Types of fees and charges on a personal loan
With easy-to-understand terms and conditions, Bajaj Finance Personal Loan is 100% transparent and comes with zero hidden charges.
The rates and fees charged on a personal loan are listed below in the table:
Type of fee |
Applicable charges |
Rate of interest |
11% to 38% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Fee | Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Bounce charges |
In case of default of repayment instrument, Rs. 700 - Rs. 1,200 per bounce will be levied. |
Pre-payment charges | Full Prepayment
Part-prepayment
*Foreclosure will be processed post clearance of first EMI |
Penal interest |
Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum applicable on the monthly instalment outstanding, from the respective due date until the date of receipt of the monthly instalment. |
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 the due date for the mandate rejected by customer’s bank until the registration of new mandate. |
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-EMI Interest | Broken period interest/ Pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios: Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, broken period interest is recovered by the following methods:
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, the interest rate is charged only for the actual number of days since the loan was disbursed. |
Switch fee | Up to 1.18% of the loan amount (inclusive of applicable taxes). Switch fee is applicable only in case of switch of loan. In switch cases, processing fees will not be applicable. |
Read More: Personal Loan Processing Fees
To make an informed decision, read here to know more about the fees and charges applicable to your personal loan.