Fees and charges on Insta Personal Loan
| Type of fee | Applicable charges |
Rate of interest |
13% to 37% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes) |
| Documentation charges | Not applicable |
Bounce charges |
In case of default of the repayment instrument, Rs. 700/- per bounce will be levied. |
Penal interest |
Delay in payment of monthly instalment shall attract penal interest at the rate of 3.50% per month on the monthly instalment outstanding, from the respective due date until the date of receipt of the monthly instalment. |
Prepayment charges* |
Full prepayment: Part prepayment: *Foreclosure will be processed post clearance of first EMI |
Stamp duty |
Payable as per state laws and deducted upfront from loan amount. |
Mandate rejection charges |
Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered. |
Broken period interest / Pre monthly instalment interest |
It is defined as the amount of interest on the loan for the number of days which are: Broken period interest is deducted from the disbursement itself. Scenario 2 - Less than 30 days from the date of loan disbursement: Interest on the first instalment will be charged for the actual number of days. |
| Annual Maintenance Charges | Not applicable |
*Part-prepayment should be more than one EMI.
For Micro Finance Loans, please note below:
Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 13%, 35%, and 34.45% per annum respectively. Part-prepayment and foreclosure charges are NIL.
How to get an Insta Personal Loan
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Frequently asked questions
The processing fee for a Bajaj Finserv Insta Personal Loan may go up to 3.93% of the loan amount (Inclusive of applicable taxes).
When making a part-prepayment, you must account for a fee of 4.72% (inclusive of applicable taxes) on the part-prepayment amount made.
A bounce charge is the penalty incurred when you miss an EMI payment. Bajaj Finserv charges Rs. 700/- per bounce, for every EMI missed. Additionally, delay in payment of monthly instalment shall attract penal interest at the rate of 3.50% per month on the monthly instalment outstanding, from the respective due date until the date of receipt of the monthly instalment.
You can avail of a Bajaj Finserv Insta Personal Loan at a competitive interest rate starting at 13% to 37%
When foreclosing your loan, you must account for a charge of 4.72% inclusive of applicable taxes on the outstanding principal if you have taken a term loan.
CIBIL score: 685 or higher is the minimum CIBIL score required for a personal loan. High CIBIL scores indicate a clean financial track record and help you secure a lower interest rate. Click here to check your CIBIL score for free.
Occupation: Salaried and self-employed individuals may be offered different interest rates because of their income. Often, salaried persons are treated as less risky.
Income: Higher-income helps you get a lower interest rate as lenders can be assured of repayment.
Debt-to-income ratio: Keeping this ratio low helps reduce the risk of default as you will have more funds to pay your EMIs. The interest rate may be lower accordingly.
Age: Younger applicants, with many earning years remaining, may receive more affordable rates than those nearing retirement.
Employment: Being employed at a renowned organisation can help you get a better rate as there is more job and income stability.
Association with the lender: Existing customers may get more favourable interest rates.
You can repay your loan over a tenure from 6 months to 63 months.
The Repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks. A cut in repo rate usually translates to lower borrowing costs such as interest rates and EMIs for individuals and banks.
Repo rate affects the interest rate on loans only if you opt for a floating interest rate. Loans offered at fixed interest rates aren’t affected by a repo rate cut.
All the fees and charges will be mentioned in your loan documents. There are no hidden charges.
All the charges related to Insta Loan will be mentioned in your loan documents.
The interest rate for an Insta Loan ranges from 13% to 37%.
