Bajaj Finserv Limited Personal Loan

What is a Bajaj Finserv Limited Personal Loan?

A Bajaj Finserv personal loan is an unsecured loan that helps cover personal expenses such as medical expenses, wedding costs, home renovations, and debt consolidation. The loan stands out for its quick approval, flexible payment options, and minimal paperwork.

• Attractive interest rates: Credit score, income stability, and your existing relationship with Bajaj Finserv influence interest rates.
• Wide range of eligibility: Accessible for salaried employees, professionals, and those who are self-employed, including doctors, CAs, and business owners.

What are the Features of a Bajaj Finserv Personal Loan?

Below are the primary features of the Bajaj Finserv Personal Loan:

• No security required: This loan is entirely unsecured, so there’s no need to put up any assets.
• Large loan amount: Loan amounts of Bajaj Finance personal loan range from ₹40,000 to ₹40 lakh and are influenced by eligibility, income, and credit score.
• Customisable repayment timeline: The standard repayment terms range from 12 to 96 months for the Bajaj Company Personal Loan.
• Fast approval and release: Eligible applicants may receive approval within minutes, with swift disbursement, sometimes on the same day.
• Foreclosure and prepayment options: Borrowers can choose to prepay or foreclose their Bajaj personal loan after a set period, subject to any applicable costs.

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What are the Eligibility Criteria for a Bajaj Finserv Personal Loan?

This table outlines the standard checks that lenders conduct to approve a Bajaj Finserv Personal Loan. It will clarify what you may require about income stability and your personal information:

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What are the Fees and Charges for Bajaj Finserv Personal Loans?

These tables offer a fast, easy-to-read summary of the fees and charges for Bajaj Finserv Personal Loans for salaried and self-employed individuals. It covers service-related and legal fees, enabling you to understand the complete borrowing cost before you apply:

For Employees on Salary

For Those Who Are Self-Employed

What are the Interest Rates for Bajaj Finserv Personal Loans?

The table below provides a quick comparison of interest rates for Bajaj Finserv Personal Loans for both salaried and self-employed applicants. This will clarify how the terms of the loan differ according to the type of employment:

Please note: Interest rates change and are based on the customer’s credit profile, which includes various factors outlined below.

What are the Factors Affecting Interest Rates for Bajaj Finserv Personal Loans?

The pricing of Bajaj Finserv personal loans depends on how the lender views your repayment risk and financial profile. Your credit habits, income level, job/ business security, current debts, and the loan amount and duration you select can all affect the interest rate you receive:

• Credit history and score: A higher CIBIL score and a good repayment history usually help you get lower rates. Previous delays or defaults can increase rates.
• Earnings power and affordability (EMI potential): Your monthly earnings and how easily you can manage the EMI affect the pricing provided.
• Present debt responsibility: If you have several EMIs or credit obligations, the lender might charge a higher interest rate because of the increased risk of repayment.
• Job type and security: Being salaried or self-employed, job or business continuity, and general stability can affect the risk assessment and consequently the interest rate.
• Company/business overview: The nature of your employer (for those on a salary) or your business profile (for the self-employed) can change how risk is viewed and the pricing.
• Amount of loan requested: Pricing for larger or smaller ticket sizes can vary depending on the lender’s internal risk and cost model for that segment.

How does the Personal Loan Interest Rate of Bajaj Finserv Limited Measure Against Other Lenders?

Here is a table that summarises the personal loan interest rates offered by prominent banks and NBFCs in India. It helps you quickly grasp the initial rate or applicable range:

(Note: Interest rates may change. Be sure to read the rules and regulations carefully, and use Urban Money’s Bajaj Finserv Limited Personal Loan interest calculator for accurate results.)

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What Documents do you need for a Bajaj Finserv Personal Loan?

It is helpful to understand the basic verification requirements that lenders use to confirm your identity, address, and financial profile before applying for a Bajaj Finserv personal loan. Being ready with these can ease the Bajaj personal loan application process, cut down on back-and-forth during verification, and help achieve faster approval:

• Aadhaar, Passport, Voter ID, Driving Licence, NPR letter, or NREGA job card.
• PAN card for verification and Bajaj Finance Personal Loan application
• ID card for employees with a salary.
• Salary slips from the past 3 months to verify income.
• Statements from the bank account for the last 3 months.
• Utility bill, phone bill, gas bill, ration card, property tax receipt, or a letter from your employer about housing allocation.
• Photograph for authentication.
• Pension order as it relates to the applicant’s profile (if needed).

Please note: The lender might request extra documents for verification based on your profile and the type of loan you choose.

How to Submit an Application for a Bajaj Personal Loan through Urban Money?

Here’s a handy guide to help you navigate Urban Money for your Bajaj Finserv personal loan application. Start by visiting the Personal Loan page, comparing lenders, entering your basic info, finishing the OTP verification, and then just hang tight for a representative to give you a shout:

• Select the “Loan” section and pick “Personal Loan.” You can find these choices on the horizontal menu bar on the home page.
• You will be taken to the personal loan page, where you can compare different lenders, verify your eligibility, and apply to your chosen lenders.
• Select your lender; you will be redirected to a page to launch your personal loan application.
• As you scroll down, find the “Apply Now” button and click on it.
• A small digital form will appear on your screen, asking you to provide your name, mobile number, city, and the type of loan you want.
• Hit the “Submit” button.
• You will receive a 6-digit OTP on the mobile number you gave.
• Enter the OTP and click the “Submit” button again.
• Expect a call from a representative of Urban Money within a day about your preferred lender.

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How is the EMI Calculated for a Bajaj Finserv Personal Loan?

Grasping the calculation of EMI for a Bajaj Finserv personal loan assists you in budgeting monthly and picking the right loan conditions. The calculation is based on the loan amount, interest rate, and repayment tenure.

• Amount of loan (Principal): The total amount borrowed is used to calculate EMI. A larger loan amount results in a higher EMI, assuming all other factors remain unchanged.
• Interest rate in effect: Bajaj Finance Ltd Personal Loans are based on a reducing balance approach. Interest is charged only on the amount still owed, not on the original principal over the life of the loan.
• Selected loan duration: A longer loan term decreases the EMI but raises the total interest paid, while a shorter loan term increases the EMI but lowers the total interest cost.

Bajaj Finserv Personal Loan EMI Calculation Formula

The standard formula for EMI calculation through the Bajaj Finserv personal loan is :

EMI = P × R × (1+R)^N / [(1+R)^N – 1]

where,

• P represents the loan amount,
• R is denoted as the monthly interest rate, and
• N stands for the number of monthly instalments.

• Modifying the interest rate: To convert the annual interest rate to a monthly rate, divide by 12, and use the resulting monthly rate in the EMI formula (above).
• Updated EMI arrangement: Once the loan is initiated, the EMI generally stays fixed for the full term, unless modified by part-prepayment or restructuring.
• Result of part-prepayment: When you make a part-prepayment, Bajaj Finserv can either lower the tenure or the EMI, depending on the option you select. This affects the calculation of the remaining EMI.

Pro Tip: Use personal loan EMI calculator to get an estimate of the monthly instalment amount.