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Loans come with different types of fees and charges. These include basic charges like interest rates and processing fees, plus specific charges like EMI bounce fees. Before applying for a loan, always look at all these charges to help with proper money planning.
A personal loan is a reliable tool for funding your needs. However, it's still important to keep track of how much you'll spend getting the loan and during repayment. This helps you make the right decisions and ensures smoother repayment. Whether you want a personal loan for an international trip or to upgrade your home, read about the charges first so you can plan your expenses properly.
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Fees and charges involved in personal loan
Bajaj Finance charges the following on a personal loan:
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Basic charges
- Processing fee: Up to 3.93% of the loan amount (inclusive of applicable taxes). This fee covers processing costs for your loan application and approval, like credit checks and admin costs.
- Interest rates: 10% to 31% p.a. This is the cost charged by the lender for borrowing the personal loan. It's an annual rate calculated on the loan amount, which forms part of your EMI.
- Bounce charges: Up 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.
- 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.
Additional Read: Personal Loan Processing Fees
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Foreclosure charges
Foreclosure can be processed after clearing first EMIs:
- 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 Loan (Flexi Dropline): Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.
- Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.
Additional read: What is loan account number (LAN)
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Part-prepayment charges
- 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 Loan (Flexi Dropline) and Flexi Hybrid Term Loan.
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Fees for duplicate statement
With Bajaj Finserv Personal Loan, you can download e-statements/letters/certificates free of cost by logging into the customer portal - My Account. You can get a physical copy of your statements/letters/certificates/other documents from any of our branches.
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Annual maintenance charges
- Term Loan: Not applicable
- Flexi Term Loan (Flexi Dropline): 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 0.295% (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
With a personal loan from Bajaj Finserv, there are no hidden fees or charges.
Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
All information is clearly provided for easy understanding and smooth processing. You can also use the Personal Loan EMI Calculator to know your monthly EMI well in advance and plan your repayment accordingly.
Eligibility criteria and documents for personal loan
You can easily get the funds you need with the below criteria:
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Eligibility criteria
- Nationality: Indian
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
*You should be 80 years or younger, at the end of the loan tenure.
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Documents required
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Phone bill
- Real-time image / photograph
- Ration card
Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee |
Applicable charges |
Rate of Interest per annum |
10% to 31% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge |
Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi facility charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Principal Holiday Facility Fees |
Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount *(Loan amount includes approved loan amount, Insurance Premium & VAS Charges) |
Bounce charges |
Up to Rs. 1,200 per bounce. |
Pre-payment charges |
Full pre-payment
Part pre-payment
*Foreclosure will be processed post clearance of first EMI |
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 Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
Broken period interest / Pre-monthly Instalment interest |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:
Scenario 1: If Loan is disbursed on 1st or post 10th of the month: |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
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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*.