Personal Loan Without a Guarantor for Low Credit

Personal Loan Without a Guarantor for Low Credit

A personal loan without a guarantor is standard at Bajaj Finance, which asks for no guarantor or collateral. The listed criterion is a CIBIL score of 650 or higher, so a low score matters more than a guarantor.
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Rs. 40,000 - Rs. 55 lakh

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Key Takeways

 
 

In summary

You can get a personal loan without a guarantor from Bajaj Finance, since its Personal Loan needs no guarantor or collateral. What decides approval with low credit is your CIBIL score, income and existing obligations.


  • A Bajaj Finance Personal Loan requires no guarantor or collateral.
  • A CIBIL score of 650 or higher is a listed criterion.
  • At 21% per annum, Rs. 1.2 lakh costs Rs. 4,521 a month over 36 months (3 years).
  • A score below 650 should be improved before you apply.

Want to see what you qualify for? Check your loan offer with your phone number and a one-time password (OTP) → apply online in about 5 minutes → receive funds within 24 hours* of approval.

What does a guarantor do?

A guarantor is a person who agrees to repay a loan if the borrower defaults. Some lenders ask for one when the borrower's credit history is weak. A personal loan without a guarantor removes that step, so no one else carries the risk of your loan.


The table separates a guarantor from 2 terms that people confuse with it.


TermWhat it meansPosition at Bajaj Finance
GuarantorRepays only if you defaultNot required for a Bajaj Finance Personal Loan
Co-applicantShares repayment from the startBoth credit histories are assessed, where a lender allows one
CollateralAn asset pledged against the loanNot required for a Bajaj Finance Personal Loan

Last updated: 16th October, 2026


A co-applicant is not a way to get a personal loan without a guarantor; it is a shared loan. Add one only if you both intend to repay together.

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Can you borrow without a guarantor on low credit?

Yes, if your CIBIL score is 650 or higher and your income supports the equated monthly instalment (EMI), since every Bajaj Finance Personal Loan is a personal loan without a guarantor. With a score close to that criterion, the rate offered on a personal loan without a guarantor can be higher, which raises the cost.


If your score is below 650, a personal loan without a guarantor is unlikely to be approved. The steps in the table below show what to do first in each situation.


Your situationWhat to doWhy it helps
Score below 650Improve your score before you applyPay every due on time for 6 months (half a year)
Score just above 650Apply for a smaller amountA smaller EMI fits within more budgets
High existing EMIsClose a small loan firstFrees repayment capacity

Last updated: 16th October, 2026


None of these steps guarantees approval, which depends on eligibility, verification and credit assessment. Each one does make your application for a personal loan without a guarantor stronger.

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What does a low credit score cost?

At an illustrative 21% per annum, a Rs. 1.2 lakh personal loan without a guarantor costs Rs. 4,521 a month over 36 months (3 years). A higher rate, linked to a lower score, adds to every month's EMI.


Worked example: Imtiaz in Srinagar

Imtiaz is 31 and works as a salaried hotel front-office manager in Srinagar. He earns Rs. 50,000 a month and has a CIBIL score of 662, after a missed card payment in 2024. He needs Rs. 1.2 lakh to repair his family home and applies for a personal loan without a guarantor at an illustrative 21% per annum.


EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. P is the loan amount in rupees, R is the annual rate divided by 12 and by 100, and N is the tenure in months. The formula spreads the principal and interest into equal monthly payments, so early EMIs carry more interest and later ones more principal. All figures are rounded to the nearest rupee.

TenureMonthly EMI (Rs.)Total interest (Rs.)EMI as share of salary (%)
24 months (2 years)6,16627,99112.3
36 months (3 years)4,52142,7569.0

Last updated: 16th October, 2026


The 36-month option lowers the EMI by Rs. 1,645 but adds Rs. 14,765 in interest. The processing fee on Rs. 1.2 lakh is up to Rs. 4,956. Imtiaz picks 24 months (2 years), so his personal loan without a guarantor ends sooner and each on-time EMI rebuilds his score.


What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.


Looking for a personal loan without a guarantor? With a Bajaj Finance Personal Loan, you can borrow Rs. Rs. 40,000 to Rs. Rs. 55 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online in about 5 minutes → receive funds within 24 hours* of approval.

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What are the eligibility criteria and documents required?

To be eligible for a personal loan without a guarantor from Bajaj Finance, you need to meet the criteria listed below:


CriterionRequirement
NationalityIndian
Age21 years to 80 years.
Employed withPublic, private, or multinational companies (MNCs).
CIBIL Score650 or higher.
Customer profileSelf-employed or Salaried

*You should be 80 years or younger, at the end of the loan tenure.

