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    Overview of Bajaj Finserv Personal Loan

    Bajaj Finserv is one of the largest financial institutions in the country that’s not a bank. They are heavily relied upon for finance of consumer durables in India. Bajaj Finserv also offers loans of all kinds, from personal to home, vehicle loans to business loans. Bajaj Finserv Personal Loan provides you with one of a kind features and benefits, like it’s quick and easy approval process. Bajaj Finserv Personal Loan will help you get rid of a financial crisis you're facing, meeting an urgent expense, paying for wedding costs or any other financial help you might need.

    Bajaj Finserv Personal Loan Interest Rates

    Personal loan offered by Bajaj Finserv depends on normal factors that are followed by all financial institutions, such as customer’s credit history or CIBIL report, their monthly income and repayment capacity, etc. Bajaj Finserv personal loan interest rate for 2015 is 16%. They also charge fees for processing the application that stands at 2-3% of the loan amount, a secure fee charge for online applications only, EMI bounce charges of Rs. 1,000, and penal charges that stand at 2% per month. Bajaj Finserv doesn’t charge you any foreclosure penalties for foreclosure of the loan.

    Interest rates16%
    Loan amountRs. 25, 00, 000 - depends on your income and final sanction from the company
    Loan tenure12 months to 60 months
    EMI per lakh (Check the EMI on your personal loan)Rs. 2,432 The loan amount is Rs 1 lakh, tenure as 60 months, and processing fees at 3% making it Rs. 3000/-
    Prepayment chargesNo prepayment charges
    EMI bounce chargesRs. 1000 for every EMI bounce
    Penal charges2% per month
    Processing Fees2-3% of the loan amount
    Foreclosure chargesNil

    How to calculate the interest/ EMI on Bajaj Finserv Personal Loan?

    Today with everything being online, there are tools to help you with your financial transactions. The financial calculators help you calculate your EMIs, eligibility, simple and compound interest and more. Both Bajaj Finserv and BankBazaar will help you with EMI calculators they have on their websites, you can login to the website and enter the details of your loan, like amount, interest rate, tenure of the loan, processing fees if any, etc. The website will calculate the EMI and display a result that’s simple and easy to comprehend.

    As an example, Michael Das takes a personal loan for Rs. 1, 00, 000 from Bajaj Finserv, with an interest rate of 16.00%. The tenure of her/his loan is 5 years resulting in a monthly EMI of Rs.2,432. In the table below you can see the payments on a yearly basis which Michael pays back to Bajaj Finserv.

    Loan table:

    YearPrincipal paid (Rs)Interest paid (Rs)Balance amount (Rs)

    Factors that affect your Bajaj Finserv Personal Loan Interest Rates

    • Monthly Income: Your regular monthly income will determine, the amount of loan and the interest rate that can be charged while you apply for a personal loan. If you earn a regular income that shows your repaying capacity, the interest rates will be applied as per your income.
    • Relationship with Bajaj Finserv: If you are a previous customer of Bajaj Finserv then they are aware of your loan history and your repaying capabilities and the rate of interest they can offer you will be judged as per this relationship. Consideration may be given to you as per their discretions, due to the past actions, your past loan repayments, and they may offer the people who are valued to them lower rates of interest.
    • Age: Owing to the way younger applicants live their lives and follow the lifestyles the way they do, banks generally charge a potential borrower a higher rate of interest.
    • Loan tenure: If a borrower decides to take a loan for a shorter duration, the rate of interest is generally higher in comparison to a loan taken for more number of years.

    How your CIBIL score can affect you Bajaj Finserv Personal Loan Interest Rates?

    One should never neglect their CIBIL score as it is very important. The CIBIL report always shows your repayment capabilities, credit score and credit history. Most financial institutions and banks like Bajaj Finserv can offer you a lower rate of interest if your score is high in comparison to other borrowers with a lower score. Scores of 750 and more are very good scores, and making regular payments in a timely manner and not defaulting on your payments could result in a very good score for you.

    Key things you should know about Bajaj Finserv Personal Loan Interest Rates

    • The personal loan interest rate offered by Bajaj Finserv is subject to the repo rate of the Reserve Bank of India, and may be reduced further in the months to come, but not immediately.
    • Bajaj Finserv doesn’t need you to provide them with any kind of security, guarantor, or collateral. If you are able to provide Bajaj Finserv with any kind of security, they will not change or reduce the rate of interest offered to you because of it.
    • Your CIBIL score and report can affect the rate of interest offered to you by Bajaj Finserv, it is possible for Bajaj Finserv to charge different rates to customers who have different CIBIL scores, even for the same amount and tenure.
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