Multiple banks. Different interest rates. Call it a "conflict of interest".
Loading your search...
Close

Compare, check your eligibility and apply online instantly.

  • Bajaj Finserv Personal Loan is Rated as "Great!" by 1837 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Bajaj Finserv Personal Loan

    Bajaj Finserv offers a wide range of personal loan options to individuals across the nation. Bajaj Finserv is a financial services company, which is a part of Bajaj Holdings & Investments Limited. The best part about this loan option is that you will be paying only interest as your EMIs. When you choose this product offered by Bajaj Finserv, your EMIs will be as low as Rs.1292 for each lakh. The company has exclusive personal loan options for funding your wedding, medical emergencies, home improvement projects, travel plans, higher education, and more!

    Features and benefits of Bajaj Finserv Personal Loan

    Enquire for Bajaj Finserv Personal Loan
    • Your Bajaj Finserv personal loan will be disbursed in just 24 hours. The NBFC makes sure that you receive your money quickly so that you can meet your requirements without much delay.
    • Bajaj Finserv will provide you with reliable support throughout your personal loan application and approval process.
    • When you apply for this loan on the official website of the company, you will get a response from the bank within just 5 minutes.
    • Bajaj Finserv has an online personal loan eligibility facility on its official website that allows you to know if you are eligible for the loan or not. This facility is very convenient and helpful.
    • If your loan is approved by the company, a representative from the company will visit you in order to collect your documents for proof.
    • Bajaj Finserv offers personal loans of up to Rs.25 lakh.
    • The minimum loan tenure for this product is 24 months and the maximum loan tenure for this product is 60 months.

    Bajaj Finserv Personal Loan Eligibility

    • You will need to be at least 25 years and not more than 55 years in order to apply for this loan.
    • You should be an Indian citizen living in any of the cities including Ahmedabad, Chandigarh, Cochin, Jaipur, Kolkata, Nagpur, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad, Mumbai, Noida, Pune, Surat, Thane, Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag, Trichy , Calicut , Bhopal, Goa , Kolhapur , Raipur, Vapi , Jamnagar , Jodhpur , Lucknow , and Rajkot.
    • You should be a salaried employee at a public company, an MNC, or a private company.
    • The company has different minimum income requirements for individuals residing in different cities.
      • If you are residing in Ahmedabad, Chandigarh, Cochin, Jaipur, Kolkata, or Nagpur, your monthly income should be at least Rs.35,000.
      • If you are living in Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurugram, Hyderabad, Mumbai, Noida, Pune, Surat, or Thane, your monthly income should be at least Rs.40,000.
      • If you are residing in Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag, Trichy , Calicut , Bhopal, Goa , Kolhapur , Raipur, Vapi , Jamnagar, Jodhpur , Lucknow , or Rajkot, your monthly income will need to be at least Rs.30,000.

    Bajaj Finserv Personal Loan Eligibility Calculator

    The official website of Bajaj Finserv has a personal loan eligibility calculator which is very simple and user-friendly. All you need to do is, enter your date of birth, your employer details, your city of residence, your net salary, all your outstanding amounts on your credit cards (if any), and all your EMIs from other loans (if any). You will also need to mention if you have a home loan by checking ‘yes or no’.

    Bajaj Finserv Personal Loan Documents Required

    • For proof of employment, you can give your employee ID card.
    • For proof of income, you can give your salary slips for the last 2 months.
    • For proof of address, you can give your driving license, passport, ration card, letter from your organisation, or your most recent mobile bill.
    • For proof of identity, you can give your voter ID card, PAN card, passport, or driving license.
    • For bank statement proof, you can give your salary account bank statement for the most recent 3 months.

    Bajaj Finserv Personal Loan Fees and Charges

    Type of fee or charge Amount
    Processing fee 2.25% to 3% p.a. of your loan amount
    Secure fee for online applications Rs.2,499
    EMI bounce charges Rs.1,000 for each bounce
    Foreclosure charges for a time period of more than 1 month 4% along with applicable taxes on principal outstanding
    Annual maintenance charges Personal Line: 0.25% on Flexi Dropline limit Line of Credit: 0.25% on the approved loan amount Flexi Loan: 0.25% on Flexi Dropline limit
    Part prepayment charges for a time period of more than 1 month 2% along with applicable taxes on part payment amount that is paid
    Penal interest 2% per month

    *You will be required to pay more than 1 EMI as your part payment.

