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Bajaj Finserv Personal Loan Closure

Bajaj Finserv Foreclosure Charges

Last Updated 23rd Sep 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 After 1 Month at 2%
Foreclosure Fee Allowed After 1 Month at 4%
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HDFC Bank10.25%₹ 2,137Check Eligibility
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Bajaj Finserv Personal Loan Pre-Closure

You can avail foreclosure of Bajaj Finserv personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you 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 preclosure 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 Bajaj Finserv foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Bajaj Finserv Personal Loan Part-Payment

Apart from foreclosing 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%

Fees and Charges of Bajaj Finserv Personal Loan Closure

Fees and charges associated with preclosure of Bajaj Finserv Personal Loan are listed as follows:

  • Part payment is Allowed at 2% after 1 Month
  • Foreclosure is Allowed at 4% after 1 Month

Bajaj Finserv Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing 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 you have 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, you can opt for Bajaj Finserv foreclosure or part payment of the loan.

Required Documents for Bajaj Finserv Personal Loan Closure

The documents required for Personal loan foreclosure from Bajaj Finserv 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 and payment receipts from Bajaj Finserv.

Check Prepayment Charges of Other Banks

FAQs

What is the Bajaj Finserv pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. 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 Bajaj Finserv personal loan affect CIBIL?

Foreclosure of Bajaj Finserv personal loan 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 - Nov 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.
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