score

650+

686+

Location 

PAN India

PAN India

Applicant Age

23 Year to 60 Year

25 Year to 59 Year

Minimum Job Experience

2 Years

6 Months

Existing Employer Vintage

3 Years

2 Years

Conclusion 

Lastly, choosing between Aditya Birla Finance and Bajaj Finserv needs to be based on your particular financial circumstances, loan needs, and individual opinions. Whenever finalizing an option, it is best to review the offerings from both institutions and thoroughly study their terms and conditions.

How long will it take ABFL to deal with a personal loan?

Once you submit an application for a loan online, it may be granted within 30 minutes.

How will my highest possible loan amount be determined?

The lender determines the highest possible loan amount that can be granted when an applicant is eligible. The lender considers a variety of factors for this particular reason, including the candidate’s income, credit rating history, and others. The person’s existing active loans and the amount of money spent on installment payments on a monthly schedule also play a significant role in this scenario.

What is a personal loan for a limited period of time?

A short-term personal loan is typically available for a limited time. A personal loan with a term for repayment of one year is regarded as a short-term personal loan in nearly all instances.

Will you explain what exactly a personal loan is for the medium term?

A medium-term personal loan often comes with a longer repayment period than a short-term loan. A loan for personal use with a payback period of 12 to 36 months is referred to as a medium-term personal loan.

When asking for an Aditya Birla personal loan, may I choose between a fixed and fluctuating interest rate?

Aditya Birla Finance only provides personal loans with fixed interest rates.

Will I have to provide any security or collateral?

 When requesting a personal loan with ABFL, applicants are not required to provide any security or collateral.

How can I apply for a personal loan from Bajaj Finserv?

To make an application for a personal loan, go to the official website and apply.

How long does it take Bajaj Finserv to give approval for my personal loan?

Almost all the time, Bajaj Finserv processes personal loan applications swiftly. In some situations, a personal loan application will require a minimum of seven working days to be approved.

What will be the smallest personal loan amount available from Bajaj Finserv?

The loan amount is determined by numerous factors, including an individual’s earnings, current borrowings, expenses every month, CIBIL score, and so on. A minimum monthly salary of INR 22,000 is necessary for applying for a Bajaj Finserv personal loan. The minimum salary required varies from city to city.

Can I apply for two personal loans from Bajaj Finserv?

Yes, you can submit applications for two personal loans from Bajaj Finserv, but applying for numerous unsecured loans is not recommended. Before asking for a second loan, ensure that you have a high wage; alternatively, the lender may view you as a high-risk applicant.

Harish Chandra

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