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Bajaj Finserv Personal Loan

Online Bajaj Finserv Personal Loan: Highlights

Last Updated 20th Dec 2021

Bajaj Finserv is one of the most popular personal loan lender in India. Bajaj Personal loan is available at low interest rates with quick approval. Some of its features are:

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Bajaj Finserv Personal Loan Details

Avail Personal Loan from Bajaj Finserv at attractive rates ranging from 12.99% to 15.50% for upto ₹ 25,00,000. Bajaj Finserv also charges a processing fee on a personal loan at Starting from 1.50%, Up to 3%. You can apply for personal Loans with Bajaj Finserv if you are salaried or self-employed professional aged between 25 to 58 years.
Also, Bajaj Finserv offers special personal loan schemes for tenure up to 60 months. Some of these schemes are:

Features and Benefits for Bajaj Finserv Personal Loans

With Bajaj Finserv Personal Loan, you can avail the following benefits:

  • Flexi Personal Loan: The Flexi personal loan offered by Bajaj helps you lower your EMI burden by borrowing money as and when you need it. The interest on the loan is charged only on the used amount, thus reducing your EMI by upto 45%.
  • Instant Disbursal: You can avail instant personal loan from Bajaj, one of the fastest approval and disbursal times of 24 hours. Also, you can receive online paperless approval in a few hours.
  • Flexible Loan Amount & Tenure: Bajaj Finserv provides you with the flexibility to choose the loan tenure as per your needs. You can avail of a personal loan for a tenure upto 60 months.
  • Pre Approved Personal Loan: If you are an existing customer of Bajaj with a good repayment history, you can easily avail of a pre-approved personal loan offer with a shorter processing time. To avail of this loan, all you need to do is provide basic details, share OTP and check your eligibility.
  • No Hidden Charges: The financial institution further provides personal loans with easy to understand terms and conditions at zero hidden charges.

Required Document for Bajaj Finserv Personal Loan

You need to submit the following documents to avail of Bajaj Finserv Personal Loan:-

  • Bajaj Finserv personal loan application form
  • Passport size photographs
  • KYC Documents
  • Employee ID Card
  • Salary Slip of previous two months
  • Bank account statements for previous three months

Different Type of Personal Loan Schemes offered by Bajaj Finserv

There are different types of personal loan schemes offered by Bajaj Finserv. These schemes are designed to meet the loan requirements of every customer segment:-

Flexi Loan
  • With Bajaj Finserv Flexi Loan, you can borrow what you need and pay interest only on the amount used for upto Rs. 25 Lakhs. It works like an OD with the flexibility to withdraw, deposit money and pre-pay your loan accounts at nil prepayment charges.
Durable Finance Personal Loan
  • You can avail Durable Finance Personal Loan to purchase any durable consumer product, including a phone, computer accessories, music system, small kitchen appliances etc., up to ₹ 5,00,000. The loan is approved instantly, with the salespersons present in over 7000 electronic stores to help with the loan process. Also, you can easily foreclose the account at no additional charges after payment of one EMI.
Digital Personal Loan
  • Digital Personal Loan offered by Bajaj Finserv is a 100% online pre-approved personal loan that allows you to avail of the loan in few minutes. The entire process is digital, with a paperless application and fund transfer process. To avail of this loan, you must have a good existing relationship with the bank. You can avail of the loan anytime, anywhere with minimum documentation requirement and hidden charges.
Medical Emergency Loan
  • You can avail of Medical Emergency Loan as offered by Bajaj Finserv if you need financial help for healthcare and medical treatment. A pre-approved loan offer upto Rs. 25 Lakhs and has a minimal processing time and documentation with instant loan approvals within 72 hours.
PLOC Loan
  • Line of Credit is a unique and innovative offering that allows you to manage your cash flows more smartly and effectively by partly prepaying the loan and withdrawing amounts within your approved credit limit. Under this scheme, there is no limit and charges on the number of part prepayments.
  • With Bajaj Finserv Top Up Loan, you can avail of funds upto Rs.25 Lakhs in addition to your existing personal loan. The funds are disbursed online with an online top-up application process. You are eligible for a top-up loan if you paid 12 EMIs on your Bajaj Finserv Personal Loan.

Eligibility Criteria for Bajaj Finserv Personal Loan

  • You must be an Indian citizen
  • You must be between 25 years - 58 years
  • A salaried individual working in MNC, PSU or Private company can apply
  • Your credit score must be above 750

How to Get the Best Offer on Personal Loan from Bajaj?

To avail of the best offer on a Bajaj Finserv personal loan keep in mind the following factors:-

  • Interest Rates: Bajaj Finserv provides a low interest rate to the people who have a good- salary, credit score and relationship with the lender. Further,if you take a higher loan amount you can expect a lower rate. So, before applying for Bajaj Finserv Personal Loan make sure that you fulfill the eligibility and apply for a loan mount feasible to your repayment capability.
  • Processing fees and Charges: Processing fees and other charges like foreclosure, prepayment etc have an impact on a loan amount. So, one must make sure that you check these charges before applying for a loan. Bajaj Finserv personal loan processing fee is Starting from 1.50%, Up to 3%. But you can get a reduced fee if you bargain with Bajaj Finserv.
  • Bank Process: Usually, pre-approved personal loans Bajaj Finserv are offered to people who are an existing customer and have a good repayment history. So, if you get a pre-approved loan then your loan amount can get credited within a few hours. Bajaj Finserv has a good customer rating . So, you do not need to worry about the services.

