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Bajaj Finance Personal Loan Interest Rate

Last Updated 05th Aug 2017

Bajaj Finserv Personal Loan Interest Rates Aug 2017

Salaried Self Employed
Interest Rate 11.99% - 15.50% Check Best Offers 14.00% - 20.00%
Lowest EMI Rs. 2,224 per lakh Rs. 2,733 per lakh
Loan Tenure From 24 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 2.25% - 3% 2%
Age Min 27 years and Max 58 years Min 25 years and Max 65 years
Prepayment Charges Allowed after 1 EMI's, 2% of amount prepaid 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 @ 10.99%*
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Bajaj Finserv 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:

  • Products with OD facility, part payment flexibility
  • Multiple products to help reduce interest burden
  • Online loan servicing facility
  • Bajaj Finserv has been rated 3.7/5.0 by customers for its service quality on MyLoanCare
  • Bajaj Finserv offers special schemes and discounts for employees of large companies

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 Calculator

The amount of loan you are eligible from the bank means your personal loan eligibility. Personal loan eligibility can be worked based on the following inputs:

  • 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 Rs. 100,000 and 2,500,000.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. 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 low Bajaj Finserv loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 24 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving 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 capture information of credit card bills payment.

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

Bajaj Finance Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for personal loans. Some of the key criteria are:

Bajaj Finserv Eligibility Criteria
Age: 27 to 58 years
Minimum Income: Rs. 27,000
Current Job Stability (in months) 1 months
Total Work Experience (in months) 36 months
Minimum Credit Score 750 and above
Loan Amount Rs. 100,000 to Rs. 2,500,000
Loan Tenure 60 months
FOIR (Fixed Obligations to Income Ratio) 0.60

Bajaj Finance Personal Loan for Salaried

Eligibility of personal loan 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 of the borrower: Age plays an important role to know your eligibility and repayment capacity. Bajaj Finserv offers loan to salaried individuals who are at least 27 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Income of the borrower: Bajaj Finserv asks for a minimum net monthly income of Rs. 27,000 to be eligible for personal loans. Salaried employees in government job, defence or working with a reputed private company and getting regular salary in bank account with salary slip, form 16 can get personal loans easily.
  • Job stability and Profession : Job stability is important to improve your eligibility for personal loan from Bajaj Finserv. In case you are salaried, you must be in a full time job for at least 1 months of which not less 36 month must be with your current company.
  • 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 find it difficult to get a personal loan. A regular repayment track record increases your loan eligibility.
  • Loan Amount: Based on the loan amount eligibility, bank gives you loan 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.
  • Fixed Obligations to Income Ratio (FOIR): Bank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the FOIR (Fixed Obligation to Income Ratio). In summary, fixed obligations include running EMIs, if any, on existing loans and estimated average monthly expenses. Minimum FOIR to be eligible for personal loan from the bank is 0.60

Bajaj Finserv Personal Loan for Self Employed

Bajaj Finserv offers personal loans for self-employed borrowers between the age of 25 to 65 years. Personal loans offered to self-employed and businessmen are known as business loans. Some of the key features are:

  • Self- employed and Businessmen running businesses with existence of at least 36 months can take a personal loan from Bajaj Finserv
  • Loan amount that you can apply for is Rs. 500,000 to Rs. 3,000,000.
  • Your loan amount eligibility is calculated on the basis of your of calculation of net monthly income as per Income Tax Returns and of your fixed expenses such as rent, other personal expenses and EMIs on existing loans that you have to service from your net monthly income. The ratio of total fixed obligations to you monthly income ratio is popularly known as FOIR. Minimum FOIR for self employed to take loan from the bank is 0.60. To know more about loans for self employed, click on the link below.
Bajaj Finserv Loan Eligibility Calculator and EMI Calculator

Personal Loan Eligibility is the amount of loan you can avail based on an evaluation of your repayment capacity as well as your income. It is important to calculate eligibility for loan from the bank. You can use eligibility calculator to get a fairly accurate estimate of your loan eligibility subject to the details provided by you.

Further, you can also use Personal Loan EMI Calculator online to calculate your loan EMI. Personal Loan EMI is a fixed amount that you pay each month towards the repayment of your 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 depends on factors like:

  • 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

What are the benefits of calculating EMI?

  • EMI calculator of personal loan helps you to calculate your monthly EMI at different interest rates
  • Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • It gives you a rough idea about the monthly EMI which will help you to plan your monthly expenses accordingly

Other Charges

In addition to interest rates, home loan also carry some other charges which include:

  • Part Payment Charges - These charges are to be paid in case you want to repay some part of the loan during the tenure period. Bajaj Finserv allows part payment of loan after 1 EMI's at 2% of amount prepaid.
  • 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 loan after 1 EMI's at 4% charges on outstanding principal.
  • Processing Fee - Bajaj Finserv charges a processing fee of 2.25% - 3% of loan amount with applicable tax.

