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Engineer Loan FAQS

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Frequently Asked Questions

What is the maximum amount that I can avail?

With Bajaj Finserv, you can avail an Engineer loan ranging from Rs. 3 lakh to Rs. 30 lakh.

How can I repay my loan?

You can repay your loan with ECS.

You can also use Electronic Clearing Service (ECS) to repay. Through the ECS, the EMI amount will get transferred electronically from your bank account to your loan account.

For making such payments, you need to authorize your bank to allow debits or credits from Bajaj Finserv.

What is the range of tenor for engineer loans?

Bajaj Finserv offers a flexible loan repayment tenor up to 60 months.

How should I begin?

You can avail a loan by applying onwww.bajajfinserv.in

Simply fill in a short form here or SMS ER to9773633633, and our representative will get back to you at earliest.’’

The process is simple and will be completed in 4 easy steps.

We also provide a doorstep service. Give us a call on 1800 209 4151.. We will get back to you as soon as possible.

How to convert my existing loan into a line of credit?

You can easily convert your existing loan into a Line of credit.

Read the revised terms and conditions carefully. When you agree to the clauses, provide us with your mobile number and your bank account number.

You will receive a welcome kit with all the relevant information.

You can then make a part payment through your bank account.

To reduce the amount of your credit, you can make a request on your Customer Portal.

After the loan amount is given to you, you will receive a series of acknowledgements from us.

Is the rate of interest fixed or floating?

There are two kinds of interest rates – fixed interest rate and flexible interest rate.

Fixed rates do not change during the tenure.

Flexible rates change with a change in the base rate.

Bajaj Finserv offers Engineer Loan with a fixed rate of interest.

What are the Fees and Charges which I incur during Loan Processing?

Below are different types of fee & charges that are levied on a loan ( only if applicable)

Interest rate applicable for Business & Professional Loans Customer varies basis the credit score which includes without limitations, a number of variables such as, customer details, loan delinquency and many more. These variables have been recognized as material risk explaining variables in company segmentation analysis. The aforesaid is dynamic and gets revised periodically as per the experience and performance of past portfolio and hence subject to change.

BPI (Broken Period Interest) is applicable for cases disbursed post 15th of every month. BPI is calculated on pro-rata basis for the remaining days of the month from the date of disbursal. This is so because the EMIs start from the second month of loan booking. The 1st month is considered as free period where no interest or EMI is charged from the customer.

Processing fee This is the amount of fee charged for end to end processing of the customer’s loan application.

Foreclosure charge is charged from the customers who wish to close the loan account before the completion of loan tenure.

Stamp Duty is a government charge, levied on customer as per the amount prescribed by the state government. Please note Stamp duty varies from state to state.

Goods & Service Tax is as applicable and prescribed by the government.

Bounce Charge is an amount charged as a penalty where the PDC(s) issued by the Customer is(are) not honoured by the bank, or ECS or any other Repayment Mode is(are) returned or not honoured.

Penal Interest is an additional interest payable by the Borrower to the Lender as a penalty in case of delay in payment of monthly installments.

Pre-payment Charge is a penalty for repayment of the principal amount, including the interest on the principal amount, of the Loan, either in part or whole, before its scheduled repayment date.

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