How to Apply for Bajaj Finserv Personal Loan?

Bajaj Finserv online loan apply personal loan can be done by performing the following steps:-

  • Step 1: Fill the personal loan application form at MyLoanCare.
  • Step 2: Fill in the following information like name, income, phone number, residence details.
  • Step 3: Click on ‘Get Quote’.
  • Step 4: Enter the OTP received on your mobile number.
  • Step 5: Click on ‘Submit.
  • Step 6: Now, give inputs like any existing loans, why you need a loan, are you paying current EMI’s etc on the next page.
  • Step 7: Further, you will be redirected to the offers page, displaying offers as per your eligibility.
  • Step 8: To help with the further process, the MyLoanCare executive will call you. They will also help with the documentation process.

About Bajaj Finserv

Bajaj Finserv is a non-banking financial corporation that is a part of Bajaj Holdings & Investments Limited. The lender provides the services of retail loans, fixed deposits and credit cards. This NBFC has a total of 7000 retail outlets in India.

  • Head Branch Address: Bajaj Auto Limited Complex, Mumbai Pune Road, Akurdi, Pune 411035, Maharashtra, India.
  • Mr. Sanjiv Bajaj is the CEO of Bajaj Finserv.
  • Bajaj Finserv Compliance officer is Mr. A H Damle.
  • Compliance Officer Number: 020-7407393
  • For any loan-related query you can call on 020-39575152
Illustration on Personal Loan Bajaj Finserv
Maximum Annual Percentage Rate (APR) 13.59% to 16.1%
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: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Bajaj Finserv Personal Loan Interest Rate: 12.99% to 15.50%
  • Processing Fee payable to: Upto ₹ 3,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,275 for 60 Months ₹ 1,00,000 loan at 12.99% (lowest rate, longest time period) to ₹ 9,049 for 12 Months ₹ 1,00,000 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: 13.59% to 16.1%
  • Total cost payable over loan tenure: ₹ 1,10,175 for 12 Months loan to ₹ 1,39,488 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

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

Decision on Bajaj personal application depends purely on your eligibility. If you are eligible for Bajaj Finserv personal loan then the application is accepted that time only. Otherwise, it might take up to 2-3 days. In case of instant personal loan or pre-approved offers the loan is approved in hours.

Why should I take a personal loan from Bajaj Finserv?

Following are the reason why you must avail of a personal loan from Bajaj Finserv. (i) Nil or minimum prepayment charges on Bajaj Finserv personal loan (ii) Superior customer service and transparency with an average customer rating (iii) Quick and easy approval

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

If you apply for the loan from Bajaj Finserv, your lowest Personal Loan EMI per lakh will be ₹ 2,275 on the basis of a lowest interest rate of 12.99% and longest tenure of 60 months.

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

Bajaj Finserv personal loan has a minimum tenure of 12 months to a maximum of 60 months. Choose loan tenure carefully because it has a major impact on your EMI.

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

Bajaj Finserv Offers you loan if you need a minimum amount of to a maximum amount of₹ 0 . However, note that Bajaj takes into consideration factors such as your salary, cibil score and FOIR before sanctioning the loan amount.

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility and to get a higher loan amount from Bajaj Finserv. In this case, Bajaj Finserv might ensure a check on the CIBIL score of your spouse and ask for all income and bank statements before processing the loan application.

How can I check my Bajaj Finserv personal loan status?

If Bajaj Finserv online loan application personal loan is done via MyLoanCare and you need to check Bajaj Finserv personal loan application status; then you can log in to your MyLoanCare account and go to Track Your Loans/Application. There you get all the details related to loan status. You can also check your application status at Bajaj Finserv’s official portal or by contacting their Personal loan customer care at 020-39575152.

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. However, even though it is an unsecured loan, you might need a guarantor if you have a low credit score.

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

You can close your personal loan from Bajaj Finserv after 6 months by paying charges a prepayment fee of 3%

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

Yes, you can negotiate for a rate discount when you apply if you have a good repayment tenure. You may end up getting a better rate from the bank if you have applied for a high loan amount with a good cibil score and earn a good income with a reputable company.

How much personal loan can I get from Bajaj Finserv if my salary is ₹ 50,000?

You can get a personal loan for up to ₹ 25,00,000 if you have a salary of more than ₹ 50,000. Your eligibility for a loan amount is dependent on various factors also like credit score, the organisation you are working with.

Can a govt employee get a personal loan from Bajaj Finserv?

Yes, it has a scheme called Bajaj Finserv personal loans for govt employees. Under this scheme, government employees can get a personal loan from Bajaj Finserv. The interest rate starts at 12.99% for government employees.

