Bajaj Finserv Personal Loan Interest Rate

• Bajaj Finserv offers personal loans to salaried individuals at a low rate in comparison to self employed.
• 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

Bajaj Finserv Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Bajaj Finserv personal loan remains unchanged at 12.99% as on 23 Sep, 2021. 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 Loan	14.00% - 15.25%	₹ 1,00,000 - ₹ 25,00,000	Up to 60 months
Personal Line of Credit	14.75% - 15.25%	₹ 1,00,000 - ₹ 25,00,000	Up to 60 months

Employment Type	Lowest Rate	Processing Fees	Prepayment 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%

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	Nil
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 are paying high interest to their existing lender. Through this facility, you can transfer your existing 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.

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 track of 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.

✅What is Bajaj Finserv personal Loan interest rate?

Today, the lowest interest rate on Bajaj Finserv Personal Loan is 12.99% and ranges up to 15.50%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Bajaj Finserv personal loan interest rates for salary account holders are comparatively lower than that for other customers.

✅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 Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) 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 Finserv is offered at both fixed and floating rates. 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 2022?

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 since 23 Sep, 2021.

✅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.

✅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.