Urban Money

Bajaj Finserv Personal Loan

Bajaj Finserv
4.5

Personal loan is an unsecured financial offering offered by Bajaj Finserv and other lenders. You can borrow money and repay it in a series of small installments over some time with an online personal loan from Bajaj Finserv, you can borrow up to Rs. 25 lakh and get instant approval. Meet the easy to meet eligibility parameters and complete your basic documentation to avail the money you need within 24 hours of approval.

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Urban Money

Personal Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Bajaj Finserv Personal Loan Interest Rate

13%

Up to 4%

Up to ₹25L

Tenure(1 - 5 Years)

Details

Features and Benefits of Bajaj Finserv Personal Loan

Bajaj Finserv offers a wide range of features and benefits to its customers.

High-Value Loan

Bajaj Finserv offers a personal loan of up to ₹25 lakh.

Collateral-free Loan

The company offers a loan without having to pledge an asset as security.

Hassle-free Loan with Minimal Documentation

By providing just your identity proof, address proof and income proof, you can get your personal loan application processed at Bajaj Finserv. It also furnishes quick online loan application processes.

Instant Approval

If you meet the eligibility criteria, you can get instant approval on your loan application within just 5 minutes.

45% Lower EMIs with Flexi Loan

Bajaj Finserv offers a Flexi facility on the personal loan repayment using which customers can reduce their monthly instalments and repay with interest-only EMIs.

24 Hours Disbursal

With a simple online application procedure, you can receive the loan amount in your bank account on the same day of approval.

Flexible Repayment Tenure

You can choose to repay the loan between 24 months to 60 months and select convenient tenures as per your repayment capacity.

No Additional Charges on Part-Prepayment

With a Flexi Loan, you can prepay your loan amount with surplus funds at no extra cost.

Special Offers for Existing Customers

If you are a pre-approved customer of Bajaj Finserv Limited, you can enjoy quicker processing with a diverse range of benefits and special offers.

Eligibility Criteria for Bajaj Finserv Personal Loan

You must satisfy the following Bajaj Finserv Personal Loan requirements for quick loan approvals and disbursal:

  • CIBIL score must be 750 or above
  • Should be a citizen of India
  • Should be at least 21 years of age and must not be more than 67 years of age during the end tenure of the loan
  • Must be a salaried person
  • Should have a minimum income of ₹22,000 based on the city of employment
  • Must be employed in a private company, public company or an MNC

Bajaj Finserv Personal Loan Fees and Charges

If you avail of a personal loan with Bajaj Finserv, you have to pay certain charges so that your overall borrowing experiences can be seamless. Given below are the types of charges based on your eligibility profile:

For Salaried Employees

Types of Fees Charges Applicable
Interest Rate 13% onwards
Processing Fees Up to 4% of the loan amount (inclusive of GST)
Part-prepayment Charges 2% + applicable taxes on part-payment amount paid
Penal Interest Any delay in monthly instalment/EMI payment shall attract penal interest at the rate of 2% to 4% per month on the outstanding monthly EMI/instalment, from the date of default until the receipt of monthly EMI/instalment.
Bounce Charges ₹600 to ₹1,200 per bounce (inclusive of applicable taxes)
Mandate Rejection Charges ₹450/- (inclusive of applicable taxes) per month from the first month of the due date for mandate rejected by the customer’s bank until the new mandate is registered
Stamp Duty At actuals (as per state)

Foreclosure Charges

Term Loan 4% + taxes
Flexi Term Loan 4% + taxes
Flexi Hybrid Loan 4% + taxes

Annual Maintenance Charges

Flexi Term Loan 0.25% + taxes
Flexi Hybrid Loan 0.25% + taxes

For Self-Employed Individuals

Fee Type Charges
Processing Fee Up to 2% of loan amount
Bounce Charges Up to Rs 3,000
Penal Interest 2% p.m.
Document Processing Charges ₹2,000 + taxes
Outstation Collection Charges NA
Document/Statement Charges ₹50

Bajaj Finserv Personal Loan Interest Rates

The basic details of Bajaj Finserv Personal Loan interest rates are as follows:

Particulars Salaried Self-Employed
Interest Rate 13% p.a. onwards 17% p.a. onwards
Loan Amount Up to Rs 25 lakh Up to Rs 45 lakh
Tenure Up to 5 years Up to 7 years
Processing Fee Up to 4% of loan amount Up to 2% of loan amount
Minimum Monthly Salary ₹ 22,000 ₹ 22,000

Note: The interest rates vary and depend on the customer’s credit profile, including several factors as described below.

Factors Affecting Bajaj Finserv Personal Loan Interest Rates

There are several factors that affect the interest rates of Bajaj Finserv Personal Loan.