    Bajaj Finserv Flexi Loans

    Bajaj Finserv offers a unique Flexi Loan account. With this account, you can pre-pay your funds and even draw funds easily with the help of the drop-line facility offered by the company. When you take this, you can save a lot of money on your interest. When you have any extra money or money that is not being used for anything particular, you can pre-pay it and you will not be required to pay any interest on this amount that you pay in parts.

    Features and advantages of Bajaj Finserv Flexi Loans

    • This loan facility enables you to make pre-payments when you have additional money during certain periods. Moreover, you do not have to pay any additional cost for pre-paying your money.
    • You can stay away from paying any interest on your pre-paid amount. You will be required to pay interest only on the funds that are used by you. This way, the Flexi Loan facility helps you in saving money.
    • With the drop-line facility offered for this product, you can get the pre-paid amount again if you want. This will be allowed only within the same loan tenure. Also, you do not have to provide separate documentation for this re-availing process.
    • This Flexi Loan facility is a self-service facility and hence, you can manage and organise your account efficiently at your own convenience.
    • You can make use of this facility even online by signing into the Bajaj Finserv customer portal. You can utilise RTGS to pre-pay your loan amount and the portal for the drawdown feature.

    Bajaj Finserv Pre-Approved Loan Offers

    If you are an existing customer with Bajaj Finserv, you are entitled to get special pre-approved personal loan offers. In case you are looking for any pre-approved offer, you can get in touch with a representative from the company for full details.

    Bajaj Finserv Personal Loan for Medical Emergencies

    When you are in need of money or medical emergencies or healthcare, you can rely on the exclusive Loan for Medical Treatment provided by Bajaj Finserv. You can apply for this loan option even online. If your loan gets approved and if you have submitted your documents accurately, your funds will be delivered to you within just 3 days. Since this is a medical emergency, your loan will get approved within just 5 minutes.

    This facility provides you with good online account access. Here, you can check your interest certificate, payment schedule, and repayment track.

    The eligibility criteria, fees and charges, and documentation details are similar to that of personal loans.

    Bajaj Finserv Personal Loan for Higher Education

    Are you planning to pursue your higher studies in a unique field somewhere abroad? Whether you want to study in a premier institution in the country or study in a foreign university, you can take the right assistance from Bajaj Finserv to sponsor your top-quality education needs. This exclusive loan option offered for higher education is easily accessible. You only need to keep all the relevant documents regarding your education course and different fees for your course ready.

    The company also provides promotional offers and pre-approved offers for personal loans for higher education. This loan option is great for anyone who wants to follow his or her career dream.

    The eligibility criteria, fees and charges, and documentation details are similar to that of personal loans.

    Bajaj Finserv Personal Loan for Travel

    Whether you are planning to travel to any foreign country or to the mountains, you can apply for the Bajaj Finserv Personal Loan for Travel. Your application form will be approved quickly and you will receive a response from the bank within just 5 minutes! Do not let go of your dream to explore the world due to lack of funds. You can acquire an affordable loan from the company and then have the time of your life. You can repay the loan step by step in monthly installments.

    Bajaj Finserv Personal Loan for Wedding

    Planning a wedding is an exciting and lively journey. You will require a lot of funds in order to make arrangements for a wedding. Whether you are getting married or your family members are getting married, you can take this exclusive personal loan from Bajaj Finserv to finance your entire event management. You can have a destination wedding or a wedding at a wonderful bungalow in your dear hometown. With the right kind of financial assistance, you can have the perfect wedding that you can cherish all your life.

    A Bajaj Finserv personal loan for wedding gets approved instantly within 5 minutes. Your EMIs for this loan option will be as low as Rs.1,200 to 1,300. If you meet the wedding loan eligibility criteria and if you provide the right documents for proof, you will get your loan within 3 days itself!

    The eligibility criteria, fees and charges, and documentation details are similar to that of personal loans.

