Bajaj Finance Personal Loan Interest Rate

Last Updated 20th Jul 2018

Bajaj Finserv Personal Loan Interest Rate Aug 2018

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

Bajaj Finance Personal Loan Details
SalariedSelf Employed
Lowest Interest Rate11.99% 14.00%
Processing FeeStarting from 1.50%, Up to 3%Upto 2% of loan amount
Loan Tenure24 months to 60 months12 months to 48 months
Loan AmountRs. 1 Lakh to Rs. 25 Lakh Rs. 5 Lakh to Rs. 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%

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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:

  • Instant loan approval
  • OD facility with free prepayment
  • Get free EMI Network card
  • Online loan servicing facility
  • Bajaj Finserv has been rated 3.8/5.0 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.
    • Borrowers within the age group of 27 and 58 years.
    • Loan amount of minimum Rs. 1 Lakh to Rs. 25 Lakh.
    • Loan Tenure 24 to 60 months.
    • Bajaj Finance personal loan rate of interest is in the range of 11.99% to 15.50%.
    • Lowest EMI of Rs. 2,224 per lakh.
  • Processing Fees: Starting from 1.50%, Up to 3%.
  • Preclosure charges: Preclosure of Bajaj Finserv personal loan 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 Rs. 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. 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 captures 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 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 loan application is sanctions, Bajaj Finserv will provide you a statement of other charges applicable on your personal 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 27 - 58 years
  • Loan amount that you can borrow ranges from Rs. 25,000 to Rs. 200,000
  • 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 27 - 58 years
  • Loan amount that you can borrow ranges from Rs. 25,000 to Rs. 2,500,000
  • Loan for a maximum period of 84 months
  • Minimum income to get this loan should be Rs. 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 27 - 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 27 - 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 27 - 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 27 - 58 years

Bajaj Finance Personal Loan: How to Apply

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.

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: 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 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. 4,872 for a 24 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. 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 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 personal 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 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%. 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 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. 1 Lakh to a maximum amount of Rs. 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 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 4%

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 - Aug 2018
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