Bajaj Finserv offers a nomination facility to protect your assets and investments. The Nomination facility is available on loans in the Bajaj Finserv App. This facility comes in handy when safeguarding your assets or investments in an unfortunate event like death or disability. In this article, we will go in-depth about the Bajaj Finserv App, the entire process, criteria, ways to protect one’s assets, what is the nomination facility, and how to use it.
Bajaj Finserv App
The Bajaj Finserv App is a one-stop solution to avail of all the available services offered by the company. Through the app, you can not only apply for loans but also make prepayments, pay your EMIs and check your loan account statement and other such details. The app is user-friendly and can be downloaded directly from the Google Play Store or Apple App Store.
What is the Nomination facility?
The nominationfacility is a feature that ensures that the borrower’s assets and investmentsareprotected. In case of any unfortunate events like the death or disability ofthe borrower, the nominee(s)can claim the loan’s outstanding amount, avoidingany long-drawn legal processes. With Nomination,there is also no need for theNominee to provide additional documents like succession certificates.
The nominationprocess in the Bajaj Finserv App
The nominationfacility is an important feature that safeguards your assets in case of an
unfortunate event. The nomination process on the Bajaj Finserv App is simple,quick, and hassle-free.The below steps are to be followed to avail of thenomination facility in the Bajaj Finserv App:
Step 1: Downloadthe Bajaj Finserv App from the Google Play Store or Apple App Store and createan account.
Step 2: Find andclick on the ‘Nomination’ option, which is at the top of the app interface.
Step 3: Select theloan for which you want to add Nominee(s).
Step 4: Fill in thenecessary details of your nominee(s), such as name, address, and relationshipwith you.
Step 5: Afterfilling in the details, review and submit the form to complete the nominationprocess.
Criteria forNomination facility
The criteria forthe Nomination facility may differ based on the specific requirements of thelending institution. Bajaj Finserv App, for instance, has established the followingeligibility criteria for availing the Nomination facility:
Active Loan Account
To utilize the Nomination facility with the Bajaj Finserv App, the Borrower is required to have an active and valid loan account with the company. This ensures that the service is available to individuals who are currently engaged in financial transactions with the Bajaj Finserv App.
Age and Mental Capacity
The Borrower must be 18 years of age or older. Additionally, they should be of sound mind, emphasizing that the borrower should have the legal capacity to make decisions regarding their financial matters.
Nomination Details
The Borrower must complete the nomination process by providing the necessary information in the format prescribed by Bajaj Finserv. This typically involves using the institution’s official mobile application or website to furnish the required details accurately.
Multiple Nominees
The Nomination facility often allows the Borrower to nominate one or more individuals as beneficiaries. In the event of an unforeseen circumstance, these nominees will be entitled to receive the financial benefits associated with the Borrower’s loan account.
This comprehensive set of criteria ensures that the Nomination facility is accessible to those who meet the necessary prerequisites, facilitating a streamlined process for safeguarding the financial interests of Borrowers and their chosen nominees.
Ways to protectone’s assets
One of the primaryways to protect one’s assets is by creating a will or nominating people whowould bethe beneficiaries of the asset. This process prevents family disputesand legal tussles that can arisewithout protective measures. Other waysinclude availing of a life insurance policy or will planning.
What can you protect?
You can protectnumerous assets using the Nomination facility provided by Bajaj Finance. Someof the main assets you can protect include:
- Loans: BajajFinserv offers a Nomination facility on loans, including personal loans, homeloans, 2-wheeler loans, etc. With the Nomination facility, you can safeguardthe outstanding loan amount bynominating a trusted person(s) to receive theloan amount if something unfortunate happens to the borrower.
- Fixed Deposits:Fixed Deposits are a safe investment option and widely considered low risk
investments. However, in a scenario where an individual passes away or becomesincapacitated, thenominee can claim the fixed deposit amount and safeguard theinvestment.
- Stocks andShares: Stocks and shares are investments where the value can fluctuate basedon market conditions. Nominating a beneficiary ensures that the stocks andshares are passed on to the nominee without any hitches in case of any mishap.
- Life Insurance:Nomination is a crucial aspect of a life insurance policy. It allows thepolicyholder tonominate someone as a beneficiary to collect the insurancepayout in case of the individual’s demise.
Types of assetsthat you can safeguard
The assets that youcan safeguard through the Nomination facility include movable, immovable, andintangible assets. Below are the different types of assets that can protect:
1. Movable Assets:
These are assets that can be moved from one place to another, such as cash,jewellery, furniture, etc.Nominating a beneficiary ensures that the movableassets are passed on to the nominee if the borrower becomes incapacitated.
2. ImmovableAssets:
Assets like land, buildings, and other real estate holdings areconsidered immovable assets. Nominatinga beneficiary ensures that theimmovable assets are transferred to the nominee if somethingunfortunatehappens to the owner.
3. Intangible Assets:
These assets are not physical and cannot be touched, for instance,patent rights and trademark rights.Nominating a beneficiary helps to preservethese assets and secures their transfer to the nominee without legal disputes.
Conclusion
In conclusion, thenomination facility is a crucial aspect of asset protection, and the BajajFinserv Appmakes it easy. With just a few clicks, you can add nominee(s) andsecure your assets. Nominationcreates a safety net for your family in case ofany unforeseen eventuality. Bajaj Finserv App’snomination facility isuser-friendly and requires minimal documentation to implement. Ensure that younominate your beneficiary correctly to avoid any hurdles that may cause delayor denial of claims.Protect your assets and investments by using theNomination facility in the Bajaj Finserv App today.
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