    Bajaj Finserv Loan against Shares

    Have you invested in a particular share, bond, or mutual fund? If this security of yours is listed with Bajaj Finserv, you can utilise it to apply for a loan from Bajaj Finserv. This way, you will not be required to provide a collateral for your loan approval. It is essentially an unsecured loan. The minimum age requirement for this loan is 25 years. To be eligible for this loan, the value of your securities will need to be at least Rs.25 lakh. The rate of interest for this loan is 11% p.a. The loan quantum ranges from Rs.15 lakh to Rs.10 crore.

    Bajaj Finserv Line of Credit

    Bajaj Finserv offers an exclusive line of credit facility that enables you to coordinate and organise your cash proficiently. It provides you with an opportunity to engage in financial management without any professional help.

    A line of credit refers to a feature in which you are given an amount of credit by your borrower. It is a form of financial arrangement where a lender offers a maximum loan balance to the customer and allows the customer to maintain it.

    Features and benefits of Bajaj Finserv Line of Credit

    • Under the Bajaj Finserv Line of Credit facility, you will be required to pay interest only on the amount that you use and not on the untouched amount. Moreover, your monthly installment amount will not consist of the principal amount. You will only be paying the interest on a monthly basis. You will be asked to pay the principal only towards the end of your personal loan tenure.
    • You may also prepay certain amounts of money in parts. This is known as part pre-payment. You will also be allowed to withdraw money in your assigned line as per your preference.
    • The line of credit facility is similar to the Flexi Loan facility offered by Bajaj Finserv. However, the only difference between the two is that in a credit line option, the credit does not go down by any dropline amount. In a Flexi Loan facility, the credit does reduce.
    • You will not be asked to pay any charges when you withdraw funds from this line of credit account.
    • You will not be required to submit any security or collateral in order to avail this facility.
    • You can repay this credit with the help of the bullet repayment option. This option is very convenient as it is a form of lump sum payment.
    • This facility can be utilised online by visiting the online customer portal of Bajaj Finserv.
    • You may also convert your line of credit facility to a term loan according to your preference.

    Bajaj Finserv Personal Loan Interest Rates

    The interest rate for personal loans offered by Bajaj Finserv starts from 11.99% p.a.

    Your overall personal loan expense will depend on your monthly installment amounts. These installment amounts will be determined by your interest rate, loan tenure, income, loan amount, etc. Hence, you should make sure that you meet the requirements laid by Bajaj Finserv. You should also negotiate with your representative at the company skilfully in order to get a good interest rate.

    How to calculate EMIs for Bajaj Finserv Personal Loans

    You can compute the EMIs for your personal loan from Bajaj Finserv before you decide your loan amount and loan tenure. This can be done by utilising an online EMI calculator. You can enter a different loan amount and loan tenure each time and then compare multiple EMIs. Accordingly, you can choose your loan amount. You can also calculate your overall expenses for your full loan. This will help you in preparing for your other expenditures such as other loans, rent, shopping, emergencies, etc.

    An online EMI calculator is available on third-party financial websites and on official websites of lenders. For your Bajaj Finserv Personal Loan, you can utilise the BankBazaar personal loan EMI calculator for accurate and quick results. It is very user-friendly and does not need any professional help. It can be found under the ‘Finance Tools’ section in the main menu of the BankBazaar website.

    The first step will involve entering your personal loan amount, processing fee, and interest rate. You can play around with the calculator by entering different loan amounts and tenures. When you intend to pre-pay your personal loan, you will have to enter specific details related to that too.

    You can compute EMIs for various amounts in a jiffy with this calculator.

    We will view the example given below to understand the EMI calculation. We will hold that the interest rate is 10.45% and that the processing fee is 2%. In the table given below, there are multiple loan amounts and loan tenures and EMIs are shown accordingly.

