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Bajaj Finserv Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Bajaj Finserv

Last Updated 23rd Sep 2021

  • 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.
  • 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.
Interest Rate 12.99% Check Best Offers
Processing Fee Starting from 1.50%, Up to 3%
Lowest EMI per lakh ₹ 2,275
Loan Tenure 5 years
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 you can transfer transfers outstanding principal of personal loan from another bank 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

You must take the decision of transferring the personal loan to Bajaj Finserv 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. Therefore, you should proceed with the Bajaj Finserv balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Bajaj Finserv Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You 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 in comparison to current rates you are paying.

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 you reduce the interest burden.
  • Bajaj Finserv Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your 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.

Bajaj Finserv Eligibility Criteria and Documents Required

The eligibility criterion of the Bajaj Finserv is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

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

Documents required 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 balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Bajaj Finserv Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Bajaj Finserv?

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

How do I check my Bajaj Finserv personal loan balance?

You can check your personal loan balance of Bajaj Finserv in below-mentioned ways: (i) By visiting the Bajaj Finserv branch. (ii) By calling the customer care of the Bajaj Finserv. (iii) By logging on to the Bajaj Finserv mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Bajaj Finserv loan application?

You can check the status of your Bajaj Finserv loan application in two ways. (i) 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. (ii) 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 - Nov 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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