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  • Bajaj Finserv Personal Loan Eligibility is Rated as "Great!" by 1847 Users

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    Bajaj Finserv Personal Loan Eligibility

    Bajaj Finserv Personal Loan Eligibility

    The basic eligibility for a salaried individual to avail a Bajaj Finserv personal loan are as follows:

    • Profile: Applicant must be a resident and a salaried individual.
    • Age:Applicant must be at least 25 years old but not more than 58 years of age.
    • Income: The minimum monthly net salary requirement for the various cities are as follows:
    Rs.40,000 or more Delhi, Mumbai, Hyderabad, Bangalore, Chennai and Thane.
    Rs.35,000 or more Ahmedabad, Pune, Kolkata, Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi Gobindgarh, Indore, Jaipur, Jalandhar, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada, Yamunanagar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Madurai, Mangalore and Mohali.

    Bajaj Finserv offers personal loan to finance a wedding, a vacation and for medical emergencies. It provides personal loan up to Rs.25 lakhs depending on the eligibility, income and repayment capacity. The applicant can apply for the Personal Loan online and expect a quick approval and enjoy low rate of interest. The borrower is given the option of part prepayment facility and no foreclosure charges will be charged. The borrower does not have to provide any collateral for the personal loan as it is an unsecured loan.

    Factors affecting Bajaj Finserv Personal Loan Eligibility

    There are many factors that affect the applicant's’ eligibility. Banks give loans to those who are capable of repaying it and who do not default on making the payments. Some factors that affect an applicant’s eligibility are:

    • Residence:Individuals living in metro cities are given personal loans easily. Bajaj Finserv gives preference to those who have their own home. That is because those who have their own home will not have an additional financial burden of paying the rent and will have a higher disposable income.
    • Income:The level of income indicates how much EMI you can afford to pay. This affects the total loan amount that will be sanctioned to you. If your income is higher, the higher are your chances of getting a bigger loan amount sanctioned to you.
    • Age:If you are too young, the chances of you shifting jobs are higher and the banks do not prefer to offer younger salaried individuals loans. The banks prefer those who have stability in their work life.
    • Employment status:An applicant who has stayed in a company for a longer period will get higher preference. It shows stability in his income and the bank can be assured that the applicant has constant cash flow to pay the EMIs.
    • Other loans taken:If the applicant already has other EMIs to pay, then the chances of him getting a personal loan from Bajaj Finserv is lower unless he has a higher range of income. The bank will not provide another loan as the applicant will be burdened with having to pay multiple EMIs.

    How CIBIL score affects your Bajaj Finserv Personal Loan Eligibility?

    When an applicant applies for a loan with Bajaj Finserv, the bank immediately runs a credit check. If the applicants CIBIL Score is above the ideal range, the bank will further consider your application and go through your credit report.

    The banks take into consideration the loans that you have taken previously and closed. It will check the credit payment history to check how efficiently you have repaid the loan and if you have defaulted in making payments. It also considers the types of loans (secured and unsecured loans) you have taken.

    The credit report records the loan settlement information (if you have settled any loan) in the report, the bank considers it as a negative remark and may not provide you a loan.

    How to increase Bajaj Finserv Personal Loan Eligibility?

    You can do the following to increase Bajaj Finserv personal loan eligibility:

    • Maintain a good credit history: Pay all your EMIs on time. Find ways to increase your CIBIL score and never agree for a settlement, find other ways to pay back the loan or refinance it for a longer tenure.
    • Get lower EMIs on existing loans: If you are able to, refinance your existing loan for a lower interest rate or extend the tenure of the existing loan. This reduces the EMIs and ensures that you meet all the payments.
    • Prepayment: If you have lesser EMIs left on any loan, then prepay them and close the loan. You will then have a higher disposable income. You will also stand a chance of getting a higher amount loan.
    • Have both secured and unsecured loans: Have a mix of both the secured and unsecured loans. Build equal credit and asset. Secured loans are looked at favourably and it increases your eligibility.
    • Don’t apply for too many loans at a time: If you are in need of a loan, then don’t apply at all the banks at one time. All the banks will run a credit check together and it gets recorded in your credit report. This will also look bad on your report and also affects your credit score.
    • Don’t have too many credit cards: Having too many credit cards is also unfavourable. Though you may not have used up all the credit on the cards, it will however considerably lower your overall credit limit.

