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  • Bajaj Finserv Personal Loan Interest Rates

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  • Bajaj Finserv offers personal loan interest rates starting at 12.99% p.a. This loan can be availed by salaried employees to fund their financial requirements. Prospective applicants can borrow up to Rs.25 lakh. The borrowed loan amount will have to be repaid within a loan tenure between 12 months and 60 months. The lender also charges a one-time processing fee of 3.99% of the borrowed loan amount.

    Particulars Details
    Interest Rate 12.99% p.a.
    Processing Fee 3.99%
    Loan Tenure 12 - 60 months
    Loan Amount Up to Rs.25 lakh
    Salary/Income Rs.25,000 – Rs.35,000*
    Employment Status Salaried
    Credit Score Ideal score: 700+
    Lowest EMI per Lakh Rs.2,275**
    Foreclosure Charges 4% of the outstanding principal plus taxes
    Part-Payment Fee 2% of the part-payment amount plus taxes
    Overdue EMI Interest 2% of the monthly EMI plus taxes or Rs.200

    *Note: Salary/income requirements will vary based on where you reside.

    *Note: For the EMI calculation, it is assumed that a loan amount of Rs.1 lakh has been borrowed for a loan tenure of 5 years at an interest of 12.99% p.a., with a processing fee of 3.99%.

    Factors Affecting Bajaj Finserv Personal Loan Interest Rates

    • Monthly Income: Your regular monthly income will determine the interest rate that you will be charged when you apply for a personal loan. Individuals who earn a high monthly income are considered a safer bet. Thus, it is likely that those with high incomes will be offered a lower rate of interest.
    • Relationship with Bajaj Finserv: If you have a prior relationship with Bajaj Finserv or are an existing customer of Bajaj Finserv, you may be offered a lower rate of interest. Keep in mind that to avail a lower interest rate, you should have repaid your past EMI as per schedule.
    • Credit Score: Your credit score indicates how likely you are to repay your loans and debts on time. Thus, if you have a credit score over 700, Bajaj Finserv may charge you a reduced rate of interest. If you have a low credit score, Bajaj Finserv may reject your personal loan application or charge you a high rate of interest.
    • Reputation of Your Current Organisation: Individuals who are employed with reputed organisations are likely to be offered a reasonable rate of interest.
    • Loan Tenure: Certain lenders will charge you a lower rate of interest if you are opting for a longer loan tenure. Keep in mind that if you opt for a long loan tenure, you will need to pay interest on the borrowed loan amount for a longer period of time, thus increasing the total repayment amount.

    Other Fees and Charges

    • Bounce charges: Rs.600 to Rs.1,200 per bounce
    • Secure fee: Rs.4,499
    • Outstation collection charges: Rs.65 plus applicable taxes
    • Mandate rejection service charge: Rs.450
    • Document/statement charges: Rs.50 for physical copies of documents

    Illustration

    To better understand how a personal loan that is borrowed from Bajaj Finserv will work, let us look at two examples:

    Illustration 1: Mr. Arjun, who is employed at a leading MNC, earns a monthly income of Rs.25,000. He is in need of credit due to an upcoming wedding in his family. He, thus, decides to borrow a personal loan of Rs.3 lakh from Bajaj Finserv, which he will repay over a period of 2 years. Bajaj Finserv charges him an interest rate of 12.99% p.a. and a processing fee of 3.99%. The amortisation details for the loan amount borrowed by Mr. Arjun is as follows:

    Loan Amount? Rs.3 lakh
    Processing Fee? 3.99% of the borrowed loan amount
    Loan Tenure? 2 years or 24 months
    Interest Rate? 12.99% p.a.
    Month Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    1 Rs.11,014 Rs.3,247 Rs.14,261 Rs.2,88,986
    2 Rs.11,133 Rs.3,128 Rs.14,261 Rs.2,77,854
    3 Rs.11,253 Rs.3,008 Rs.14,261 Rs.2,66,600
    4 Rs.11,375 Rs.2,886 Rs.14,261 Rs.2,55,225
    5 Rs.11,498 Rs.2,763 Rs.14,261 Rs.2,43,727
    6 Rs.11,623 Rs.2,638 Rs.14,261 Rs.2,32,104
    7 Rs.11,749 Rs.2,513 Rs.14,262 Rs.2,20,355
    8 Rs.11,876 Rs.2,385 Rs.14,261 Rs.2,08,479
    9 Rs.12,004 Rs.2,257 Rs.14,261 Rs.1,96,475
    10 Rs.12,134 Rs.2,127 Rs.14,261 Rs.1,84,341
    11 Rs.12,266 Rs.1,995 Rs.14,261 Rs.1,72,075
    12 Rs.12,398 Rs.1,863 Rs.14,261 Rs.1,59,677
    13 Rs.12,533 Rs.1,729 Rs.14,262 Rs.1,47,144
    14 Rs.12,668 Rs.1,593 Rs.14,261 Rs.1,34,476
    15 Rs.12,805 Rs.1,456 Rs.14,261 Rs.1,21,670
    16 Rs.12,944 Rs.1,317 Rs.14,261 Rs.1,08,726
    17 Rs.13,084 Rs.1,177 Rs.14,261 Rs.95,642
    18 Rs.13,226 Rs.1,035 Rs.14,261 Rs.82,416
    19 Rs.13,369 Rs.892 Rs.14,261 Rs.69,047
    20 Rs.13,514 Rs.747 Rs.14,261 Rs.55,534
    21 Rs.13,660 Rs.601 Rs.14,261 Rs.41,874
    22 Rs.13,808 Rs.453 Rs.14,261 Rs.28,066
    23 Rs.13,957 Rs.304 Rs.14,261 Rs.14,108
    24 Rs.14,108 Rs.153 Rs.14,261 Rs.0

