How to get a personal loan in 5 easy steps?

How to get a personal loan in 5 easy steps?

You can apply for a Bajaj Finance Personal Loan in 5 steps and get funds ranging from Rs. 40,000 - Rs. 55 lakh, disbursed within 24 hours* of approval. Check your eligibility using your mobile number and OTP, then apply online in under 5 minutes.
Loan Types

Loan Types

FAQs

FAQs

Video

Video

Rs. 40,000 - Rs. 55 lakh

You may be eligible for a pre-approved offer

Check now

Enter mobile and OTP | Check pre-approved offer | Apply in 5 minutes

 
 

Key takeaways


You can get a Bajaj Finance Personal Loan in just 5 quick steps:

  1. Understanding the loan features
  2. Checking eligibility and estimating EMIs
  3. Online application
  4. Uploading/submitting documents

  5. Loan approval and disbursal


Salaried or self-employed individuals with Indian citizenship and a CIBIL Score of 650 or above can apply for a personal loan ranging from Rs. 40,000 to Rs. 55 lakh. Select customers may also have a pre-approved loan offer ready,. You can check your offer using just your phone number and OTP.

  • In need of quick funds? You can get an instant personal loan with a seamless online application process, minimal documentation, and swift approval. 


    ✅ Check your pre-approved loan offer in just 2 steps and get funds in 24 hours.


    Whether for medical emergencies, home renovations, or travel, Bajaj Finance offers loan option with competitive interest rates. Check your eligibility, apply online, and receive funds instantly to manage urgent financial needs effortlessly.

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What are the steps to get a personal loan?

  • Step 1: Learn all you can about the personal loan before you apply


    • Loan features – Explore Bajaj Finance Personal Loan offerings, including eligibility criteria and benefits.
    • Loan terms – Check details like the maximum loan amount, repayment tenure, interest rates, and processing fees.

  • Step 2: Check your loan eligibility and estimate your EMIs


    Before applying for a personal loan, it is essential to assess your eligibility and plan your repayment.



    Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 

  • Step 3: Apply online for the funds you need

    1. Check loan eligibility: Enter the loan amount you need and select the repayment period. Then click “CHECK LOAN OFFER.”
    2. Enter personal details: Enter your personal, financial, and employment details to receive a personalised offer.
    3. Loan offer: Review your offer details and adjust the amount or tenure to suit your needs.
    4. KYC verification: Complete your KYC and verify your bank details for disbursal.
    5. Talk to loan specialist: Your application will be submitted. An executive will contact you for the next steps in the process.
       

    The application process varies for new and existing customers. Some customers may need additional documents to complete their application.

  • Step 4: Submit required documents


    Submitting the necessary documents is a crucial step in the personal loan application process. Check the complete list of documents required for a personal loan to ensure a hassle-free application.

  • Step 5: Get approval for personal loan


    In case there is no pre-approved offer - once you meet the eligibility criteria, you can receive instant approval for your loan within minutes. The quick and hassle-free process ensures timely access to funds.

    • Instant approval – Eligible applicants get approval within just 5 minutes*.
    • Loan confirmation – After selecting loan details, a representative will guide you through the next steps.

    • Quick disbursal – The approved loan amount is credited to your bank account within 24 hours*.


    Apply for a personal loan and experience a seamless borrowing process.


    Additional Read: Know everything about the loan

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What are the eligibility criteria for getting a personal loan?

You can easily get the funds you need with the below criteria:


  • CriterionRequirement
    NationalityIndian
    Age21 years to 80 years
    Employment typePublic, private, or MNC
    CIBIL score650 or higher
    Customer profileSelf-employed or salaried

    *You must be 80 years or younger at the end of your chosen loan tenure.

Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 

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What documents do you need to apply for a personal loan?

5 document categories are required at the time of application:


Document categoryAccepted options
KYC proofAadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
Identity proofPAN card, Real-time image / photograph
Employment proofEmployee ID card, Letter of Allotment of Accommodation Issued by Employer
Income proofSalary slips — last 3 months, Bank account statements — last 3 months
OthersPension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt
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Conclusion

  • Applying for a personal loan from Bajaj Finance is a simple and efficient process, ensuring quick access to funds when needed. By understanding loan eligibility, submitting the required documents, and selecting suitable repayment terms, borrowers can secure a loan that aligns with their financial goals. Additionally, checking the personal loan interest rate beforehand helps in planning repayments effectively. With instant approvals and fast disbursals, Bajaj Finance makes borrowing hassle-free, offering a seamless experience for individuals looking to manage their financial needs efficiently.


    *Conditions apply

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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term (Dropline) Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000