What is the minimum CIBIL score for a personal loan in Bajaj Finserv?

You need to have a minimum CIBIL of 750 to avail of a personal loan in Bajaj Finserv. If you do not have the desired CIBIL score, the bank may reject your application. Always try to have a good credit history before applying for a personal loan.

Can I repay a personal loan early in Bajaj Finserv?

Yes, you pay off your Bajaj Finserv personal loan before the tenure gets over. The foreclosure charges of the bank are 4%.

How can a housewife apply for a personal loan in Bajaj Finserv?

If a housewife has a past credit history, she may get a personal loan with Bajaj Finserv. But there are chances that loan applications can get rejected due to lack of income proof. It is a better idea to apply with a co-applicant who has a good credit score.

Is Bajaj Finserv safe for a personal loan?

Yes, Bajaj Finserv is safe for a personal loan because it has a good customer rating. It also has an FAAA rating by CRISIL and MAAA rating by ICRA which proves its trustworthiness.

Is there any processing fee for Bajaj Finserv?

Like every other lender, Bajaj Finserv also charges processing fees when you take a personal loan. The lender charges Starting from 1.50%, Up to 3% of loan amount.

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Bajaj Finserv Personal Loan Reviews 4.4/5  by 217 customers
MyLoanCare Service
4.5/5.0
Banks Service
4.2/5.0
Vajrangshakti, Nagpur
Reviewed on 19th Nov 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Nov 2021

Excellent and perfect fast process from MyLoanCare. Appreciate the service.Read more...

Sathish, Bangalore
Reviewed on 19th Nov 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Nov 2021

Good service. Thanks for the loan process and suggest everyone get
a loan. Read more...

Sanjay, Hyderabad
Reviewed on 28th Oct 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Oct 2021

Good, every aspect checked, polite discussion, everything online. Very good support from MyLoanCare.Read more...

Nitin, Karwar
Reviewed on 23rd Sep 2021
4.5 / 5 stars
Bajaj Finserv Personal Loan Availed in Sep 2021

MyLoanCare helped to get a loan at the earliest and in needy time.Read more...

Amit, Thane
Reviewed on 24th Aug 2021
4 / 5 stars
Bajaj Finserv Personal Loan Availed in Aug 2021

Shall refer others who need loan, wish you good luck.Read more...

Yuvraj, Pune
Reviewed on 20th Aug 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Aug 2021

Amazing and fast services. Will refer others for sure.Read more...

Mohit, Thane
Reviewed on 19th Aug 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Aug 2021

Smooth transaction, waiting for disbursement. Thanks to MyLoanCare.Read more...

Pravesh, Meerut
Reviewed on 12th Aug 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Aug 2021

The process is nice, things are more clear. No false agreement.Read more...

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Bajaj Finserv Personal Loan News - Jan 2022
  • 2021-07-07 : Bajaj Finance books 46 lakh new loans in June quarter
    Bajaj Finance said on Tuesday it booked 46 lakh new loans (Personal loan, home loan, loan against property, top-up loan and business loan) during Q1 FY22 as compared to 18 lakh in the year-ago period. Customer franchise as of June 30 stood at 5 crores as compared to 4.3 crores last year. The company acquired 19 lakh new customers in Q1 FY22 as compared to 5 lakh in Q1 FY21.
  • 2021-04-30 : Bajaj Finserv reported a Q4 profit of ₹979 crore
    Bajaj Finserv posted a net profit of ₹ 979 crores in the January-March quarter, which marked an increase of 5 times from the profit of ₹ 194 crores during the same quarter last year. The NBFC reported the surge in profit backed by retail loans like home, personal, LAP, two-wheeler, car, education and doctor loan along with business and mudra loan.
  • 2021-01-25 : Bajaj Finserv Q3 results net profit rises 15% to Rs 1,290 crore
    Bajaj Finserv posted a 15% year-on-year rise in its net profit to Rs 1,290 crore in the quarter ended December, backed by home, personal, education, gold, car and two wheeler loans along with business and mudra loans Further, the bank’s revenues climbed 10% year-on-year to Rs 15,960.7 crore.
  • 2020-06-01 : Bajaj Finserv extends loan EMI moratorium
    Following Reserve Bank of India guidelines, the Bajaj Finserv has extended the moratorium on retail loans like personal, home, gold, car, two-wheeler and credit cards till August 31, 2020. It will be applicable for June 1 to August 31, 2020. Individuals will require to apply to avail the benefits of the moratorium. If they fail to apply, loan instalments will continue to be debited every month as per the existing process.
  • 2020-05-20 : Bajaj Finance posted a net profit at ₹948.1 crore
    Bajaj Finance posted a 19.38% decline in consolidated net profit at ₹948.1 crores in the fourth quarter of FY20 when compared to ₹1,176.06 crores a year ago. The bank’s net interest income grew 38% to ₹4,684 in the quarter ending March 31, 2020, crore from ₹3,385 crores a year ago. New loans backed by retail loans like home and personal loans along with business, mudra and two-wheeler loans increased by 3% during the quarter.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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