Bajaj Finance Personal Loan Interest Rate

Last Updated 07th Dec 2019

Current Bajaj Finserv Personal Loan Rate Jan 2020

Bajaj Finance Personal Loan Interest Rates start from 11.99% with lowest rates for salaried borrowers working with reputed companies. Personal Loan rates for self employed are higher. Check Best Offers

SalariedSelf Employed
Lowest Interest Rate11.99% 14.00%
Processing FeeStarting from 1.50%, Up to 3%Upto 2% of loan amount
Loan Tenure12 months to 60 months12 months to 48 months
Loan Amount₹ 1 Lakh to ₹ 25 Lakh ₹ 5 Lakh to ₹ 30 Lakh
Part Prepayment Charges Allowed after 1 EMI's, 2% Allowed after 1 EMI's, 2%
Preclosure ChargesAllowed after 1 EMI's, 4% Allowed after 1 EMI's, 4%

Get discount vouchers worth Rs. 15,000*. Offer valid till Dec 2019

Apply for Personal Loan @ 10.50%* Get upto ₹ 2,500* Cashback Apply Online
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Bajaj Finance Personal Loan

Bajaj Finserv gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from Bajaj Finserv are:

  • Get discount vouchers worth Rs. 15,000*
  • Discount on Myntra, Pepperfry & other brands
  • Offer valid till Dec 2019
  • Pre approved offers on loan
  • Get free EMI Network card
  • Bajaj Finserv has been rated 4.2/5.0 by customers for its service quality on MyLoanCare
  • Bajaj Finserv offers special schemes and discounts for employees of large companies

Bajaj EMI Network Card
If you avail a Personal Loan from Bajaj Finserv, you are eligible to get a free EMI Network Card. EMI Network Card is a pre-approved loan offer for the existing personal loan customers that allows you to shop for your favorite products on easy EMIs. The card is extremely easy to us as you just need to swipe the card at partner stores to complete your purchase and avail the loan.

Bajaj Finserv Personal Loan Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers.Interest rates on key products of Bajaj Finserv have been tabulated in the table below

Product Interest Rate
Flexi Loan14.75% - 15.25%
Personal Line of Credit14.75% - 15.25%

Bajaj Finserv Personal Loan Details

  • Purpose of Loan: Bajaj Finserv personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
  • Key Features
    • Loan available for both salaried and self-employed professionals.
    • Borrowers within the age group of 25 and 58 years.
    • Loan amount of minimum ₹ 1 Lakh to ₹ 25 Lakh.
    • Loan Tenure 12 to 60 months.
    • Bajaj Finance personal loan rate of interest is in the range of 11.99% to 15.50%.
    • Lowest EMI of ₹ 2,224 per lakh.
  • Processing Fees: Starting from 1.50%, Up to 3%.
  • Preclosure charges: Bajaj Finserv personal loan preclosure is Allowed with 4%
  • Part payment charges: Allowed at 2%
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special schemes: Bajaj Finserv offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of Bajaj Finance are:
    • Flexi Loan
    • Durable Finance Personal Loan
    • Lifestyle Finance Personal Loan
    • Digital Product Finance Loan
    • Medical Emergency Loan
    • PLOC Loan

Bajaj Finance Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from Bajaj Finserv if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on Bajaj Finance personal loan top up starts at 11.99%.

Bajaj Finance Personal Loan Interest Rate Calculator

You can get the best personal interest rates from Bajaj Finserv subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from Bajaj Finance:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amount. Bajaj Finserv offers loan between ₹ 1 Lakh and ₹ 25 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - Bajaj Finserv has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of a low Bajaj Finserv loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a loan to the borrower, Bajaj Finserv checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.

Bajaj Finserv also offers loan to defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel varies from private salaried employees

Bajaj Finance Personal Loan Charges

In addition to Bajaj Finserv’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on Bajaj Finance’s personal loans is Allowed after 1 Month at 2%
  • Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. Bajaj Finserv allows preclosure of personal loan after 1 EMI's at preclosure charges of 4%.
  • Processing Fee - Bajaj Finance charges a processing fee of Starting from 1.50%, Up to 3% of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
  • Other charges: Once your Bajaj Finserv personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

