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3 unique variants of our personal loan

  • Flexi Term Loan

    Imagine you take a loan of Rs. 2 lakh for a term of 24 months. For the first six months, you pay the regular equated monthly instalments (EMIs). By now, you would have repaid about Rs. 50,000.

    Suddenly, you have an unforeseen need for Rs. 50,000. All you need to do is to go to My Account and withdraw Rs. 50,000 from your Flexi Term Loan account. Three months later, you just got your bonus of Rs. 1,00,000 and would like to pay back a part of your Flexi Term Loan. This time again, all you need to do is go to My Account and pay back a part of your Flexi Term Loan.

    During all this while, your interest is automatically adjusted, and you are paying interest only on the outstanding amount at any point of time. Your EMI consists of both principal and adjusted interest.

    Unlike in the case of other personal loans, there are absolutely no fee/ penalty/ charges for paying back or withdrawing from your Flexi Term Loan account.

    This variant is ideal for today’s lifestyle, wherein managing expenses can get unpredictable. You can pick this variant if you are looking for the best personal loans in India with flexible terms.

  • Flexi Hybrid Loan

    This is another variant of our personal loan that works exactly like Flexi Term Loan. The only difference is that, for the initial period of the loan, your EMI will only consist of the applicable interest. For the remaining period, the EMI will consist of the interest and principal components.

    Click here for a detailed description of how our Flexi Hybrid Loan works.

  • Term loan

    This is like any other regular personal loan. You borrow a certain amount of money, which is divided into equated monthly instalments that consist of both principal and the applicable interest.

    There is a fee applicable for repaying your term loan before the completion of your loan tenure.

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Features and benefits of our personal loan

Features and benefits of our personal loan 00:40

All you need to know about our personal loan

 Watch this video to know everything about our personal loan

  • 3 unique variants

    3 unique variants

    Pick the loan variant that suits you best: Term loan, Flexi Term Loan, and Flexi Hybrid Loan.

  • No part-prepayment charge on Flexi Term Loan

    No part-prepayment charge on Flexi Term Loan

    Repay a part of your loan in advance, at no extra cost. You can part-pay as many times as you want.

    Read about Flexi Term Loan

  • Loan of up to

    Loan of up to Rs. 40 lakh

    Manage your small or large expenses with loans ranging from Rs. 20,000 to Rs. 40 lakh.

  • Manage your loan easily with repayment options

    Convenient tenures

    Manage your loan easily with repayment options ranging from 6 months to 96 months.

  • Approval in just

    Approval in just 5 minutes

    Complete your entire application online from the comfort of your home or wherever you are and get an instant personal loan with fast approval.

  • Money in your account

    Money in your account in 24 hours*

    Your bank account will be credited with your loan amount within 24 hours* or, in some cases, on the same day of approval.

  • No hidden charges

    No hidden charges

    Our fees and charges are mentioned clearly on this page itself and also on our loan documents. We advise you to read these in detail before applying.

    Know about interest rates and charges

  • No guarantor or collateral needed

    No guarantor or collateral needed

    You do not need to provide any collateral such as gold ornaments, property papers, or have someone stand as a guarantor.

  • *Terms and conditions apply.

    These features make this one of the best personal loans in India. Still haven’t found what you’re looking for? Click on any of the links at the top of this page.

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Eligibility criteria and documents required

Anyone can apply for our personal loan online, as long as you meet five basic criteria mentioned below. If you meet all the eligibility criteria of our online personal loan, you will need a set of documents to complete your application process. With our online personal loan, you can get an instant approval for up to Rs. 40 lakh. Meet the easy personal loan eligibility parameters and complete your basic documentation to avail the money you need within 24 hours* of approval.

Eligibility criteria

  • Nationality: Indian
  • Age: 21 years to 80 years*
  • Employed with: Public, private, or MNC
  • CIBIL score: 685 or higher
  • Monthly salary: Starting Rs. 25,001, based on the city you live in

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
  • Utility bill of electricity and piped gas

*Higher age limit is applicable at the time of loan maturity.

