Bajaj Finance Personal Loan Interest Rate

Bajaj Finserv Personal Loan Interest Rates Mar 2017

Read Reviews 3.6/5.0 from 33 users
Last Updated 18th Nov 2016
Salaried Self Employed
Interest Rate 11.99% - 15.50% Check Special Offer 14.00% - 20.00%
Lowest EMI Rs. 2,224 per lakh Rs. 2,733 per lakh
Loan Tenure From 12 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 1.99% - 3% 2%
Age Min 25 years and Max 60 years Min 25 years and Max 65 years
Prepayment Charges Allowed after 1 EMI's, can prepay upto 25% in a year without charges 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 Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Bajaj Finance Personal Loan
Bajaj Finance Personal Loan Interest Rates
MyLoanCare Bajaj Finance Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However Bajaj Finance offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. Bajaj Finance interest rate varies with your net monthly income.
Employer Category - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Bajaj Finance has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - Bajaj Finserv 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 benefit of low interest rates from the bank.
Loan Tenure - Bajaj Finance Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.
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 all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Bajaj Finance Personal Loan Eligibility
Eligibility of personal loan in Bajaj Finance 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: Age plays an important role to know your eligibility and repayment capacity. Bajaj Finance offers personal loan to salaried individuals who are atleast 25 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income: Bajaj Finserv Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Bajaj Finserv asks for net monthly income of minimum Rs. 40,000.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Bajaj Finserv. In case you are salaried, you must be in a full time job for at least 36 months of which not less 1 month must be with your current company. If you are working with a reputed company, probability of getting personal loan from Bajaj Finserv increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies.
  • 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 not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
  • Loan Amount: Bajaj Finserv gives you personal loan depending upon your income. Bajaj Finserv gives you an amount 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.
Bajaj Finance Personal Loan EMI
Personal Loan EMI of Bajaj Finserv is a fixed amount that you pay each month towards the repayment of your personal 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 of Bajaj Finserv depends on factors like:
  • Rate of 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

Documents Required for Bajaj Finance Personal Loan

Personal loan Bajaj Finserv documents for salaried employees

  • Filled up loan application form
  • 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: 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 1.99% - 3%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2 for a 60 months Rs. 100,000 loan at 11.99% (lowest rate, longest time period) to Rs. 9,049 for a 12 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. 10,593 for 12 months loan to Rs. -97,880 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 Finance with other banks

Frequently Asked Questions on Bajaj Finance Personal Loan

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

Bajaj Finserv offers an interest of 11.99% to 15.50% on personal loan.

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

If you apply for a personal loan from Bajaj Finserv, your lowest EMI per lakh will be Rs. 2,224.

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

You can repay your personal loan from Bajaj Finserv 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 personal loan if you need a minimum amount of Rs. 100,000 to a maximum amount of Rs. 2,500,000.

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

Bajaj Finserv charges a processing fee of 1.99% - 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 Bajaj Finserv personal loan as you should be at least 25 years old at loan approval time and 60 years old at loan maturity time.

Are there any prepayment charges on Bajaj Finserv personal loan?

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 Finance Personal Loan News - Mar 2017
11th Mar 17 Personal loan from Bajaj Finserv at 12.75 percent
Bajaj Finserv has launched a new personal loan offer for loan borrowers at 12.75 percent. Loan borrowers can apply for the loan via Bajaj Finserv online website. The NBFC is also offering loan application within 5 minutes and loan disbursements within 72 hours of loan application. As per sources, customers can avail loan of up to Rs. 25 lakh repayable with tenure of 12 months to 60 months. The offer is valid from 6th March to 13th March, 2017.
14th Dec 16 Bajaj Finance sees a slower demand for personal loans, but impact of disbursals is minimal
Bajaj Finance has maintained a stable outlook on its personal loan business. The NBFC expects to maintain its personal loan disbursements volumes, even with a slower demand growth. Demonetisation has resulted in slow demand for personal loans.
02nd Dec 16 Bajaj Finance to provide an attractive offer to personal loan buyers
Bajaj Finance, a lending arm of Bajaj Financial Services has announced an attractive offer to boost up the personal loan business. Under the offer, company will provide free airline vouchers of Rs. 12,000 to the customers availing personal loan. Personal loan buyers will also get an extra benefit of selecting the destination of their choice. The offer is valid from 28th November to 4th December, 2016.
09th Jun 16 Bajaj Personal Loan Prepayment Charges
Bajaj Finserv has announced that it will now charge 4% foreclosure charges in case the customer forecloses Bajaj personal loan at any time before end of loan tenure. Part payment of Bajaj personal loan has been restricted to 25 percent of loan outstanding after 1 EMI. Surprisingly, the changes are applicable to both new and existing customers. Thus, loans that were booked with nil prepayment and nil foreclosure charges will also be covered by the new rule. The rule applies to Bajaj best selling Flexi and Term Loans.
14th May 16 Bajaj Finserv Announces Flash Sale on Personal Loans
Bajaj Finserv Announces Flash Sale on Personal Loans Offers a rate of interest as low as 12.49% on loan amounts exceeding Rs.6 lakh between May 9 and 15, 2016. The company has been a leading player in the space of personal loans as it offers some unique benefits to its customers. The company offers instant online loan approval with its end to end online Personal Loan solutions. By opting for a Personal Loan from Bajaj Finserv you can get instant approval in 5 minutes and disbursal in your bank within 72 hours.
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