Last updated: 16th October, 2026


Meeting these criteria does not guarantee approval, which depends on eligibility, verification and credit assessment. No collateral or guarantor is required.


You may need the following documents, subject to your profile and 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

Not every applicant needs every document. Confirm the final list of required personal loan documents during your application.

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What interest rate and charges apply?

Bajaj Finance interest rates and charges on a personal loan without a guarantor, subject to applicable terms and customer eligibility, are listed below:


ChargeAmount
Interest rate10% to 30.5% per annum, subject to applicable terms and customer eligibility
Processing feeUp to to 4.13% of the loan amount, inclusive of applicable taxes
Bounce chargesRs. 700 to Rs. 1,200 per bounce
Penal chargeUp to 36% per annum on the overdue instalment
Part-prepayment and foreclosure (Term Loan)Up to 4.72% of the principal, inclusive of applicable taxes
Part-prepayment (Flexi Dropline and Flexi Hybrid Loans)No charge
Flexi facility chargeRs. 1,999 to Rs. 18,999, inclusive of applicable taxes
Annual maintenance (Flexi Dropline Loan)Up to 0.295% of the Dropline limit
Annual maintenance (Flexi Hybrid Loan)Up to 0.472% in the initial tenure; up to 0.295% in the subsequent tenure

Last updated: 16th October, 2026

*Terms and conditions apply.


Charges are disclosed in the applicable product information and loan documents, so read your Key Fact Statement before you accept. Add the processing fee to the interest when you compare offers, and see the personal loan interest rates and charges page for details.

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When should you avoid borrowing with low credit?

Avoid borrowing with low credit if the EMI would leave no margin, or if the only lender willing to approve you is not regulated by the Reserve Bank of India (RBI). The table compares the options.


OptionSuits you ifTrade-off
Improve your score firstYou can wait 6 months (half a year)The need waits
Smaller loanA lower amount covers the needThe need may not be fully met
Co-applicant, where the lender allows oneA family member will share repaymentBoth are responsible for every EMI
Personal loanYour score is 650 or higherInterest and a processing fee of up to to 4.13%

Last updated: 16th October, 2026


Never pay an advance fee to a lender that promises a personal loan without a guarantor regardless of your score. Regulated lenders set out every charge in the Key Fact Statement.

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How do you apply?

You apply for a Bajaj Finance Personal Loan online in five steps:

  1. Check loan eligibility: Enter the required loan amount and repayment period, then click "CHECK LOAN OFFER".
  2. Enter personal details: Enter personal, financial and employment details to receive a personalised offer.
  3. Loan offer: Review the offer details and adjust the amount or tenure to suit the applicant's needs.
  4. KYC verification: Complete KYC and verify bank details.
  5. Talk to loan specialist: The application is submitted and an executive contacts the applicant about the next steps.

The process may differ for new and existing customers, and some customers may need to provide additional documents. At the offer step, choose an amount and tenure whose EMI you can always pay, since on-time payments raise your score.

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Key offerings: 3 loan types

  • Flexi Hybrid Loan
  • Flexi 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 30.5% p.a.

Processing fees

Up to 4.13% 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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Frequently asked questions

Guarantor and eligibility

Improving your chances

Does a Bajaj Finance Personal Loan need a guarantor?

No. Every Bajaj Finance Personal Loan is a personal loan without a guarantor and needs no collateral either. Approval depends on your eligibility, verification and credit assessment, including a CIBIL score of 650 or higher. Meeting the criteria does not guarantee approval or a particular amount. Check your own offer to see what is available to you.

Bajaj Finance lists a CIBIL score of 650 or higher as a Personal Loan criterion, alongside Indian nationality, the listed age range and your employment profile. A score just above the criterion can still be approved, though the rate offered may be higher. A higher score supports a lower rate on a personal loan without a guarantor.

Pay every EMI and card bill on time, keep card balances well below the limit and check your report for errors. Avoid 2 or more loan applications in the same month, including for a personal loan without a guarantor. These steps take months to show, so start 6 months (half a year) before you apply for a personal loan without a guarantor.

No. A guarantor repays only if you default, while a co-applicant shares responsibility for every EMI from the start, and their credit history is assessed too. Where a lender allows a co-applicant, a missed payment affects both CIBIL scores, so add one only if you both intend to repay. Bajaj Finance itself does not require a guarantor.

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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