  • Credit Score of the Borrower: Borrowers with a credit score of 750 and more are more likely to receive lower interest rates.
  • Loan Tenure: Lesser the loan tenure, the lower will be the interest rate.
  • Income: Lenders offer a deduction benefit on the interest rates to borrowers with higher salary brackets.
  • Employer’s Status: If the borrower is working with a reputed or renowned organisation, they may receive an exemption on the interest rate.
  • Relationship with the Lender: Always try to maintain a good relationship with your lender. It will help you get better deals on interest rates. Maintaining a good relationship with the lender and being loyal to them invokes their trust that helps you bag better deals on a personal loan's interest rates.
  • History of Defaults: You must avoid getting yourself on the defaulter’s list as it creates a negative impact on the lender’s mind. People on the defaulter’s list are charged higher interest rates.
  • Debt-to-Income Ratio (DTI): If you have a lower DTI ratio, the lender will charge you a lower interest rate as compared to those with higher DTI ratios.

Documents Required for Bajaj Finserv Personal Loan

If you are applying for Bajaj Finserv Personal Loan, submit the following documents:

  • A scanned copy of your identity proof, such as your PAN Card, Aadhaar Card, etc.
  • A copy of address proof (Voter’s ID card, passport, driving licence, etc.)
  • Passport-size photographs
  • Salary slips of the last two months
  • Last three months’ bank account statements

How Does the EMI Calculation Work for Bajaj Finserv Personal Loan?

Bajaj Finserv Limited allows you to repay your personal loan between 24 months to  60 months in easy instalments. Depending on your monthly repayment capacity and budget, you can choose the loan term within this range. Urban Money’s Personal Loan EMI Calculator will help you with an estimate of your EMIs so that you can adjust your loan amount and tenure accordingly.

You need to enter the required information such as the loan amount, interest rate and loan term in the respective fields and hit the ‘Enter’ button. The result will be displayed on the screen showcasing the total interest amount payable, monthly EMI to be paid, and the total amount payable (principal + interest).

The formula for calculating personal loan EMI is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • EMI = Equated Monthly Instalments
  • N = Number of monthly instalments
  • P = Principal Loan Amount
  • R = Rate of Interest

How Does Bajaj Finserv Limited Compare with Other Lenders?

To know how Bajaj Finserv Limited compares with other lenders, have a glimpse at the table given below:

Banks/NBFCs Interest Rates (per annum) & onwards
Bajaj Finserv 13.00%
Tata Capital 10.99%
SBI 9.60%
HDFC Bank 10.25%
ICICI Bank 10.25%
Kotak Mahindra Bank 10.25%
Axis Bank 10.25%
PNB 7.90%
IndusInd Bank 10.49%
IDFC First Bank 10.49%
Clix Capital 14.99%

Bajaj Finserv Personal Loan Customer Care

For additional information or any queries on Bajaj Finserv personal loan, you can contact the customer care department either by phone, email or through their website.

  • Customer Care Number: Call on 020 7157-6064 or send an SMS to 9773633633 (if you’re a new customer), 9227564444 (if you’re an existing customer).
  • Email ID: investors@bajajfinserv.in
  • Office Address: 6th floor Bajaj Finserv Corporate Office, Pune, Ahmednagar Road, Viman Nagar Pune- 411014

FAQs

From refinancing to reducing your interest, we have the answers right here.

How will I get a quick approval on my Bajaj Finserv Personal Loan application?

It’s easy to get approval with Bajaj Finserv. You need to meet the simple eligibility criteria and furnish all the required documents. In case you are an Indian Citizen with a good credit score of 750 and above, you can receive your loan amount in 24 hours. However, if you are an existing customer of Bajaj Finserv, you can get an instant pre-approved loan within 5 minutes.

What is the maximum amount of loan offered by Bajaj Finserv Limited?

Bajaj Finserv Limited offers a maximum personal loan amount of ₹25 lakh.

How much can I borrow with a Bajaj Finserv Personal Loan?

While the company lets you avail of a maximum personal loan amount of ₹25, the final amount disbursed by the NBFC completely depends on your credit profile.

What is the personal loan approval time of Bajaj Finserv Limited?

Because personal loans are ideal for urgent or immediate expenses, Bajaj Finserv provides instant approvals on personal loans. If you meet the eligibility requirements, you can receive instant approvals in five minutes.

Can we apply for Bajaj Finserv personal loan offline?

Yes, you can visit your nearest branch of Bajaj Finserv and fill out the personal loan application form along with providing the required documents. If you are eligible, your loan will be processed within 24 hours.

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