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Bajaj Finserv Personal Loan Closure

Bajaj Finserv Foreclosure Charges

Last Updated 28th May 2021

  • Bajaj Finserv Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Bajaj Finserv Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Bajaj Finserv branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Allowed at 2%
Foreclosure fee Allowed Allowed at 4%
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Bajaj Finserv Personal Loan Pre-Closure

Foreclosure of Bajaj Finserv personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Bajaj Finserv allows part payment of personal loan after 1 Month at 4%

Steps of Bajaj Finserv personal loan pre closure are as follow:

  • Visit the Bajaj Finserv branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Bajaj Finserv.
  • Pay the outstanding loan amount as well as the foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Bajaj Finserv Personal Loan Part-Payment

Apart from foreclosing of Bajaj Finserv Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Bajaj Finserv allows part payment after 1 Month at 2%

Fee and Charges of Bajaj Finserv Personal Loan Closure

Fees and charges associated with personal loan closure for Bajaj Finserv Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at 2%
Foreclosure fee Allowed Allowed at 4%

Bajaj Finserv Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Bajaj Finserv Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of Bajaj Finserv Personal loan are as follow:

  • Pay the last instalment of the Bajaj Finserv loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Bajaj Finserv branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that the borrower has paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Bajaj Finserv Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Bajaj Finserv Personal Loan Closure

The documents required for Personal loan closure are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates, payment receipts from Bajaj Finserv.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. Bajaj Finserv allows part payment of personal loan after 1 Month at 2%.

Can we close personal loans online for Bajaj Finserv?

No, you cannot close the personal loans online for Bajaj Finserv. Individuals are required to visit the Bajaj Finserv Branch to close the personal loan.Below are the steps to close the Bajaj Finserv personal loan:

  • Visit the nearest Bajaj Finserv branch.
  • Carry necessary documents like identity proof, address proof,and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Bajaj Finserv will give the acknowledgement letter and NOC.

Does foreclosure of loan affect CIBIL?

Foreclosure may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.


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Bajaj Finserv Personal Loan News - Jun 2021
  • 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.
  • 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.
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