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Bajaj Finserv Personal Loan

Online Bajaj Finserv Personal Loans

Last Updated 19th Jul 2021

Bajaj Finserv Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of Bajaj Finserv Personal Loan are:

  • Bajaj Finserv Personal Loan interest rate starts from 12.99%.
  • The processing fee charged on Bajaj Finserv personal loan is Starting from 1.50%, Up to 3%.
  • Bajaj Finserv also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Bajaj Finserv personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Bajaj Finserv has special schemes for different income and occupation groups.
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Bajaj Finserv Personal Loan Details

  • Interest Rate on Bajaj Finserv personal loan ranges from 12.99% to 15.50%.
  • Lowest EMI per lakh works out to be ₹ 2,275 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Bajaj Finserv are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 25 to 58 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 25 Lakh
  • Bajaj Finserv Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Bajaj Finserv on personal loan is Starting from 1.50%, Up to 3%%
  • Bajaj Finserv allows personal loan foreclosure and part prepayment after 1 months with charges of 4%.
  • Bajaj Finserv also has various other post loan disbursement charges including
    • Cheque Bounce Charges - ₹ 600- ₹1200
  • Schemes of Bajaj Finserv as offered to different type of borrowers in 2021 are:

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

There are various factors that impact your chances to get the best offers on Bajaj Finserv Personal Loan, as listed follows:

  • Loan Amount - Bajaj Finserv offers loans between ₹ 1 Lakh and ₹ 25 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Bajaj Finserv offers personal loan to all customers with a net take home monthly salary of more than ₹ 27,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Bajaj Finserv has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Bajaj Finserv personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Bajaj Finserv offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 12.99%
  • Credit Score - Bajaj Finserv checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Bajaj Finserv Personal Loan Documents

You require the following documents to avail personal loan from Bajaj Finserv

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Bajaj Finserv Personal Loan Schemes

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
  • 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.

How to Apply for Bajaj Finserv Personal Loan?

The step-by-step procedure to get a personal loan online from Bajaj Finserv is mentioned below:

  • Visit the official website of Bajaj Finserv Or contact your nearest Bajaj Finserv branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Bajaj Finserv will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Bajaj Finserv, and on successful approval of the loan, the funds will be disbursed to your Bajaj Finserv account immediately.

You can also apply for Bajaj Finserv personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Bajaj Finserv branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Bajaj Finserv representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Bajaj Finserv Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
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 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 should I take a personal loan from Bajaj Finserv ?

Below-mentioned is the reason why you must avail a personal loan from Bajaj Finserv.

  • Online approval & disbursal during Covid
  • Save interest with Overdraft facility
  • Pay interest on the utilized amount
  • Special rate for top corporate
  • Get free EMI Network card

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

Personal loan interest rates in Bajaj Finserv are 12.99% 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 ₹ 2,275 which corresponds to lowest interest rate of 12.99% and longest tenure of 60 years.

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

Bajaj Finserv personal loan has a minimum tenure of12 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

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

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

How can I get Bajaj Finserv personal loan?

You can get a personal loan from Bajaj Finservby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Bajaj Finserv’s application process.

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 are unable to track your application online, you can get Bajaj Finserv loan assistance at Bajaj Finserv loan customer care centre 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.

What is the 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%

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

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

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.Bajaj Finserv also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


Bajaj Finserv Personal Loan Reviews 4.3/5  by 203 customers
MyLoanCare Service
4.5/5.0
Banks Service
4.2/5.0
Varun, Nagpur
Reviewed on 11th Jul 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jul 2021

The process was very fine and executive is very excellent.Read more...

Sagar, Allahabad
Reviewed on 02nd Jul 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jun 2021

MyLoanCare provides excellent service but bank take some extra charge. Read more...

Dayanand, Mumbai
Reviewed on 02nd Jul 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jul 2021

Very good service, staff is very much professional.Read more...

Ashwinder, Ferozepur Punjab
Reviewed on 25th Jun 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jun 2021

Great service, nice to apply through it. It has taken few time to process. Read more...

Ronny, Pune
Reviewed on 21st Jun 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jun 2021

Great service with helping people. Helped with the offer and gave proper guidance.Read more...

Abhishek, Deoria
Reviewed on 19th Jun 2021
4.5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jun 2021

There was excellent service from MyLoanCare provider. He gave proper information about the loans andRead more...

Ajit, Pune
Reviewed on 10th Jun 2021
5 / 5 stars
Bajaj Finserv Personal Loan Availed in Jun 2021

The service was superb and loved the way it was executed.Read more...

Mayank, Noida
Reviewed on 08th Jun 2021
4 / 5 stars
Bajaj Finserv Personal Loan Availed in Jun 2021

The executive helped a lot and handled everything very patiently.Read more...

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Bajaj Finserv Personal Loan News - Jul 2021
  • 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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