Bajaj Finserv Personal Loan apply online in 2023

Bajaj Finserv Personal Loan Apply online

There are many banks and NBFCs that provide personal loans in India and Bajaj Finserv, a leading Non-Banking Financial Company (NBFC), is one of them. Bajaj Finserv provides a higher loan amount at an attractive rate of interest. Bajaj Finserv Personal Loan takes care of everything.

This finance company provides customized funds for multiple purposes like Wedding, Travel, Home Improvement, Medical Emergency and Higher Education, etc. The company offers this loan at an interest rate ranging from 14.00% – 16.00% per annum for a tenure up to 5 years. Apart from that, there is an additional scheme named Flexi Personal Loan which ensures smoother repayment. This is the facility wherein a borrower can pre-pay and drawdown money within the drop-line facility using a self-service process without any hassle.

Bajaj Finserv Personal Loan is a multi-purpose loan and can be taken for any legitimate purpose. So, have a look at some of the main purposes for which you can take money from this lender:

  • Wedding – If you are planning a grand wedding or post-marriage trips, you can take a personal loan to meet the high end expenses.
  • Travel – Bajaj Finserv personal loan enables you to fulfil your travel goals with funds availed against simple eligibility criteria. It covers all the expenses, including flight tickets and hotel bookings during your trip to a national or international destination.
  • Home Renovation – You can manage the expenses for repair and home renovation with Bajaj Finserv instant personal loan and repay over a flexible tenure of your choice.
  • Medical Emergency – Medical emergencies require immediate funding. You can get the same addressed with minimal documentation.
  • Higher Education – Personal loan provides complete financial support to your child during higher education with high-value personal loans. It meets all kinds of expenses such as course fees, travel expenses, hostel charges, and more.

Bajaj Finserv offers personal loans to salaried applicants @ 13% p.a. onwards for loan amounts of up to Rs 25 lakh and for tenures of up to 5 years. It also offers personal loans to self-employed applicants @ 17% p.a. onwards for loan amounts of up to Rs 45 lakh and for tenures of up to 7 years. It provides instant approval to personal loans with minimal documentation and loan disbursal on the same day. Bajaj Finserv also offers pre-approved personal loans to select existing customers.

Bajaj Finserv Personal Loan Highlights – 2022
SalariedSelf-Employed
Interest Rate13% p.a. onwards17% p.a. onwards
Loan AmountUp to Rs 25 lakhUp to Rs 45 lakh
TenureUp to 5 yearsUp to 7 years
Processing FeeUp to 4% of loan amountUp to 2% of loan amount
Minimum Monthly SalaryRs 22,000

Bajaj Finserv Personal Loan Interest rates

For Salaried Applicants13% p.a. onwards
For Self-Employed Applicants17% p.a. onwards

Bajaj Finserv Personal Loan Fees and Charges

For Salaried Applicants

Processing FeeUp to 4% of loan amount
Document/Statement Charges/Account Statement/Repayment Schedule/Foreclosure Letter/Interest Certificate/No dues certificate/Documents listRs 50
Penal Interest2%-4% p.m.
Part pre-payment Charges2% + taxes
Bounce ChargesRs 600-Rs 1,200
Stamp DutyAs per actuals
Mandate Rejection Service ChargeRs 450

Annual Maintenance Charges

Flexi Term Loan0.25% + taxes
Flexi Hybrid Loan0.25% + taxes

Foreclosure Charges

Term Loan4% + taxes
Flexi Term Loan4% + taxes
Flexi Hybrid Loan4% + taxes

For Self-Employed Applicants

Fee TypeCharges
Processing FeeUp to 2% of loan amount
Bounce ChargesUp to Rs 3,000
Penal Interest2% p.m.
Document Processing ChargesRs 2,000 + taxes
Outstation Collection ChargesNA
Document/Statement ChargesRs 50

Types of Bajaj Finserv Personal Loan

  • Travel Loan – To meet the travel expenses including hotel bookings, flight tickets, etc.
  • Wedding Loan – To meet the wedding expenses or honeymoon expenses
  • Loan for Medical Emergencies – To meet the planned and unplanned medical emergencies. Select existing customers of Bajaj Finserv can avail pre-approved personal loans for medical emergencies.
  • Dent Consolation Loan – Consolidate different types of debts, including loans and credit cards, to manage the installments
  • Loan for Higher Education – To meet the expenses of your child’s higher education including course fees, hostel charges, travel expenses, etc.
  • Home Renovation Loan – Instant personal loan to meet the expenses related to home renovation and repair
  • Loan to Purchase Used Cars – To fund the purchase of a second hand car