    Loan amount (Rs.) Processing Fee Interest rate (p.a.) EMI for 2 years (Rs.) EMI for 3 years (Rs.) EMI for 4 years (Rs.) EMI for 5 years (Rs.) EMI for 6 years (Rs.) EMI for 7 years (Rs.)
    10 Lakh 2% 10.45% 46,353 32,479 25,579 21,469 18,754 16,835
    15 Lakh 2% 10.45% 69,529 48,718 38,369 32,204 28,130 25,252
    20 Lakh 2% 10.45% 92,706 64,958 51,158 42,938 37,507 33,669
    25 Lakh 2% 10.45% 1,15,882 81,197 63,948 53,673 46,884 42,087
    30 Lakh 2% 10.45% 1,39,059 97,437 76,738 64,407 56,261 50,504
    35 Lakh 2% 10.45% 1,62,235 1,13,676 89,527 75,142 65,637 58,921
    40 Lakh 2% 10.45% 1,85,412 1,29,915 1,02,317 85,877 75,014 67,338

    Computation of Interest for Your Bajaj Finserv Personal Loan

    We have seen how EMIs differ for each loan tenure and loan amount. Now, we will see the breakup of each EMI. Your EMI consists of loan principal amount and interest amount. It is important to know your interest amount for your full loan before you apply for one so that you can make manage your finances efficiently.

    For calculating EMIs, a standard formula is used and it is as follows:

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    In this formula, E is the monthly EMI, n is the number of years, and r is the rate of interest for each month.

    You can know how much interest you will be paying for your loan by checking the breakup of each EMI. You will need to bear in mind that you will be paying high interest during the initial months and then high principal later.

    EMI computation and amortisation details with an example

    Let us now take a look at an example to understand the segregation of the principal portion and the interest portion in an EMI. It will differ for each year as you continue to pay your EMIs every month. You can notice how your principal portion will increase as the years pass and how the interest portion will decrease with each year.

    We will be utilising the advanced BankBazaar EMI calculator to understand the EMI computation process and the amortisation details which will be given on a yearly basis.

    Let us assume that you take a personal loan from Bajaj Finserv worth Rs.10 lakh for a period of 3.5 years at an interest rate of 11.22%. We will assume that the processing fee is 2% for your full loan tenure. We also will assume that you are not interested in making any prepayment.

    In this case, your monthly loan EMI will be Rs.29,476. You will also need to assume that the loan period begins from October 2017.

    The total interest due in this case will be Rs.2,08,503. The total processing fee will be Rs.20,000.

    The amortisation table will show you the debt repayment schedule for your monthly installments. Since the loan begins from October 2017, you will need to make payments until February 2021.

    Year Interest paid Principal paid Total of interest and principal paid Unsettled loan balance
    2017 (From October) Rs.60,944 Rs.27,484 Rs.88,428 Rs.9,39,057
    2018 Rs.2,61,522 Rs.92,184 Rs.3,53,706 Rs.6,77,533
    2019 Rs.2,92,422 Rs.61,284 Rs.3,53,706 Rs.3,85,109
    2020 Rs.3,26,976 Rs.26,734 Rs.3,53,710 Rs.58,135
    2021 (Until February) Rs.58,135 Rs.817 Rs.58,952 Rs.0

    By viewing this table, you will get a clear idea of how your EMIs will be distributed each month. You can also understand the components of your EMI for each year for a tenure of 3.5 years. You can utilise the BankBazaar personal loan EMI calculator to enter different loan tenures and loan amounts. You will get a clear picture of how your principal amount and interest amount will increase and decrease for each year and then choose your Bajaj Finserv personal loan amount accordingly.

    Bajaj Finserv Personal Loan Status

    Did you recently apply for a personal loan from Bajaj Finserv? You can find the status of your loan by going to the official website of the financial company. You can track the status by entering your loan information such as case ID, file ID, or loan ID. In case you do not have these details, you can also monitor the status of your personal loan by keying in your registered mobile number. Once you enter any of these details, you can click ‘Submit’. In case you do not want to check online, you may call the company’s customer care number and ask for your loan’s status.

    Bajaj Finserv Personal Loan Customer Care

    Are you in need of 24/7 customer support for your personal loan from Bajaj Finserv? You can make it come true by using the all-time available customer care helpline numbers of Bajaj Finserv. Whenever you have any query about your personal loan, simply call the personal loan enquiry number of the company and get your troubles resolved. You can choose your language and discuss your issue with a customer care representative for quick solutions. You may also make email enquiries or SMS enquiries. The company also has a comprehensive grievance redressal system to address your issues thoroughly.