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

  • This loan facility is available for the customers and they can make prepayment of loan through any extra income earned during the ongoing loan.
Description:
  • Pay interest only on the amount used and it works like an OD limit with flexibility to withdraw and deposit money anytime.
  • Nil charges on prepayment of the loan.
Who is Eligible?
  • Any applicant with minimum age of 27 years working in a reputed company
  • Any Bajaj personal loan customer can avail this facility.
Key Loan Terms
  • Loan available at the age of 27 - 58 years
  • Loan amount that you can borrow ranges from Rs. 100,000 to Rs. 2,500,000
  • Loan for a maximum period of 60 months
  • Minimum income to get this loan should be Rs. 40,000

Durable Finance Personal Loan

  • This loan enhances your lifestyle by providing options to purchase electronic appliances on easy monthly installments.
Description:
  • The loan is easily available up to Rs. 5,00,000 for purchasing any consumer durable product.
  • On the spot approval of loan in that store itself as its sales person are present in around 7000+ electronic stores to help with loan process.
  • Option to purchase smaller appliances like phone or computer accessories, music system, small kitchen appliances etc available.
  • Nil charges on foreclosure after payment of one EMI.
Who is Eligible?
  • Minimal documentation required like KYC details, Address proof, one canceled cheque in case of ECS.
    Key Loan Terms
    • Loan available at the age of 27 - 58 years

    Lifestyle Finance Personal Loan

    • This scheme gives access to your dream home- with latest interiors, modular kitchen and overall renovation.
    Description:
    • The loan is easily available up to Rs. 3,00,000 for purchasing any consumer durable product.
    • Part prepayment facility is available which will not only reduce the overall tenors/EMI but will also help in closing the loan quickly.
    • 6 prepayments allowed in a year and the amount cannot be less than sum of 3 EMIs.
    • Pre approved offers like top-up loan or other deals available for existing customers of Bajaj
    Who is Eligible?
    • Minimal documentation required like KYC details, Address proof, one canceled cheque in case of ECS.
      Key Loan Terms
      • Loan available at the age of 27 - 58 years

      Digital Product Finance Loan

      • This scheme includes the smartest and fastest option to buy your favorite gadget like smartphones, tablet, laptop on easy EMIs.
      Description:
      • Loan amount ranges between Rs. 10,000 to Rs. 1,00,000.
      • Part prepayment facility is available which will not only reduce the overall tenors/EMI but will also help in closing the loan quickly.
      • 6 prepayments allowed in a year and the amount cannot be less than sum of 3 EMIs.
      • On the spot loan approval facility with minimal documentation is available in the partner stores.
      Who is Eligible?
      • Minimal documentation required like KYC details, Address proof, one canceled cheque in case of ECS.
        Key Loan Terms
        • Loan available at the age of 27 - 58 years

        Medical Emergency Loan

        • The medical emergency loan is offered by Bajaj finserv to provide releif to people whose family needs financial help for healthcare and medical treatment.
        Description:
        • The loan can be availed up to Rs. 25 lakh for bearing medical expenses.
        • After the document verification money will be in your account max in 72 hours.
        • Minimal processing time with an urgent matter as bajaj finserv offers loan approval time less than 5 minutes.
        • Salaried professionals of age 25 to 58 years in top cities can easily avail this loan facility
        Who is Eligible?
        • A salaried employee, Age between 25 to 58 years, identity proof and address proof for KYC
          Key Loan Terms
          • Loan available at the age of 27 - 58 years

          PLOC Loan

          • It is a unique and innovative offering that allows you to manage your cash flows in a smarter and more effective manner.
          Description:
          • Line of Credit is a facility where you are given a credit line and during the term of the facility you pay interest component only on the amount utilized.
          • The monthly installment for Line of Credit will consist only of the interest amount and will not have a principal component on a monthly basis. The principal amount of loan is to be repaid at the end of the tenure.
          • In Line of Credit, you have the freedom to part prepay the loan availed and withdraw amounts within your assigned line.
          • No limit and charges on number of part pre-payments, No charges for withdrawal, Flexibility to convert to term loan, Bullet repayment option, No collateral/security required
          Who is Eligible?
          • A salaried employee, Age between 25 to 58 years, bank statements, identity proof and address proof for KYC
          • Salaried professionals of age 25 to 58 years in top cities can easily avail this loan facility
          Key Loan Terms
          • Loan available at the age of 27 - 58 years

          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 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: 24 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 2.25% - 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. 4,872 for a 24 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. 18,939 for 24 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: 24 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 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 personal loan can be 3 to 4 days.

          Why to take personal loan from Bajaj Finserv ?

          Bank offers loan at 11.99% rate with the lowest EMI of Rs. 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%.

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

          If you apply for loan from Bajaj Finserv, your lowest EMI per lakh will be Rs. 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 24 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 Rs. 100,000 to a maximum amount of 2,500,000.

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

          Bajaj Finserv charges a processing fee of 2% 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 27 years old at loan approval time and 58 years old at loan maturity time.

          Are there any prepayment charges on personal loan from Bajaj Finserv?

          You can take personal loan from Bajaj Finserv with Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

          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 Finserv Personal Loan

          *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. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.