Bajaj Finserv PLR Rates, Bajaj Finserv PLR – Sep 2020

Bajaj Finserv PLR Rate

6th August 2020 – RBI keeps Repo Rate unchanged at 4%

Current PLR rate of Bajaj Finserv is 20.16%, which the bank fixes periodically based on its internal cost of funds and the current interest rates in the economy. Bajaj Finserv benchmarks its interest rates for home loan and other loans to PLR rates.

PLR 20.16% * History

Bajaj Finserv Interest Rates

Bajaj Finserv Interest Rates
Home Loan Interest Rates 7.75% * Floating Detail
Loan Against Property Rates 0.00% * Floating Detail
Personal Loan Interest Rates 12.99% to 15.50% Detail
Business Loan Interest Rates 18.00% to 22.00% Detail
Fixed Deposit Interest Rates 6.90% to 7.10% Detail

PLR of Bajaj Finserv

  • Bajaj Finserv decides and fixes its own PLR from time to time.
  • RBI does not decide the PLR Rate of any NBFC or HFC. RBI only announces the repo rate, which influences the cost of raising new funds for the housing finance company. HFCs may or may not decide to change their PLR rate in response to changes in the repo rate.
  • Effective 1st April 2016, banks has been directed by RBI to fix their loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the banks fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. However, Housing Finance Companies and NBFCs continue to offer loans at PLR rates.
  • Bajaj Finserv typically offers loans benchmarked at a discount to the PLR to arrive at its lending rate.

Bajaj Finserv PLR Rate Trend

Date RBI Repo Rate Bajaj Finserv PLR Rate
22nd May 20 0.4%
27th Mar 20 0.75%
04th Oct 19 0.25%
07th Aug 19 0.35%
06th Jun 19 0.25%
04th Apr 19 0.25%
07th Feb 19 0.25%
01st Aug 18 0.25%
06th Jun 18 0.25%
02nd Aug 17 0.25%
04th Oct 16 0.25%
05th Apr 16 0.25%
29th Sep 15 0.5%
02nd Jun 15 0.25%
04th Mar 15 0.25%
15th Jan 15 0.25%
01st May 14 20.16%
28th Jan 14 0.25%
  • MyLoanCare regularly tracks RBI repo rates and PLR rates of Bajaj Finserv to give past trend in the change in Bajaj Finserv PLR rates as compared to the changes in the repo rates. Any borrower, who plans to take a PLR based loan should compare the past trends of PLR and MCLR rates of HFCs and banks to ensure that the lender they choose is prompt in revising their PLR or MCLR rates.
  • Based on an analysis and comparison of PLR rate trends of Bajaj Finserv Current PLR Rate of Bajaj Finserv is 20.16%, which was last revised on 01st May 14. On the other hand, current RBI Repo Rate is 4.00% which was last revised on 06th Aug 20.
  • It is not mandatory for Bajaj Finserv to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

Bajaj Finserv Interest Rates- Benchmarked to PLR Rates

  • Bajaj Finserv PLR rate is notional interest rate to which interest rate on Bajaj Finserv’s floating rate loans is benchmarked. Typically, all loans by Bajaj Finserv are priced at a discount to the Bajaj Finserv PLR.
  • Applicable rate of interest on all Bajaj Finserv floating rate loans, such as home loans, loans against property, business loans, SME loans linked to PLR will vary with changes in its PLR from time to time.
  • Sometimes, Bajaj Finserv may have different benchmark PLR’s by customer segment and by product. E.g., it may have one PLR for retail and another one for corporate.

Bajaj Finserv Home Loan Interest Rate and PLR

  • Every floating rate home loan sanctioned by Bajaj Finserv is benchmarked to its PLR rate.
  • The applicable rate of interest on a floating rate home loan will consist of two parts – the applicable PLR and a spread or margin (which is typically negative in case of NBFC’s and HFC’s).
  • Your loan from Bajaj Finserv will be repriced periodically depending upon change in PLR. So, a home loan from Bajaj Finserv will be repriced every time the PLR of changes. Say, you take a loan at PLR minus 6.75% spread when the PLR is 20.16%. This loan will initially be priced at 13.41%. Whenever Bajaj Finserv changes in PLR rate, the applicable rate of interest will change correspondingly. So in the same illustration, if Bajaj Finserv decreases its PLR by 0.5%, the loan interest rate for existing borrowers will also decline by 0.5% and new applicable interest rate on the loan will be 12.91%.

Compare PLR Rate Movement

    Compare Bajaj Finserv PLR Rates with Other Banks

    About Bajaj Finserv

    • Bajaj Finserv's registered office is located at Bajaj Auto Limited Complex, Mumbai?Pune Road, Akurdi, Pune ? 411035, Maharashtra, India.
    • Bajaj Finserv's management is led by its CEO Mr. Sanjiv Bajaj.
    • Its current Base Rate is 9.75%, which was last revised on 01st Aug 20.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
    Calculate Your Income Tax