Bajaj Finserv Personal Loan Interest Rate

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 Scheme	Interest Rate
Digital Personal Loan	14.75%

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 Scheme	Interest Rate
Digital Personal Loan	14.75%

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

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%.

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

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 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.

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.

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 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%.

Schemes	Processing Fee	Prepayment Charges	Foreclosure Charges
Digital Personal Loan	1.50%	Nil prepayment charges	Nil foreclosure charges

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:

Parameters	Flat Rate Method	Reducing Balance Method
Loan amount	₹ 4,00,000	₹ 4,00,000
Tenure	36 months	36 months
Rate of Interest	12%	12%
Total Interest payout	₹ 1,44,000	₹ 78,296
Monthly EMI	₹ 15,111	₹ 13,286
Savings		₹ 65,704

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

✅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.