    FAQs on Bajaj Finserv Personal Loan Eligibility

    Q. What are the age limits required for a salaried individual to take a Bajaj Finserv personal loan?

    A.Applicant must be at least 25 years old but not more than 58 years of age.

    Q. What is the minimum income requirement for a salaried applicant?

    A.The minimum monthly net salary requirement for the various cities are as follows:

    • Rs.40,000 or more for salaried individuals of Delhi, Mumbai, Hyderabad, Bangalore, Chennai and Thane.
    • Rs.35,000 or more for salaried individuals of Ahmedabad, Pune, Kolkata, Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi Gobindgarh, Indore, Jaipur, Jalandhar, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada, Yamunanagar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Madurai, Mangalore and Mohali.

    Q. What is the maximum amount sanctioned towards personal loan by Bajaj Finserv?

    A. The maximum amount sanctioned towards personal loan is Rs.25 lakhs.

    Q. What is the tenure for personal loan offered by Bajaj Finserv?

    A.Bajaj Finserv offers personal loan for a tenure ranging from 12 months to 60 months.

    Personal Loan Reviews

    • Bajaj Finserv Personal Loan
      "Response should be improved"
      0.5 3.0/5 "Satisfactory"
      Earlier I had Bajaj Finserv personal loan now it got completed, they gave me the interest of 18% for 3 years. I closed the loan in last three months through preclosure, there was extra charges around Rs.2500. There is no phone banking hence I used to visit to the branch.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 10, 2019
    • Bajaj Finserv Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan has been good where the process has been simple. The loan amount has been sufficient and the interest rate with them has been nominal as well. There has been some charges which they had made which has been nominal. There has not been any hassle faced with the services of them during the process.
      Was this review helpful? 2
      , gandhinagar
      Reviewed on Jan 10, 2019
    • Bajaj Finserv Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have also taken a personal loan with Bajaj Finserv. The customer services are good and they are responsive too. They collected my paper work on time. I also got the loan amount as needed. The rate of interest and processing charges are nominal too.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 10, 2019
    • Bajaj Finserv Personal Loan
      "Good options in this loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a Flexi personal loan from Bajaj Finserv. The rate of interest is of 13% plus 1% of processing fee and the customer is allowed to foreclose the loan at any time and there are some charges for the same. The tenure is for five years and the customer is given a loan of minimum 2.5 lakhs to maximum 10 to 15 Lakhs, depending on the credit score and salary drawn. I should pay the interest for the what ever amount I have used out of the overall loan given to me. They have also charged me for a life insurance policy worth 15 lakhs, if anything is to happen to me the loan would be redeemed through this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2019
    • Bajaj Finserv Personal Loan
      "Interest should be reduced as per the market"
      0.5 3.0/5 "Satisfactory"
      I have to run behind the Bajaj Finserv to take the personal loan, they approved the loan on time. But the interest rate is very huge, they charged me around 19% for the loan amount of Rs. 1 lakh but they disbursed the amount around Rs. 91,000 they taken processing and insurance fee.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 08, 2019
    • Bajaj Finserv Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      My experience was not good with Bajaj finserv for personal loan, the loan amount was for Rs 50000 with nominal interest rate. Customer support was not up to the mark and there was no proper response. Tenure period for this loan is for 2 years.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Dec 29, 2018
    • Bajaj Finserv Personal Loan
      "Dissatisfactory"
      0.5 1.0/5 "Really Bad"
      For the personal loan of Bajaj Finserv, the interest rate is very high. Next month its going to get expire then I will be the happy customer. Initially they promised less interest but finally they charged huge percentage hence I am fed up with them.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Dec 22, 2018
    • Bajaj Finserv Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I am not sure about the interest rate of the personal loan, I have taken the loan nearly one year back with Bajaj Finserv. There are different emi options are good, the loan amount is also sufficient, the process is easy to take the personal loan.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Dec 18, 2018
    • Bajaj Finserv Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Without any paper works my personal loan got sanctioned, I approached them based on my previous experience. I have taken some durable loans. The interest rate for personal loan is moderate and they sanctioned the loan with in 24 hours, they have part and preclosure options.
      Was this review helpful? 5
      , chandigarh
      Reviewed on Dec 18, 2018
    • Bajaj Finserv Personal Loan
      "7 months before, i have purchased my personal loan with Baja"
      0.5 1.5/5 "Bad"