Bajaj Finserv Personal Loan Products

Bajaj Finserv offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Flexi Loan
  • Flexi Loan facility works like an OD wherein customers can withdraw, deposit and pre pay their loan accounts.
Description:
  • This loan allows you to pay interest only on the amount used. It works like an OD with flexibility to withdraw and deposit money.
  • This loan product offers nil prepayment charges.
  • Any applicant with minimum age of 27 years, working in a reputed company is eligible to avail this loan.
  • Bajaj Flexi is available to all existing Bajaj personal customers.
Key Loan Terms
  • Loan available at the age of 25 - 58 years
  • Loan amount that you can borrow ranges from ₹ 25,000 to ₹ 2,00,000
  • Loan for a maximum period of 84 months
Durable Finance Personal Loan
  • Durable Finance loan helps you purchase lifestyle products sucha as electronic appliances, on easy monthly installments.
Description:
  • After payment of one EMI, the loan can be fore closed at no extra charges.
  • Purchase of smaller appliances like phone, computer accessories, music system, small kitchen appliances etc are also covered under this loan.
  • The loan is approved instantly as its sales persons are present in over 7000 electronic stores to help with loan process.
  • The loan is offered for purchasing any consumer durable product up to Rs. 5,00,000.
  • Durable Finance Loan requires minimal documentation like KYC details, Address proof, one canceled cheque in case of ECS.
Key Loan Terms
  • Loan available at the age of 25 - 58 years
  • Loan amount that you can borrow ranges from ₹ 25,000 to ₹ 25,00,000
  • Loan for a maximum period of 84 months
  • Minimum income to get this loan should be ₹ 40,000
Lifestyle Finance Personal Loan
  • Lifestyle provides finance to borrowers to be able to design their dream home with latest interiors, modular kitchen and renovation
Description:
  • Part prepayment facility is available in this loan, which will reduce the overall tenors/EMI and also help in closing the loan quickly.
  • The bank offers pre approved schemes like top up loan for its existing customers.
  • The loan is offered for purchasing any consumer durable product up to Rs. 3,00,000.
  • This loan product allows six prepayments in a year, the amount being more than the sum of 3 EMIs.
  • Lifestyle Finance Loan requires minimal documentation like KYC details, Address proof, one canceled cheque in case of ECS.
Key Loan Terms
  • Loan available at the age of 25 - 58 years
Digital Product Finance Loan
  • Digital Product Finance Loan, allows you to purchase your favorite gadget like smartphones, tablet, laptop on easy EMIs.
Description:
  • Loan amount ranges from Rs. 10,000 to Rs. 1 Lakh
  • Loan is approved instantly in the partner stores, with minimal documentation.
  • Loan repayment can be done with six prepayments in a year, the amount being more than the sum of 3 EMIs.
  • Part prepayment facility is available in this loan, reducing the overall tenors and EMI, and an option to close the loan account quickly
  • Loan can be availed by salaried and self employed minimal documentation like KYC details, Address proof, one canceled cheque in case of ECS.
Key Loan Terms
  • Loan available at the age of 25 - 58 years
Medical Emergency Loan
  • Medical Emergency Loan is offered by Bajaj Finserv to people with need of financial help for healthcare and medical treatment.
Description:
  • Bajaj Finserv customer benefit from Bajaj Finserv customer-exclusive pre-approved offers.
  • The loan can be availed up to Rs. 25 lakh for bearing medical expenses.
  • This loan charges minimal processing time, minimal documentation and loan approvals are instant (within 72 hours).
  • Salaried employees with age between 25 to 58 years and with identity proof and address proof for KYC are eligible for medical loan
Key Loan Terms
  • Loan available at the age of 25 - 58 years
PLOC Loan
  • Line of Credit is a unique and innovative offering that allows you to manage your cash flows in a smarter and more effective manner, with interest that is paid the used up amount only.
Description:
  • Line of Credit allows you to partly prepay the loan and withdraw amounts within your approved credit limit
  • Monthly installments consists of the interest amount only. The principal is to be repaid at the end of the tenure.
  • There is no limit and charges on number of part pre payments.
  • Under Line of Credit facility, interest is paid only on the amount utilized.
  • A salaried employee, aged between 25 to 58 years is eligible for this loan. Bank statements, identity proof and address proof for KYC are mandatorily required
Key Loan Terms
  • Loan available at the age of 25 - 58 years

Bajaj Finance Personal Loan Process

If you want to get a loan from Bajaj Finserv, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Bajaj Finance’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from Bajaj Finance.

You can also do a comparison of Bajaj Finserv Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare. Once the loan is disbursed, you can start repaying the loan using netbanking or auto debit facility.

Documents Required

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan Bajaj Finance
Maximum Annual Percentage Rate (APR) 11.99% to 15.50%
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. 1 Lakh
  • 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 Starting from 1.50%, Up to 3%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,224 for a 60 months Rs. 1 Lakh loan at 11.99% (lowest rate, longest time period) to Rs. 9,049 for a 12 months Rs. 1 Lakh 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: 11.99% to 15.50%
  • Total cost payable over loan tenure: Rs. 10,593 for 12 months loan to Rs. 35,440 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 Finserv with other Banks

Frequently Asked Questions on Bajaj Finance Personal Loan

How much time will the Bajaj Finserv take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for a Bajaj Finserv instant loan can be 3 to 4 days.

Why to take personal loan from Bajaj Finserv ?

Bajaj Finserv offers loan at 11.99% rate with the lowest EMI of ₹ 2,224 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to Bajaj Finserv.

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

Personal loan interest rates in Bajaj Finserv are 11.99% to 15.50%. Bajaj Finserv personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Bajaj Finserv, your lowest Personal Loan EMI per lakh will be ₹ 2,224.

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

You can repay your personal loan 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 loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 25 Lakh

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

Bajaj Finserv charges a processing fee of Starting from 1.50%, Up to 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 personal loan as you should be at least 25 years old at loan approval time and 58 years old at loan maturity time.

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

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get Bajaj Finserv personal loan?

You can get a personal loan from Bajaj Finserv by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks. 

How can I check my Bajaj Finserv personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Bajaj Finserv, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Bajaj Finserv’s website. In case you could not track your application online, you can contact Bajaj Finserv loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

Importance of credit score if I wish to avail a Bajaj Finserv personal loan?

It is important to have a good credit score if you wish to apply for a personal loan from Bajaj Finserv. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Bajaj Finserv?

No, Bajaj Finserv does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Bajaj Finserv personal loan after 1 year?

You can close your personal loan from Bajaj Finserv after 1 months by paying charges: 4% charges.

Can I negotiate with Bajaj Finserv on the personal loan interest rate?

You can ask Bajaj Finserv to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your Bajaj Finserv personal loan EMI?

You can pay your Bajaj Finserv personal loan EMI by using ECS facility or through Standing Instruction.

How to get Bajaj Finserv personal loan status by mobile number?

You can check the status of your Bajaj Finserv personal loan on their website by using your mobile number. You can also check the Bajaj Finserv personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the Bajaj Finserv personal loan process?

The most effortless Bajaj Finserv personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from Bajaj Finserv along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of Bajaj Finserv Bank as well.


Bajaj Finance Personal Loan News - Jan 2020
*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