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Bajaj Finserv Personal Loan Interest Rate

Current Bajaj Finserv Personal Loan Interest Rate

Last Updated 01st Feb 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
Age 25 to 58 years
Prepayment Charges Allowed after 1 EMI's, 2%
Foreclosure Charges Allowed after 1 months at 4%
  • Current Bajaj Finserv personal loan interest rate starts at 12.99%.
  • Bajaj Finserv offers special personal loan rates for borrowers who are existing bank customers or working in a reputed company.
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Interest Rates on Bajaj Finserv Personal Loan

Bajaj Finserv personal loan interest rates depend upon a number of factors such as borrower’s occupation, credit score, employment history, loan requirement, etc. Apart, the Bajaj Finserv personal loan rates differ across different types of borrowers such as salaried employees, self-employed, pensioners and women borrowers. Bajaj Finserv offers personal loan to salaried individuals at a minimum rate of 12.99%. However, Bajaj Finserv provides various personal loan schemes to cater to the needs of different loan borrowers. These are listed as follows:

Bajaj Finserv Personal Loan SchemeInterest Rate
Digital Personal Loan14.75%

Interest Rates of Bajaj Finserv Personal Loan Schemes

One of the best ways to assess which personal loan scheme is best, is to assess the rate of interest offered in each scheme. The interest rate of each scheme varies depending upon various factors like, the repayment option, tenure, customer profile targeted by the scheme, etc. Below is the complete list of Bajaj Finserv personal loan schemes and the interest rate offered:

Bajaj Finserv Personal Loan SchemeInterest Rate
Digital Personal Loan14.75%

Flexi Loan

  • Flexi Loan facility works like an OD wherein customers can withdraw, deposit and pre pay their loan accounts.
Eligibility:
  • Any applicant with minimum age of 27 years, working in a reputed company is eligible to avail this loan.
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.

Durable Finance Personal Loan

  • Durable Finance loan helps you purchase lifestyle products sucha as electronic appliances, on easy monthly installments.
Eligibility:
  • Durable Finance Loan requires minimal documentation like KYC details, Address proof, one canceled cheque in case of ECS.
Description:
  • The loan is offered for purchasing any consumer durable product up to Rs. 5,00,000.
  • The loan is approved instantly as its sales persons are present in over 7000 electronic stores to help with loan process.
  • Purchase of smaller appliances like phone, computer accessories, music system, small kitchen appliances etc are also covered under this loan.
  • After payment of one EMI, the loan can be fore closed at no extra charges.

Digital Personal Loan

  • Digital Product Finance Loan, allows you to purchase your favorite gadget like smartphones, tablet, laptop on easy EMIs.
Eligibility:
  • Loan can be availed by salaried and self employed minimal documentation like KYC details, Address proof, one canceled cheque in case of ECS.
Description:
  • 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 amount ranges from Rs. 10,000 to Rs. 1 Lakh

Medical Emergency Loan

  • Medical Emergency Loan is offered by Bajaj Finserv to people with need of financial help for healthcare and medical treatment.
Eligibility:
  • Salaried employees with age between 25 to 58 years and with identity proof and address proof for KYC are eligible for medical loan
Description:
  • 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).
  • Bajaj Finserv customer benefit from Bajaj Finserv customer-exclusive pre-approved offers.

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.
Eligibility:
  • 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
Description:
  • Under Line of Credit facility, interest is paid only on the amount utilized.
  • 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.
  • Line of Credit allows you to partly prepay the loan and withdraw amounts within your approved credit limit

Bajaj Finserv loan for Govt Employees & Private Job Employee

While both salaried and self-employed professional can apply for a personal loan, salaried employees can avail Bajaj Finserv personal loan at a comparatively lower interest rate. This is because salaried applicants have stability in their jobs with a fixed source of income. However, the rates and eligibility criteria for Govt employees and Private Job employees may vary in Bajaj Finserv. The lowest personal loan rate for private employees is 12.99%.