      7 months before, i have purchased my personal loan with Bajaj Finserv. Everything is fine with bajaj except their interest rate since its huge. They have offered me a interest rate of 14.5% and other charges of Rs. 500. I have applied the loan amount of rs. 80000 and they have sanctioned the loan amount of Rs. 74000 by deducting the processing fee. I pay the EMI of Rs. 3223. I selected the the tenure period of 48 months.
      Was this review helpful? 6
      , pune
      Reviewed on Dec 17, 2018
    • Bajaj Finserv Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      My experience with Personal loan from Bajaj finserv was not good, the loan amount was for Rs 1.25 lacs with high interest rate when compared to others. Charges and interest rate are very high on this loan and they charge 4% as preclosure charges. Customer support was not up to the mark.
      Was this review helpful? 11
      , bangalore
      Reviewed on Dec 14, 2018
    • Bajaj Finserv Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      Bajaj finance is not giving that much good service for the financial service , where i have been trying to pre close my loan , where they have given high rate of interest with processing fees of 2% . I had to do follow ups for in order to receive the Noc .
      Was this review helpful? 14
      , mumbai
      Reviewed on Dec 13, 2018
    • Bajaj Finserv Personal Loan
      "Helpful loan for the business people"
      0.5 5.0/5 "Blown Away!"
      There is a pre-closure charges of 2% and we can make the partial payment at any time after six months. Again they have given me a offers once i pay the loan perfectly. There is a pre-closure charges of 2% and we can make the partial payment at any time after six months. Again they have given me a offers once i pay the loan perfectly. I have purchased the loan amount of Rs. 4.5 months. Total tenure period of the loan is 36 months and 12 months got over. Rate of interest was 14.50% and i got the loan in offer day hence there is no processing fee. The same day collection executive came to my place collected all the documents and sanctioned the loan on same day.
      Was this review helpful? 6
      , bangalore
      Reviewed on Dec 11, 2018
    • Bajaj Finserv Personal Loan
      "AVERAGE"
      0.5 3.5/5 "Pretty good"
      The rate of interest is very higher with this BAJAJ FINSERV where i a have take the personal loan with them and using it from past 2 years. The loan amount is satisfactory. They have the option of part payment also the process is good and easy.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 11, 2018
    • Bajaj Finserv Personal Loan
      "Very Good loan experience"
      0.5 4.0/5 "Great!"
      I have purchased my personal loan with Bajaj in June 2018. I have got the loan amount of Rs. 3.67 lakhs. I'm satisfied the interest rates which is 19.25% however its quite high. I have been paying the EMI of Rs. 13400 every month. The amount will be auto debited from my account. I have selected the tenure period of 3 years. Fast process and easily available loan.
      Was this review helpful? 6
      , amravati
      Reviewed on Dec 11, 2018
    • Bajaj Finserv Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had taken this loan almost four years back and the loan amount which they had provided has been sufficient. The interest rate with them has been around 18% which was quite high and there has been a processing fee of 8% which was charged by them.
      Was this review helpful? 7
      , bangalore
      Reviewed on Dec 10, 2018
    • Bajaj Finserv Personal Loan
      "ROI and charges are high"
      0.5 5.0/5 "Blown Away!"
      I had my personal loan with Bajaj Finserv earlier and since they were higher on the rate of interest and processing charges I transferred my loan to another bank. The interest rate of around 12%. Though they provide the loan when in need, they still need to work on the interest and charges when compared with other banks.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Dec 09, 2018
    • Bajaj Finserv Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a very good experience i had with this loan, the loan amount whcih they had provided has been sufficient and the interest rate was around 14% which has been nominal. There has been some processing fee charged by them and the customer support has been helpful as well.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Dec 07, 2018
    • Bajaj Finserv Personal Loan
      "Not recommendable for personal loan"
      0.5 2.0/5 "Expected more"
      Once i finished my two wheeler loan the Bajaj Finserv people have offered me a personal loan with the amount of Rs. 80000. They have charged me a higher interest rate of 17% which is higher and they have done verification to my home and office after that they have approved the loan after 10 days. One the collection executive got the money from me but he had not made the payment due to this issue, i have done the pre-closure.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 07, 2018
    • Bajaj Finserv Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      The experience with this loan has not been good, where the interest rate with them has been high when compared with the market rate. There has also been some charges which they had made which has been high. The loan amount which they had provided has been sufficient but.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Dec 06, 2018
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