    As seen above, Mr. Arjun will have to pay a monthly EMI of around Rs.14,261 to Bajaj Finserv. Over the course of the loan repayment term, he will be paying a total interest of Rs.42,267. The total repayment amount, which will include the loan amount of Rs.3 lakh, a processing fee of Rs.11,970, and a total interest of Rs.42,267, will amount to Rs.3,54,237.

    Illustration 2: Ms. Sonali works at a reputed MNC in Bengaluru and earns a monthly income of Rs.50,000. She is looking to borrow a personal loan for Rs.5 lakh from Bajaj Finserv to finance her upcoming travel plans. She chooses a loan repayment term of 2 years. Bajaj Finserv charges her an interest rate of 12.99% p.a. and a processing fee of 3.99%. Given below are the amortisation details for loan amount borrowed by Ms. Sonali:

    Loan Amount Rs.5 lakh
    Processing Fee 3.99% of the borrowed loan amount
    Loan Tenure 2 years or 24 months
    Interest Rate 12.99% p.a.
    Month Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    1 Rs.18,356 Rs.5,412 Rs.23,768 Rs.4,81,644
    2 Rs.18,555 Rs.5,214 Rs.23,769 Rs.4,63,089
    3 Rs.18,756 Rs.5,013 Rs.23,769 Rs.4,44,334
    4 Rs.18,959 Rs.4,810 Rs.23,769 Rs.4,25,375
    5 Rs.19,164 Rs.4,605 Rs.23,769 Rs.4,06,211
    6 Rs.19,371 Rs.4,397 Rs.23,768 Rs.3,86,840
    7 Rs.19,581 Rs.4,188 Rs.23,769 Rs.3,67,259
    8 Rs.19,793 Rs.3,976 Rs.23,769 Rs.3,47,466
    9 Rs.20,007 Rs.3,761 Rs.23,768 Rs.3,27,458
    10 Rs.20,224 Rs.3,545 Rs.23,769 Rs.3,07,235
    11 Rs.20,443 Rs.3,326 Rs.23,769 Rs.2,86,792
    12 Rs.20,664 Rs.3,105 Rs.23,769 Rs.2,66,128
    13 Rs.20,888 Rs.2,881 Rs.23,769 Rs.2,45,240
    14 Rs.21,114 Rs.2,655 Rs.23,769 Rs.2,24,126
    15 Rs.21,342 Rs.2,426 Rs.23,768 Rs.2,02,784
    16 Rs.21,573 Rs.2,195 Rs.23,768 Rs.1,81,210
    17 Rs.21,807 Rs.1,962 Rs.23,769 Rs.1,59,403
    18 Rs.22,043 Rs.1,726 Rs.23,769 Rs.1,37,360
    19 Rs.22,282 Rs.1,487 Rs.23,769 Rs.1,15,079
    20 Rs.22,523 Rs.1,246 Rs.23,769 Rs.92,556
    21 Rs.22,767 Rs.1,002 Rs.23,769 Rs.69,789
    22 Rs.23,013 Rs.755 Rs.23,768 Rs.46,776
    23 Rs.23,262 Rs.506 Rs.23,768 Rs.23,514
    24 Rs.23,514 Rs.255 Rs.23,769 Rs.0

    As per the above-mentioned table, Ms. Sonali will have to pay an EMI of Rs.23,769 on a monthly basis. The total interest due, in her case, will be Rs.770,446. She will need to pay a processing fee of Rs.19,950. The total repayment amount will be Rs.5,90,396.

    Bajaj Finserv is one of the leading lenders in the country. However, ensure that you check the lender’s eligibility criteria and the various particulars of the loan before you apply for it.

    FAQs

    1. When will I receive the loan amount?
    2. The sanctioned loan amount will be disbursed into your account within 24 hours of your documents being verified.

    3. How do I repay the borrowed loan amount?
    4. You can repay EMIs via post-dated cheques or through the ECS facility.

    5. Can I apply for a personal loan from Bajaj Finserv through online channels?
    6. Yes, the lender allows online applications.

    7. Can I make part-payments at any time during the loan tenure?
    8. Yes, you can make begin making part-payments 36 hours after the loan gets disbursed into your account.

    9. Is there any way to reduce my EMI payments?
    10. To reduce your EMI payments, you can borrow a smaller sum of money, opt for a longer repayment tenure, or negotiate for a better interest rate.

        

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