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

Employment TypeRate of Interest Minimum AgeMaximum Age
Salaried Starting from 12.99% 25 years 58 years
Self-Employed Professional Starting from 14.00% 27 years 65 years

Bajaj Finserv Personal Loan rate comparison with other banks

Even though Bajaj Finserv has some good personal loan schemes, you cannot be sure about the offerings from one bank unless you analyze multiple banks and their offerings.

Particulars Bajaj Finserv HDFC Bank SBI
Rate of Interest Starting from 12.99% Starting from 10.50% 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 Rs. 1,999 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 feel that they are paying high interest to the lender. Through this facility, you can continue your existing personal loan with Bajaj Finserv at a lower rate of interest. Thus you can switch the lender without closing the loan. Currently Bajaj Finserv offers the lowest personal loan balance transfer rate of Nil.

Factors Affecting Bajaj Finserv Personal Loan Rates

When you apply for a personal loan from Bajaj Finserv, there are various factors which play their part to determine the rate of interest for your loan. Below are the factors which will affect your Bajaj Finserv personal loan rates:

  • Tenure: The interest rates on personal loans are not entirely dependent on the loan tenure, but it does play a part. Based on the policy of the bank, the interest rate can increase or decrease with respect to a shorter or longer time period.
  • Credit Score: Since a personal loan is an unsecured loan, your credit score carries a lot of weightage in determining the rate of interest on your loan. Thus, make sure you apply for the loan when your score is above 800. If you are applying with a score below 800, then you need to be prepared to accept a higher rate of interest.
  • Income: Income is also an essential factor in determining the rate of your loan. With the higher income, you are likely to get into a lower interest rate bracket and vice versa.
  • Loan Amount: The amount of credit you have applied for also affects the rate of interest. Based on your applied loan amount rate of interest can change beyond what is advertised based on specific categories.
  • Repayment Capacity: Banks can also offer you lower interest rates if you have a good repayment capacity.
  • Existing Relationship: Banks also provide some benefits to the existing customers, especially those who have a good track record with the bank.

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 extra interest as a compensation for any shortcoming.
  • Ensure that you maintain a good credit score above 700, so that the lender is ensured of your repayment capability and credibility.Thus, does not charge a higher rate.
  • Ensure maintaining a low credit utilization ratio that highlights that the ratio of your credit availability to expenses is well maintained.
  • Lastly, ensure that you do not apply for a personal loan with multiple lenders apart from Bajaj Finserv so that you do not seem credit hungry.

Bajaj Finserv Personal Loan Charges

Bajaj Finserv applies various charges on personal loans such as processing fee, part payment charges and foreclosure charges. Processing fee applicable on Bajaj Finserv personal loan is Starting from 1.50%, Up to 3%. Bajaj Finserv offers part payment facility on personal loan after 1 month at 2% charges. Bajaj Finserv offers foreclosure fee on personal loan to repay the entire amount after 1 month at 4%.

SchemesProcessing Fee Prepayment ChargesForeclosure Charges
Digital Personal Loan1.50%Nil prepayment chargesNil foreclosure charges

Interest Calculation Method for Bajaj Finserv Personal Loan

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

  • Flat rate method: As per the flat rate method calculator of Bajaj Finserv personal loan interest rate, the 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.

The functioning of the above-mentioned methods for Bajaj Finserv personal loan can be understood with the help of the following table:

ParametersFlat Rate Method Reducing Balance Method
Loan amount₹ 4,00,000₹ 4,00,000
Tenure36 months36 months
Rate of Interest12%12%
Total Interest payout₹ 1,44,000₹ 78,296
Monthly EMI₹ 15,111₹ 13,286
Savings₹ 65,704

Bajaj Finserv Personal Loan Interest Rates Calculation

Let’s say Mr. Maheshwari earns a monthly salary of ₹ 35,000 . His credit score is 810, and he avails the Bajaj Finserv personal loan of ₹ 4 Lakh for a tenure of 2 years. Given his excellent credit score, the interest rate charged on his loan is 12.99%. Thus, the monthly EMIs he would have to pay are listed in the table below:

Months EMIs Principal Paid Interest Paid Outstanding Balance
Feb 2021 ₹ 19,015 ₹ 14,685 ₹ 4,330 ₹ 3,85,315
Mar 2021 ₹ 19,015 ₹ 14,844 ₹ 4,171 ₹ 3,70,471
Apr 2021 ₹ 19,015 ₹ 15,004 ₹ 4,010 ₹ 3,55,466
May 2021 ₹ 19,015 ₹ 15,167 ₹ 3,848 ₹ 3,40,299
Jun 2021 ₹ 19,015 ₹ 15,331 ₹ 3,684 ₹ 3,24,968
Jul 2021 ₹ 19,015 ₹ 15,497 ₹ 3,518 ₹ 3,09,471
Aug 2021 ₹ 19,015 ₹ 15,665 ₹ 3,350 ₹ 2,93,806
Sep 2021 ₹ 19,015 ₹ 15,834 ₹ 3,180 ₹ 2,77,972
Oct 2021 ₹ 19,015 ₹ 16,006 ₹ 3,009 ₹ 2,61,966
Nov 2021 ₹ 19,015 ₹ 16,179 ₹ 2,836 ₹ 2,45,787
Dec 2021 ₹ 19,015 ₹ 16,354 ₹ 2,661 ₹ 2,29,433
Jan 2022 ₹ 19,015 ₹ 16,531 ₹ 2,484 ₹ 2,12,902
Feb 2022 ₹ 19,015 ₹ 16,710 ₹ 2,305 ₹ 1,96,192
Mar 2022 ₹ 19,015 ₹ 16,891 ₹ 2,124 ₹ 1,79,300
Apr 2022 ₹ 19,015 ₹ 17,074 ₹ 1,941 ₹ 1,62,227
May 2022 ₹ 19,015 ₹ 17,259 ₹ 1,756 ₹ 1,44,968
Jun 2022 ₹ 19,015 ₹ 17,446 ₹ 1,569 ₹ 1,27,522
Jul 2022 ₹ 19,015 ₹ 17,634 ₹ 1,380 ₹ 1,09,888
Aug 2022 ₹ 19,015 ₹ 17,825 ₹ 1,190 ₹ 92,063
Sep 2022 ₹ 19,015 ₹ 18,018 ₹ 997 ₹ 74,044
Oct 2022 ₹ 19,015 ₹ 18,213 ₹ 802 ₹ 55,831
Nov 2022 ₹ 19,015 ₹ 18,410 ₹ 604 ₹ 37,420
Dec 2022 ₹ 19,015 ₹ 18,610 ₹ 405 ₹ 18,811
Jan 2023 ₹ 19,015 ₹ 18,811 ₹ 204 ₹ 0

Check Other Banks Interest Rates

FAQs

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 current Bajaj Finserv personal loan interest rate per annum?

Bajaj Finserv is the one of the leading personal loan lenders in India. Currently, it offers personal loans beginning from 12.99% per annum.

What is Bajaj Finserv personal loan interest rate for existing customers?

Bajaj Finserv offers pre approved loans to its existing customers with discounted rates and easier terms and conditions. Bajaj Finserv personal loan interest rate for existing customers begins from 12.99%.

What are the Bajaj Finserv personal loan interest rates for salary account holders?

The personal loan rates of Bajaj Finserv for salary account holders range from 12.99% to 15.50%.

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. A 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 personal loan scheme availed by you, before making any decision.


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Bajaj Finserv Personal Loan News - Feb 2021
  • 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.
  • 2019-10-29 : Bajaj Finance earns revenue worth Rs 1204 crores in the second quarter
    Bajaj Finance declared that its net profit increased to 71 percent to Rs 1204 crores and its total income rose to Rs 14,224 crores. The Bank claims that it earned a large revenue from interests earned on deposits and from retail financing on home and personal loans.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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