Eligibility Criteria for Bajaj Finserv Personal Loan

For Salaried Applicants

  • Age: 21-67 years
  • Nationality: Indian
  • Profession: MNC/Public/Private company
  • CIBIL Score: 750 or higher
  • Minimum Monthly Salary: Rs 22,000
  • For applicants from cities like Bangalore, Pune, Mumbai, Delhi, Ghaziabad, Noida, Thane, Chennai, Coimbatore, Hyderabad, the minimum monthly income is Rs 35,000
  • For applicants from Ahmadabad, Kolkata, the minimum monthly income should be Rs 30,000
  • For applicants from Jaipur, Nagpur, Chandigarh, Cochin, Surat, the minimum monthly income should be Rs 28,000
  • For applicants from Lucknow, Goa, Vizag, Bhubaneshwar, Nasik, Indore, Baroda, Aurangabad, Bhopal, Madurai, Mysore, Kolhapur, Jamnagar, Trichy, Jodhpur, Calicut, Raipur, Rajkot, the minimum monthly income should be Rs 25,000
  • Applicants from Junagarh, Hassan, Balangir, Gandhidham, Godhra, should have a minimum monthly income of Rs 22,000

For Self-Employed Applicants

  • Age: 24-70 years
  • Nationality: Indian
  • Credit Score: 750 or higher
  • Business vintage of at least 3

Click here to know more details on Bajaj Finserv Personal Loan Eligibility

Bajaj Finserv Personal Loan Documents Required

Key documents that are required while applying for a personal loan with Bajaj Finserv are as follows:

For Salaried Applicants

  • KYC Documents
  • Salary slips for last 2 months
  • Employee ID card
  • Bank account statement for last 3 months

For Self-Employed Applicants

  • KYC Documents (PAN Card, Aadhaar Card, Passport, Voter ID, Driving License)
  • Proof of business ownership
  • Other Financial Documents

Bajaj Finserv Personal Loan EMI Calculator

EMI Calculator for Bajaj Finserv Personal Loan 2022

personal loan EMI calculator is the tool used to calculate the EMI you have to pay. A borrower can calculate the monthly installments he is liable to pay and decide his/her affordability. By knowing the EMIs in advance, a person can accordingly manage his/her monthly finances. In the EMI calculator, the mandatory fields to be filled in are:

  • Loan Amount
  • Tenure
  • Interest Rate

Let’s just have a better clarity on the same by considering an example below:

Suppose a person is planning to take a loan of INR 2 lakh and is offered the interest rate of 14.00% per annum. Now, the borrower has chosen the loan tenure of 5 years. You can see below the monthly instalments he will have to pay.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNTINTEREST RATETENUREMONTHLY INSTALMENTTOTAL INTEREST AMOUNTTOTAL AMOUNT
₹ 2,00,00014%1₹ 17,957₹ 15,489₹ 2,15,489
₹ 2,00,00014%2₹ 9603₹ 30,462₹ 2,30,462
₹ 2,00,00014%3₹ 6836₹ 46,079₹ 2,46,079
₹ 2,00,00014%4₹ 5465₹ 62,334₹ 2,62,334
₹ 2,00,00014%5₹ 4654₹ 79,219₹ 2,79,219

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YEARPRINCIPALINTERESTBALANCE AMOUNT
1₹ 29,701₹ 26,142₹ 1,70,298
2₹ 34,137₹ 21,706₹ 1,36,160
3₹ 39,235₹ 16,608₹ 96,925
4₹ 45,095₹ 10,749₹ 51,829
5₹ 51,883₹ 4014₹ 0

Bajaj Personal Loan Status

Loan applicants can track their personal loan status after submitting the application. They can check the status by visiting the website and entering the Case ID/File ID/Loan ID. A person is also supposed to enter the mobile number. Soon after doing the same, the loan application status will be displayed on the screen. Thus, it is absolutely easy and a quick process to know the real-time status of your loan. With the help of this online facility, it is easy for you to know whether your loan application has been accepted, rejected or pending. It is that simple and quick!

Bajaj Personal Loan Customer Care Number

Bajaj Finserv has made it convenient for the customers to ask any queries related to loans. A loan seeker can contact the company at the toll-free number: 020 3957 4151. The executives are always there to listen and solve all your queries and complaints. These experts help you in the best way and are always ready to guide and support you.