  • Did you know?

    There are very few restrictions on how you use your personal loan.

  • Did you know?

    You are not required to pledge any collateral or security.

  • Did you know?

    You can lower your EMI amount by choosing a longer loan tenure.

  • Did you know?

    With Flexi Hybrid loan, pay interest-only EMIs for the initial part of the tenure.

How to apply for a personal loan

Video Image 00:49
   

Step-by-step guide to apply for a personal loan

  1. Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
  2. Enter your 10-digit mobile number and the OTP sent to your phone.
  3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
  4. Now, click on ‘PROCEED’ to visit the loan selection page.
  5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  6. Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
  7. Complete your KYC and submit your application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.

Personal loan interest rates and applicable charges

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)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*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

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment.
  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full prepayment.

Part-prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of the loan prepaid on the date of such part-prepayment.
  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid.

*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 (as per respective state)

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-monthly Instalment interest

"Broken Period Interest/Pre-monthly Instalment interest" shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 - Over and above the period of 30 days from the date of disbursement of the Loan:

Method of recovery of Broken Period Interest/Pre-monthly Instalment interest:

  • For Term Loan: Deduct from disbursement or added in first EMI, as applicable.
  • For Flexi Term Loan: Added to first instalment amount
  • For Hybrid Flexi Loan: Added to first instalment amount

Scenario 2: Less than period of 30 days from the date of disbursement of the Loan:

Interest on first instalment will be charged for actual number of days.

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.

Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

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%, 38%, and 35.71% per annum respectively. Part pre-payment and Foreclosure charges are NIL.

Frequently asked questions

What is a personal loan?

A personal loan is a type of credit facility that you can avail of to pay your financial obligations without providing any kind of security or collateral. Personal loans are provided without end-use restrictions; thus, they can be used for a variety of purposes. Whether it's a medical emergency, a home renovation, or a wedding, a personal loan can be an excellent way to manage your expenses. You can get a Bajaj Finance Personal Loan of up to Rs. 40 lakh with minimal documentation and an easy loan application process.

What is the annualised rate of interest and repayment tenure of personal loan offered by Bajaj Finance Limited?

The annualised rate of interest (% p.a.) is the cost that the borrower must pay for money borrowed from the lender. The interest is payable on principal loan amount basis the loan tenure opted.  Bajaj Finance Limited offers personal loans with an annualised interest rate ranging from 11% to 38% p.a. which can be repaid over tenures between 6 months to 96 months.

For instance, Priya took a personal loan of Rs. 1,00,000 at an annualised interest rate of 15% p.a. for a tenure of 12 months.  In this scenario, Priya’s annual interest payable will be around Rs. 8,310 and her monthly EMI shall be around Rs. 9,026. Here, she will be repaying around Rs. 1,08,310 in total during the loan tenure towards principal and interest component, apart from other charges applicable, if any.

*Terms and conditions apply.

What can you use a personal loan for?

You can take a Bajaj Finance Personal Loan for several scenarios such as:

  • Medical emergency
  • Wedding
  • Higher education
  • Home expenses

Our instant personal loan comes with no end-use restrictions, allowing you to meet a wide variety of expenses comfortably.

Read on to know why our personal loan is the best option

What are the eligibility criteria for a personal loan?

To get a quick personal loan, you only need to meet a few basic personal loan eligibility criteria:

  • You must be between 21 years and 80 years* of age
  • You must be a salaried individual employed with an MNC, public or private company
  • You must be a residing citizen of India

If you meet the salary requirement based on your city of residence, you can qualify for the loan.

*Terms and conditions apply

What are the documents required for a personal loan?

You will be asked to submit the following documents to get a personal loan from Bajaj Finance Limited:

  • Passport-size photographs
  • KYC documents – Aadhaar, PAN, voter’s ID, driving licence, passport, Letter of National Population Register
  • Bank account statements for the previous 3 months
  • Salary slips for the last 3 months

Here is why you should choose a Bajaj Finance Limited Personal Loan

What is the CIBIL Score required to get a personal loan?

