Bajaj Finserv Personal Loan Interest Rates

4.5

Bajaj Finserv offers personal loans at interest rates ranging from 11% to 18% p.a. Bajaj Finserv also provides personal loans to physicians. Along with this, the NBFC also provides loans for home improvement, used car purchases, higher education, weddings, debt conciliation loans, loans for medical situations, and loans for travel and weddings.

  • Personal Loan offer for You

  • 11% - 38%

    Interest Rate (p.a.)
  • ₹20K - ₹40L

    Tenure(0 - 8 Years)
  • ₹2,174 - ₹3,743

    EMI Per Lakh
  • 11% - 38%

    Interest Rate (p.a.)
  • ₹20K - ₹40L

    Tenure(0 - 8 Years)
  • Up to 3.93% of loan amount

    Processing Fee

Bajaj Finserv Personal Loan Rate Comparison with Other Banks

Bajaj Finserv offers some of the most competitive personal loan interest rates. The following table compares Bajaj Finserv's personal loan interest rates with other banks.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Bajaj Finserv Personal Loan Interest Rates 2023

The Bajaj Finserv personal loan interest rate depends on the applicant's profile and credit score. Broadly, the interest rate ranges between 12.99% - 17%.

Bajaj Finserv offers two types of personal loans, i.e. Term Loan and Flexi Loan their rate of interest is given below.

Type of Personal Loan Interest Rate Offered 
Bajaj Finserv Term Loan Interest Rate 12.99%
Bajaj Finserv Flexi Loan Interest Rate 12.99%

Bajaj Finserv Personal Loan Interest Rate by Schemes

Bajaj Finserv offers various personal loan schemes to cater to the numerous demands of consumers. The following table entails what to expect from Bajaj Finserv while applying for a personal loan: 

Bajaj Finserv Personal Loan Scheme Description Interest Rate Offered 
Term-Loan This loan offers instant loan disbursal within a few hours. Starts from 12.99%
Flexi-Loan This loan provides you with the flexibility to withdraw and repay funds     as and when required.  Starts from 12.99% 
Wedding Loan Individuals can use Bajaj Finserv wedding loans to meet their wedding expenses.  Starts from 12.99%
Travel Loan Such loans provide you funding to cope with travel costs.  Starts from 12.99% 
Home Renovation Loan This loan allows you to leverage the borrowed funds to renovate your home. Starts from 12.99% 
Bajaj Finserv Personal Loan for Self-employed This loan helps you to meet your business needs, such as working capital, inventory, or equipment.  Starts from 12.99% 
Doctor Loan This loan helps doctors to finance their career-related expenses. 14% to 17%
Chartered Accountant (CA) Loan This loan helps Chartered Accountants to finance expenses associated with their carrier.  14% to 17%

Bajaj Finserv Personal Loan Interest Rates for Salaried and Self-Employed

Bajaj Finserv Personal Loan interest rates for salaried customers range from 12.99% to 17% per annum. For self-employed customers, the interest rate ranges from 12.99% to 17% per annum.

However, the interest rates offered are subject to the applicant's credibility and other factors such as financial history, annual income, repayment capability and much more. In addition, the set of required documents also varies for both categories. 

Bajaj Finserv Pre-Approved Personal Loan Interest Rate

Bajaj Finserv offers pre-approved personal loans to specific applicants. These offers are available for limited tenure, and the interest rate varies based on various factors. Generally, the Bajaj Finserv pre-approved personal loan interest rate starts from 12.99%.

Bajaj Finserv Personal Loan Balance Transfer Interest Rates

Bajaj Finserv also offers personal loan balance transfer to applicants who wish to enjoy lower interest rates by transferring their existing high-interest loans to Bajaj Finserv. 

Bajaj Finserv Balance Transfer Interest Rates are as follows:

  1. Balance transfer interest rates start from 11.99% p.a. 
  2. Maximum interest rate is 17% p.a.
  3. Processing fee is up to 2.5% of the loan amount.
  4. Prepayment charges are nil. 
  5. No foreclosure charges are applicable.

Bajaj Finserv Personal Loan Interest Rates and Charges

To determine the overall cost of securing a personal loan from Bajaj Finserv, you must know the associated fees and charges. It helps you get a clear idea of how much funds you must keep aside to secure a loan with utmost ease. 

The processing fee on Bajaj Finserv Personal Loans is up to 3.99% of the loan amount. This fee is subject to a minimum of Rs. 999 and a maximum of Rs. 25,000. In addition, Bajaj Finserv also charges a foreclosure fee of up to 5% of the outstanding loan amount, subject to a minimum of Rs. 500. There are no other charges.