    Bajaj Finserv Personal Loan FAQs

    1. Can I make any withdrawals from any pre-payments that I make in the personal loan payments?
    2. In the case of Flexi loans from Bajaj Finserv, you can withdraw as much and as many times as you wish from the prepayment amount. This is also available to the borrower with no extra documentation to be submitted for withdrawal.

    3. What is the advantage of making pre-payments, in terms of the interest rates?
    4. Interest rates are applicable on the utilized amount of loan only meaning that no interest is levied on the prepaid amount.

    5. During the course of loan tenure, if I wish to foreclose the loan, will I have to pay any extra charges?
    6. Bajaj Finserv does not require their customers to pay any sort of foreclosure charges or fees if it is done during the loan tenure.

    7. Are there any pre-approved offers on personal loans for existing customers of this financial institution?
    8. Yes, if you are already a customer of Bajaj Finserv, you are eligible for pre-approved offers on personal loans.

    9. Why am I being asked to pay a secure fee for my personal loan application online?
    10. This fee is taken from you for the purpose of submission of your online application form. The bank is said to charge this amount to its online applicants.

    11. What if I have paid the secure fee already for the online application however am having second thoughts about availing the loan? Will I be refunded the secure fee amount?
    12. If you have not availed the funds from your approved personal loan within 30 days you will be refunded the secure fee. Likewise, if your loan has been rejected, you will also get back the secure fee.

    13. What is the loan tenure for a personal finance option from Bajaj Finserv?
    14. You can take between 12 to 60 months to pay back your loan amount. However, this depends also on the banks policies and their approval for the loan. But regardless, it will be within the bracket mentioned earlier.

    15. What are the benefits that I can get when availing the prepayment option for Bajaj Finserv Flexi personal loans?
    16. There are four basic advantages of availing the prepayment option for Bajaj Finserv Flexi personal loans:

      • You can make prepayments for up to 6 times in a calendar year.
      • No maximum limits or charges levied on prepayments.
      • No interest calculated on the prepaid amount.
      • You can withdraw the amount whenever you wish.
      • As a salaried person taking a personal loan, will I need a guarantor, security or collateral?
      • No, Bajaj Finserv does not require any of the above to sanction your personal loan but if the approval is based, generally on your financial history.
    17. What is the eligibility criteria for a Bajaj Finserv loan?
    18. The Company offers these loans only for salaried individuals earning at least Rs.35,000 per month.

    19. How do I repay a Bajaj Finserv loan?
    20. The loan can be repaid using the ECS facility or through post-dated cheques.

    21. What is the tenure for a Bajaj Finserv loan?
    22. Loans can have a tenure varying from 12 to 60 months.

    23. What is the maximum loan amount that can be taken from Bajaj Finserv personal loan?
    24. The maximum amount that can be borrowed for a personal loan from this NBFC is Rs.25 lakh For salaried individuals, else it is Rs.18 lakh.

    25. What is the minimum loan amount that can be borrowed through Bajaj Finserv personal finance?
    26. The minimum loan amount for a personal loan from this lender should be an at least Rs. 1 lakh.

    27. When can I expect the funds from the personal loan once it has been approved?
    28. This NBFC ensures that the funds are made available to you within 72 hours, equivalent to three days after the loan has been approved. This is said to be one of the quickest turnaround time by any NBFc in the country.

    29. Why type of personal loan from Bajaj Finserv will allow me to enjoy prepayment advantages for personal loan?
    30. The Flexi-loans from Bajaj Finserv gives the liberty and advantage of the prepayment option.

    31. What are the repayment methods available for my Bajaj Finserv Personal Loan?
    32. You can repay your Bajaj Finserv Personal Loan through ECS, post-dated cheques or standing instruction to debit the loan EMI amount from your Bajaj Finserv bank account.

    33. If I apply for a Bajaj Finserv Personal Loan through BankBazaar, how long will it take for me to receive a response?
    34. If you apply for a Bajaj Finserv Personal Loan through BankBazaar, you will receive a response within 30 minutes.

    *This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Bajaj Finance Limited.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.