Bajaj Finance Personal Loan Interest Rate Calculator - Jan 2017

Bajaj Finserv Personal Loan Interest Rates

Last Updated 18th Nov 2016
Salaried Self Employed
Interest Rate 11.99% - 15.50% Check Special Offer 14.00% - 20.00%
Lowest EMI Rs. 2,224 per lakh Rs. 2,733 per lakh
Loan Tenure From 12 months to 60 months From 12 months to 48 months
Loan Amount Min Rs. 100,000 and Max Rs. 2,500,000 Min Rs. 500,000 and Max Rs. 3,000,000
Processing Fee 1.99% - 3% 2%
Age Min 25 years and Max 60 years Min 25 years and Max 65 years
Prepayment Charges Allowed after 1 EMI's, can prepay upto 25% in a year without charges Allowed after 1 EMI's, can prepay upto 25% in a year without charges
Foreclosure Charges Allowed after 1 EMI's, 4% charges on outstanding principal Allowed after 1 EMI's, 4% charges on outstanding principal
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Bajaj Finserv Personal Loan

Bajaj Finserv gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from Bajaj Finserv:
  • Loan disbursal in 72 hours of approval
  • Online loan application and approval on MyLoanCare
  • Prepayment option available
    • Bajaj Finserv has been rated 3.6/5.0 by customers for its service quality on MyLoanCare
    • Bajaj Finserv offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in Bajaj Finserv depends upon
    • Loan amount: Personal loan rate in Bajaj Finserv depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: Bajaj Finserv has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. Bajaj Finserv interest rate varies with your monthly income. Higher the income, less will the rate of interest

    Bajaj Finance Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. Bajaj Finance offers personal loan to salaried individuals who are atleast 25 years old at the time of loan approval and maximum 60 years at the time of loan maturity. Self employed individuals with age of atleast 25 years and maximum 65 years at the time of loan maturity can apply for personal loan from Bajaj Finserv
    • Income: Bajaj Finserv Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Bajaj Finserv asks for net monthly income of minimum Rs. 40,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Bajaj Finserv. In case you are salaried, you must be in a full time job for at least 36 months of which not less 1 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 0 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your Bajaj Finserv eligibility. If you are working with a reputed company, probability of getting personal loan from Bajaj Finserv increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: Bajaj Finserv gives you personal loan depending upon your income. Bajaj Finserv gives you an amount ranging from Rs. 100,000 to Rs. 2,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    Bajaj Finance Personal Loan EMI

    Personal Loan EMI of Bajaj Finserv is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Bajaj Finserv is Rs. 2,224 per lakh loan amount at lowest personal loan interest rate of 11.99%. Personal Loan EMI of Bajaj Finserv depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for Bajaj Finance Personal Loan

    Personal loan Bajaj Finserv documents for Salaried employees

    • Filled up loan application form
    • Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – months payslip, years Form 16, months bank statement showing salary credit and any EMI debit

    Personal loan Bajaj Finserv documents for Self-Employed

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 3 months bank statement
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan Bajaj Finance

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bajaj Finserv allows prepayment of personal loan after paying 1 EMI’s with 4% charges on outstanding principal
    Processing Fee- Bajaj Finserv asks for a processing fee of 1.99% - 3% of loan amount with applicable service tax

    Bajaj Finance Personal Loan Top up, Transfer

    • Bajaj Finserv offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Bajaj Finserv
    • You can avail additional top-up personal loan from Bajaj Finserv, subject to your eligibility
    Illustration on Personal Loan Bajaj Finserv
    Maximum Annual Percentage Rate (APR) 12.39% to 15.9%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: Rs. 100,000
    • Time period: 12 months to 60 months
    • Bajaj Finserv Personal Loan Interest Rate: 11.99% to 15.50%
    • Processing Fee payable to Bajaj Finserv: Upto Rs. 2,000. Current offer for processing fee is 1.99% - 3%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,224 for a 60 months Rs. 100,000 loan at 11.99% (lowest rate, longest time period) to Rs. 9,049 for a 12 months Rs. 100,000 loan at 15.50% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 12.39% to 15.9%
    • Total cost payable over loan tenure: Rs. 10,593 for 12 months loan to Rs. 35,436 for 60 months loan
    Bajaj Finserv’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Bajaj Finserv.

    Compare Personal Loan Interest Rates of Bajaj Finance with other banks

    Frequently Asked Questions on Bajaj Finance Personal Loan

    How much interest is charged by Bajaj Finserv on personal loan?

    Bajaj Finserv offers an interest of 11.99% to 15.50% on personal loan.

    What is the lowest EMI per lakh on Bajaj Finserv personal loan?

    If you apply for a personal loan from Bajaj Finserv, your lowest EMI per lakh will be Rs. 2,224.

    What is the minimum and maximum tenure of Bajaj Finserv personal loan?

    You can repay your personal loan from Bajaj Finserv in a flexible period of minimum 12 months to maximum 60 months.

    How much personal loan amount I can borrow from Bajaj Finserv?

    Bajaj Finserv offers you personal loan if you need a minimum amount of Rs. 100,000 to a maximum amount of Rs. 2,500,000.

    How much processing fee is charged by Bajaj Finserv on personal loan?

    Bajaj Finserv charge a processing fee of 1.99% - 3% with applicable service tax.

    Is age an eligibility factor to get personal loan from Bajaj Finserv?

    Yes, age is an important eligibility factor to get Bajaj Finserv personal loan as you should be at least 25 years old at loan approval time and 60 years old at loan maturity time.

    Are there any prepayment charges on Bajaj Finserv personal loan?

    You can take personal loan from Bajaj Finserv with 4% charges on outstanding principal.

    Can I add my spouse’s income while applying for personal loan from Bajaj Finserv?

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Bajaj Finance Personal Loan News - Jan 2017
14th Dec 16 Bajaj Finance sees a slower demand for personal loans, but impact of disbursals is minimal
Bajaj Finance has maintained a stable outlook on its personal loan business. The NBFC expects to maintain its personal loan disbursements volumes, even with a slower demand growth. Demonetisation has resulted in slow demand for personal loans.
02nd Dec 16 Bajaj Finance to provide an attractive offer to personal loan buyers
Bajaj Finance, a lending arm of Bajaj Financial Services has announced an attractive offer to boost up the personal loan business. Under the offer, company will provide free airline vouchers of Rs. 12,000 to the customers availing personal loan. Personal loan buyers will also get an extra benefit of selecting the destination of their choice. The offer is valid from 28th November to 4th December, 2016.
09th Jun 16 Bajaj Personal Loan Prepayment Charges
Bajaj Finserv has announced that it will now charge 4% foreclosure charges in case the customer forecloses Bajaj personal loan at any time before end of loan tenure. Part payment of Bajaj personal loan has been restricted to 25 percent of loan outstanding after 1 EMI. Surprisingly, the changes are applicable to both new and existing customers. Thus, loans that were booked with nil prepayment and nil foreclosure charges will also be covered by the new rule. The rule applies to Bajaj best selling Flexi and Term Loans.
14th May 16 Bajaj Finserv Announces Flash Sale on Personal Loans
Bajaj Finserv Announces Flash Sale on Personal Loans Offers a rate of interest as low as 12.49% on loan amounts exceeding Rs.6 lakh between May 9 and 15, 2016. The company has been a leading player in the space of personal loans as it offers some unique benefits to its customers. The company offers instant online loan approval with its end to end online Personal Loan solutions. By opting for a Personal Loan from Bajaj Finserv you can get instant approval in 5 minutes and disbursal in your bank within 72 hours.
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