Bajaj Personal Loan Login

With the online access to your personal loan account, you can login anytime from anywhere. By using the credentials such as the login ID and password, you can check your personal loan details. With the help of this online facility, everything is now on your fingertips as you can easily manage things on the go. That’s amazing, isn’t it?

Bajaj Personal Loan for your Special Needs

Bajaj Finserv offers customized personal loans to meet the unique needs of customers. The lender offers a loan to the following:

  • Government Employees: Employees working in government entities and various PSUs can apply for customized loan offers.
  • Teachers: Teachers can easily meet their financial goals with ease by availing a personal loan from Bajaj. The loan comes with instant approval and disbursal.
  • Women: This instant financing option is for the strong, independent woman of today, and in order to avail the same, women can apply for a personal loan.
  • Debt Consolidation: Consolidate all your existing loans into one and manage your installments effectively with a debt consolidation loan.

Bajaj Finserv Personal Loan CIBIL Score

To avail a personal loan from Bajaj Finserv, you need to have a good CIBIL score. Yes, your three-digit numeric summary is something on which lenders always keep an eye on. So, make sure that you have a score of 750 or above out of 900 to enjoy a hassle-free journey. With such a score, you could easily grab the best deal. And to keep on getting the best deals, it’s important to maintain a good credit score by keeping in mind certain things such as paying bills on time, etc.

Why Choose Bajaj Finserv Personal Loan?

Here are some of the main features of Bajaj Finserv that make it different from others.

  • Online Loan Applications: Candidates can apply from the comfort of home or office using the online service. One just has to visit the official website of the lender and fill in the application form.
  • Get Instant Online Approval: Now that the world is becoming digital in all aspects, the online process is, of course, time-saving. The applicant can get instant paperless approval on their online application within a few minutes.
  • Get Money in 24 hours: To fulfill the sudden need of money, Bajaj Finserv offers the fastest loans in India – with disbursal of the loan amount into the applicant’s bank account within 24 hours of getting approved.
  • Loan Amount up to INR 20 lakh: Bajaj Finserv gives one of the highest funds up to INR 20 lakhs with the flexible repayment option and tenure ranging from 12 to 60 months.
  • Online Account Access: After all the formalities are completed, a person can access all the information related to the payment schedule, EMI payable, interest certificate, and other information.
  • Attractive Rate of Interest: The interest rates at Bajaj are one of the lowest, with the starting rate of 13.00%* per annum.
  • Attractive Offers for Existing Customers: The existing customers of Bajaj Finserv are eligible for exclusive pre-approved offers.
  • Part Prepayment Facility: There is a facility to make part prepayment by which you can reduce the interest burden. You can enjoy shorter processing time. All you need to do is share your basic contact details, the one time password (OTP) and check your pre-approved offer.
  • Zero Foreclosure Charges: The company does not charge anything on the foreclosure and hence you can save more.
  • 24X7 Customer Support: The 24X7 customer support helpline, including a toll-free number, email and SMS is available for the convenience of the customers.
  • No Hidden Charges: Bajaj Finserv comes with transparency in their loan and also with no hidden charges.

Why Apply for a Personal Loan at national info?

  1. Multiple Offers from Top Lenders: National info has partnered with many bank partners to provide the best available loan offers from multiple lenders under one roof.
  2. Compare and Choose: National infolets you compare interest rates and other features such as foreclosure charges, processing fees, disbursal offered by various lenders and choose the suitable option for yourself.
  3. Chances of Approval: Personal loan offers offered by Paisabazaar are rank-ordered on the basis of the chances of approval determined as per your credit score and other eligibility factors. This helps you select the offer having the highest chances of approval.
  4. Pre-Approved Loans: Once a part of National info, you receive personalised pre-approved personal loan offers based on your credit health from time to time. These loan offers come with low processing fees, low interest rates and minimal to no documentation.
  5. Unbiased Advice: National info team of experts offer unbiased advice and complete guidance at every step in case you have any queries or need assistance to help you choose the most-suited loan offer.
  6. 100% Digital Process: With National info the entire process from loan application, document submission to the approval of your personal loan can be carried out online from the comfort of your home or office.
  7. Document Pickup: The National info platform also offers customers the advantage of document pickup from their home/ office at a mutually agreed date and time at zero charges in case physical documentation is required.
  8. End-to-end Assistance: From looking out for a loan offer to getting the loan disbursed to your bank account, the Paisabazaar team helps you and works with the lenders in the background, to give you a hassle-free experience.