The ideal credit score to get instant paperless approval for best personal loan in India differs from lender to lender. A CIBIL Score of 685 and above is required to get a Bajaj Finance Personal Loan.

What is the maximum loan that I can get?

You can borrow up to Rs. 40 lakh without pledging any collateral.

How can you calculate your EMI?

You can use our personal loan EMI calculator to compute the monthly instalment and tenure that suits your budget. You only need to enter the amount you need to borrow, the interest rate, and the tenure to get an estimate of the EMI.

What is the minimum salary required to get a personal loan?

The minimum salary criteria for a Bajaj Finserv Personal Loan is Rs. 25,001. However, it may differ based on your city of residence. For instance, if you reside in metro cities like Pune, Bangalore, Mumbai, or Delhi, your minimum monthly salary should be Rs. 40,000.

How long does it take to get approved for a personal loan?

With Bajaj Finance Limited, you can expect instant approval on your personal loan application.

Apply for a personal loan

How can I repay my personal loan?

You can repay your personal loan in the form of EMIs (equated monthly instalments). Here, a fixed amount is automatically deducted from your bank account every month. You can set up a NACH mandate with your bank to pay the EMIs.

Here is how you can reduce your personal loan EMIs

How is personal loan interest calculated?

Lenders provide an interest rate when you opt for a personal loan. The personal loan interest rate depends on several factors including CIBIL Score, income, debt-to-income ratio, employment stability etc. Once you know the interest rate, you can use the interest calculator to know your EMI outflow.

How to get quick approval on my personal loan application?

With a Bajaj Finance Limited Personal loan, you get the benefit of instant approval and quick disbursal. All you need to do is apply for a personal loan by filling out the application form with your basic details. The personal loan amount will be approved once you meet the required eligibility criteria.

How does a personal loan work?

Once you apply for a personal loan, the lender usually checks your credit history, income, and a few other parameters to verify your application. Once approved, the loan amount is disbursed into your bank account. Bajaj Finance disburses the loan amount in your registered bank account within 24 hours* or, in some cases, on the same day of approval. You can pay back that amount with interest in regular EMIs over the selected tenure.

Why should you choose a Bajaj Finance Personal Loan?

Here are some reasons to choose the Bajaj Finance Personal Loan:

  • Loan amount of up to Rs. 40 lakh
  • Flexible tenures of up to 96 months
  • Money in your account within 24 hours* of approval
  • No guarantor or collateral needed
  • No hidden charges

*Terms and conditions apply.

How is the personal loan processing fee calculated?

Processing fees are charges that are usually levied on the total loan amount sanctioned. Bajaj Finance charges up to 3.93% of the loan amount (inclusive of applicable taxes). For instance, Rohit has taken a personal loan of Rs. 1 lakh, for which the processing fee of Rs. 3,930 will be deducted from his sanctioned loan amount. The loan amount disbursed into his account will therefore be Rs. 96,070.

What is the easiest loan to get online?

A personal loan is one of the easiest online credit options available. You can avail of a Bajaj Finance Personal Loan of up to Rs. 40 lakh if you meet the eligibility criteria mentioned below:

  • Nationality: India
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

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

You can also check your pre-approved loan offer and get funds instantly.

How to get a personal loan in 5 easy steps?

If you are looking for a best personal loan in India, there are numerous options available. Bajaj Finance Limited offers personal loans with features such as minimal documentation, Flexi variants and quick disbursal. Follow these 5 steps if you want to get a Bajaj Finance Personal Loan:

  • Visit the personal loan page and click on ‘APPLY’
  • Enter your 10-digit mobile number and OTP.
  • Fill in the application form with your basic details and ‘PROCEED’
  • Enter the loan amount and tenure that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  • Complete your KYC and submit your application.
How to choose the best personal loan in India?

To choose the best personal loan in India, compare interest rates, processing fees, and tenure across multiple lenders. Assess your credit score and eligibility. Consider hidden charges, repayment flexibility, and customer reviews. Opt for a reputable lender with favourable terms and transparent policies that align with your financial needs and capabilities.

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