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Personal Loan Balance transfer to Bajaj Finserv

Refinance Bajaj Finserv Personal Loan

Last Updated 28th May 2021

Interest Rate 12.99%
Processing Fee Starting from 1.50%, Up to 3%
Lowest EMI per lakh ₹ 2,275
Loan Tenure 5 years
  • Bajaj Finserv Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Bajaj Finserv.
  • Avail top up from Bajaj Finserv at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Bajaj Finserv personal loan balance transfer at 12.99%.
  • Bajaj Finserv offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Bajaj Finserv Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Bajaj Finserv Personal Loan Balance Transfer

Bajaj Finserv Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Bajaj Finserv to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Bajaj Finserv balance transfer ranges from 12.99% to 15.50%, while the repayment tenure ranges between 12 Months to 60 Months.

Bajaj Finserv Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Bajaj Finserv must be taken keeping in mind the interest rate of the current Bank and Bajaj Finserv.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Bajaj Finserv balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Bajaj Finserv Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Bajaj Finserv

The benefits of transferring the Personal loan to Bajaj Finserv are as follow:

  • Bajaj Finserv offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Bajaj Finserv Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Bajaj Finserv and avail better facilities.
  • Bajaj Finserv offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Bajaj Finserv Eligibility Criteria and Documents required

Eligibility criterion of the Bajaj Finserv is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Bajaj Finserv Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Bajaj Finserv Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Bajaj Finserv Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Bajaj Finserv Personal Loan with Other Banks


How can I transfer my personal loan to Bajaj Finserv?

Steps for the personal loan balance transfer to Bajaj Finserv are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Bajaj Finserv personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Bajaj Finserv start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Bajaj Finserv in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Bajaj Finserv charges lowest interest rate on personal loan balance transfer.

How do I check my Bajaj Finserv personal loan balance?

You can check your personal loan balance of Bajaj Finserv by below mentioned ways:

  • By visiting the Bajaj Finserv branch.
  • By calling the customer care of the Bajaj Finserv.
  • By logging on into the Bajaj Finserv mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Bajaj Finserv loan application?

You can get update about Bajaj Finserv loan application via the ways mentioned below:

  • Net banking : You are required to login into Bajaj Finserv net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Bajaj Finserv : You can also visit the Bajaj Finserv branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Bajaj Finserv Personal Loan News - Jun 2021
  • 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.
  • 2020-01-29 : Bajaj Finance Q3 new net profit soared by 52%
    Bajaj Finance reported a hike of 52% in its net profit to Rs. 1,614 crores backed by an increase in the Home Loan and Personal Loan. Further, Net Interest Income surged by 42% to Rs. 4537 crores from Rs. 3,206 crores in the same quarter a year ago.
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