Factors Affecting Bajaj Finserv Personal Loan Interest Rates

Below-depicted factors affect Bajaj Finserv personal loan interest rate:

  1. Credit Score: Lenders use credit scores to determine the risk associated with lending to an individual. The higher your score, the more likely you are to get a lower interest rate. 
  2. Loan Amount: The general rule of thumb is higher the loan amount, the higher the interest component. This is because lenders need to cover the risk associated with larger loan amounts. 
  3. Loan Term: Generally, the longer the loan term, the higher the interest component. This is because lenders need to cover the risk associated with longer repayment periods. 
  4. Secured vs Unsecured Loans: Secured loans generally offer lower interest rates than unsecured loans because the lender has some assurance that they will be repaid. 
  5. Loan Purpose: The purpose of the loan can also affect the interest rate. For example, loans for home improvements may have lower interest rates than those for debt consolidation. 
  6. Lender: Different lenders have different interest rates, so it’s important to shop around for the best deal.

How to Get Low-Interest Rates on Bajaj Finserv Personal Loan?

You must carry out good financial habits, in the long run, to get low-interest rates on Bajaj Finserv personal loans. Here's how to get a better deal in terms of interest rates: 

  1. Improve Your Credit Score: Your credit score is one of the most crucial factors that lenders consider when setting personal loan interest rates. The higher your credit score, the more likely you are to receive a lower interest rate. Make sure to check your credit report for errors and pay your bills on time in order to improve your credit score.
  2. Shop Around: Different lenders offer different interest rates, so it’s important to shop around and compare rates. Use Urban Money’s platform to compare multiple lenders and find the best deal. 
  3. Negotiate: If you have good credit and a stable income, you may be able to negotiate a lower interest rate with your lender. Don’t be afraid to ask for a lower rate. 
  4. Make a Large Down Payment: Making a large down payment may help you secure a lower interest rate. Lenders are more likely to offer lower rates to borrowers who have a larger stake in the loan. 
  5. Consider a Co-Signer: If you don’t have good credit, you may be able to secure a lower interest rate by getting a co-signer. A co-signer is someone who agrees to take responsibility for the loan if you default.

Things to Consider While Applying for a Bajaj Finserv Personal Loan

Before applying for a loan, you must consider certain pointers along with the personal loan rate of interest in Bajaj Finserv. This will help you to make a more informed decision:

  1. Credit Score: Before applying for a personal loan, it is important to check your credit score as it is an indicator of how likely you are to be approved for a loan.
  2. Interest Rates: Different lenders offer different interest rates for personal loans, so it’s important to compare different lenders to find the best rate available. 
  3. Loan Terms: Different lenders offer different loan terms, so it’s important to consider the repayment terms and conditions that best suit your needs. 
  4. Loan Amount: It is important to consider how much money you need to borrow and make sure that the loan amount you are applying for is appropriate for your needs. 
  5. Collateral: Some lenders may require collateral to secure the loan, such as a car or other valuable property. Make sure you are comfortable with the terms and conditions before applying. 
  6. Repayment: Make sure you understand the repayment terms and conditions so you can make payments on time.

How to Calculate Bajaj Finserv Personal Loan Interest/EMI

To calculate a personal loan EMI, you need to know the loan amount, interest rate, and loan tenure. 

  1. Calculate the monthly interest rate: 

Divide the annual interest rate by 12 to get the monthly interest rate. 

  1. Calculate the total number of payments: 

Multiply the loan tenure by 12 to get the total number of payments.

  1. Calculate the EMI: Use the following formula to calculate the EMI: 

EMI = (Loan Amount x Monthly Interest Rate) x (1+ Monthly Interest Rate)^Number of Payments) / [(1+Monthly Interest Rate)^Number of Payments-1]

For example, if you have a loan of Rs. 1,00,000 with an interest rate of 10% and a tenure of 5 years, 

Monthly Interest Rate = 10/12 = 0.83% 

Number of Payments = 5 x 12 = 60 EMI = (100,000 x 0.83%) x (1+ 0.83%)^60) / [(1+ 0.83%)^60-1] 

EMI = Rs. 2,149 

Therefore, the EMI for a loan of Rs. 1,00,000 with an interest rate of 10% and a tenure of 5 years will be Rs. 2,149.

Additionally, you can count on Bajaj Finserv personal loan EMI calculator to clarify your monthly payments. This handy calculator allows you to compute values in split seconds. 

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate on Bajaj Finserv's personal loan?

The current Bajaj Finserv personal loan interest rate ranges between 12.99% and 17%.

How can I reduce my interest in Bajaj Finserv's personal loan?

To reduce your interest in Bajaj Finserv personal loans, try making part-prepayments. It will reduce your principal component as well as your interest component. Additionally, keep the repayment tenure as less as possible.

Do Bajaj Finserv demand collateral or security for personal loans?

Bajaj Finserv offers collateral-free personal loans at affordable interest rates. 

Can individuals pay off their Bajaj Finserv loans EMI early?

Individuals can pay off their Bajaj Finserv loan EMIs early to clear the loan before loan closure.

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