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Bajaj Finserv Personal Loan Interest Rate

Current Bajaj Finserv Personal Loan Interest Rate

Last Updated 19th Jul 2021

Interest Rate 12.99% - 15.50%
Tenure Upto 60 months
Processing Fee Starting from 1.50%, Up to 3%
Loan Amount ₹ 1 Lakh to ₹ 25 Lakh
Minimum Income ₹ 27,000
Eligible Age 25 to 58 years
Part Prepayment Charges Allowed after paying 1 EMIs with charges ranging from, 2% of the outstanding loan amount.
Foreclosure Charges Allowed after 1 months with charges ranging from, 4% of the outstanding loan amount.
  • Today’s Bajaj Finserv personal loan interest rate starts at 12.99%.
  • Bajaj Finserv offers the lowest personal loan rate of 12.99% to borrowers who are existing customers of the bank or are working with top corporations.
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Bajaj Finserv Personal Loan Rates and Charges

  • Bajaj Finserv offers personal loans to salaried individuals at a minimum rate of 12.99%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Bajaj Finserv personal loan rates and charges. As listed below:
Bajaj Finserv Personal Loan Rates and Charges
Interest Rate 12.99% to 15.50%
Part Prepayment Charges Allowed after paying 1 with charges ranging from, 2% of the outstanding loan amount.
Foreclosure Charges Allowed after paying 1 months with charges ranging from, 4% of the outstanding loan amount.
Processing Fees Starting from 1.50%, Up to 3%
EMI Cheque Bounce Charges ₹ 600- ₹1200

Interest rates on Bajaj Finserv Personal Loans Schemes

As on today, Bajaj FinservPersonal loan interest rates are in the range of 12.99% to 15.50%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on Bajaj Finserv personal loan remains unchanged at 12.99% as on 28 May, 2021. The last revision on Bajaj Finserv Personal Loan was announced on 28 May, 2021 when the rate was 12.99%. Bajaj Finserv also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

The table below gives the interest rates on various popular personal loan schemes of Bajaj Finserv.

Scheme Interest Rates Loan Amount Loan Tenure
Flexi Loan14.75% - 15.25% ₹ 1,00,000 - ₹ 25,00,000Upto 60 months
Personal Line of Credit14.75% - 15.25% ₹ 1,00,000 - ₹ 25,00,000Upto 60 months

Bajaj Finserv Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 12.99% Starting from 1.50%, Up to 3% 2%
Self-Employed Professional Starting from 18.00% Upto 2% of loan amount 2%

Bajaj Finserv Personal Loan Rate Comparison with Other Banks

Here is a comparison of Bajaj Finserv Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Bajaj Finserv HDFC Bank SBI
Rate of Interest Starting from 12.99% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 25 years 21 years 21 years
Processing Fee Starting from 1.50%, Up to 3% Upto 2.50% Min ₹ 999 1.00%
Maximum Loan Amount ₹ 25 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 1 EMI's, 2% Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 1 EMI's, 4% Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Bajaj Finserv Personal Loan Balance Transfer Interest Rates

Bajaj Finserv personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Bajaj Finserv at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Bajaj Finserv offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Bajaj Finserv Personal Loan?

You can get the lowest Bajaj Finserv personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Bajaj Finserv personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Bajaj Finserv as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Bajaj Finserv may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Bajaj Finserv offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Bajaj Finserv personal Loan interest rate?

Today, the lowest interest rate on Bajaj Finserv Personal Loan is 12.99%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Bajaj Finserv personal loan?

You can reduce the interest to be paid on Bajaj Finserv personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Bajaj Finserv provides discounted personal loan offers

Is Bajaj Finserv personal a floating rate loan or fixed-rate loan?

Bajaj Finservis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Bajaj Finserv personal loan rate drop in 2021?

Presently, Bajaj Finserv offers personal loans at an interest rate starting at 12.99%. There has been no change in personal loan rates of Bajaj Finserv for a long time and continue to stand at 12.99%.

How do I check my eligibility to get a personal loan at a low rate from Bajaj Finserv?

The lowest rate on Bajaj Finserv is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Bajaj Finserv official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Bajaj Finserv?

The lowest personal rate offered by Bajaj Finserv on a personal loan is 12.99%.

What is the interest rate charged by Bajaj Finserv on personal loan?

Personal loan interest rates in Bajaj Finserv are 12.99% to 15.50%. Bajaj Finserv personal loan interest rate for salary account holders are comparatively lower than that for other customers.

Can I ask for a reduction in the Bajaj Finserv personal loan interest rate?

You can ask for a reduction in your Bajaj Finserv personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Bajaj Finserv?

No, there is no need for any collateral or security while availing a personal loan from Bajaj Finserv. Bajaj Finserv personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Bajaj Finserv early?

If you want to prepay your entire personal loan from Bajaj Finserv, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Bajaj Finserv personal loan scheme availed by you, before making any decision.

How does Bajaj Finserv calculate the interest on a personal loan?

The interest for Bajaj Finserv personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Bajaj Finserv personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Bajaj Finserv personal loan interest calculation.
  • Reducing rate method:  As per the Bajaj Finserv personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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Bajaj Finserv Personal Loan News - Jul 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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