What is Bajaj Finserv Flexi Personal Loan?

The Flexi loan account is the facility wherein a borrower gets the facility to prepay and draw-down money within the drop-line facility. A borrower can also opt for a self-service process to save time. This flexi loan allows you to borrow the funds anytime you need it and pre-pay when you can from a single pre-approved loan limit. All that can happen instantly.

Benefits of Bajaj Finserv Flexi Loans

If a person chooses the flexi loan facility, he/she can save interest cost by pre-paying any additional or idle funds (if any) without paying any charges on the part-paid amount. Here are some of the benefits of flexi loans over an existing term loan that will help you in taking a decision henceforth:

  • Flexibility to pre-pay the loan with idle funds without any extra cost involved
  • Re-avail the pre-paid amount within the drop-line facility at any time during the loan tenure with no additional documentation needed
  • Interest paid only on the utilized loan amount.
  • Easy and hassle-free online transactions with self-service account access tool for drawdown and RTGS (Real-time Gross Settlement Systems) that allows pre-payment through net banking facility
  • Facility to make prepayments for up to 6 times in a year

Hybrid Flexi Personal Loan EMI Calculator

If you opt for the Bajaj Flexi Personal Loan, ensure you use the Hybrid Flexi Personal Loan EMI Calculator too. This will work differently to the Personal Loan EMI Calculator elaborated above. Let’s check out how you can use the calculator to compute repayment estimates for you.

  • Visit the official website of Bajaj Finserv and then on to ‘Caclulators’ and ‘Hybrid Flexi Personal Loan EMI Calculator’
  • Enter the personal loan amount you want to apply for
  • Choose the loan tenure
  • Thereafter, the initial and subsequent tenure will get populated automatically
  • Choose the interest rate offered

Now under the Enter Your Transactions Below section, you will need to do as follows –

  • Choose the loan commencement date
  • Choose the month and year of transaction before entering the part-payment or withdrawal amount
  • Click on the +sign to add transactions
  • Anyway, your first transaction will be part-payment only

Once you do all these, the repayment schedule will pop up on your screen.

Flexi Day-wise Interest Calculator

You can even check the interest charged on a daily basis using the Flexi Day-wise Interest Calculator. Here’s what you need to do to check the interest payment.

  • Visit the official website of Bajaj Finserv, click on ‘Calculators’ and navigate to ‘Flexi Day-wise Interest Calculator’
  • Select the bill due date from the dropdown
  • Enter the loan amount you apply for and the one you utilized
  • Enter the interest rate offered on the loan
  • A summary will come on to your screen
  • If you want to utilize further, you can write the amount under the ‘Withdrawal’ column shown on the screen. Do write it against the date on which you do. The same thing applies for any deposit you make.

Depending on your withdrawals and deposits, the repayment summary will change.

How to Apply

Step 1: Fill the application form with all the required details and submit the same

Step 2: For an instant approval, select the required loan amount and tenure.

Step 3: The executives will get in touch with you to get the required documents.

Step 4: Soon after the verification, the loan amount will be credited to your account

Bajaj Finserv Customer Care

Customer Care Number: 8698010101 – Charges apply
You can also give a missed call on 8506889977 and subscribe to WhatsApp assistance

FAQs

Q. Can I foreclose or prepay the Bajaj Finserv personal loan?

A. Yes, you can foreclose your Bajaj Finserv personal loan account. A foreclosure charge of 4% is applicable on the outstanding principal. You can also make part-prepayments of your personal loan subject to 2% of the outstanding loan amount after complete payment of your first EMI.

Q. What are the factors that affect the interest rates of Bajaj Finserv Personal Loan?

A. The personal loan interest rates approved by Bajaj Finserv would depend on the applicants’ credit score, age, employment, monthly income and debt-to-income ratio. The existing customers may be offered personal loans at more favourable interest rates.

Q. At what minimum credit score can I avail personal loan from Bajaj Finserv?

A. You should have a credit score of 750 or more to avail Bajaj Finserv Personal Loan.

Q. Can I choose between fixed or floating rate for Bajaj Finserv personal loan?

A. Bajaj Finserv offers personal loans only at fixed rates of interest.

Q. Do I need any security or guarantors while applying for Bajaj Finserv Personal Loan?

A. Bajaj Finserv does not require any security, collateral or guarantor for availing personal loans.