Personal Loan

Personal Loan

Personal Loan Features and Benefits

Personal loan by Bajaj Finserv comes with instant approval and disbursal within just 24 hours! Borrow up to Rs.25 lakh without the need to pledge any collateral. Simply meet Bajaj Finserv’s simple eligibility criteria and submit your basic documents to avail the money that you need. Repay your loan with ease with our flexible repayment tenors ranging from 12 months to 60 months.

Here's a look at some of the features and benefits of a Bajaj Finserv Personal Loan:

  • Pay up to 45% lower EMI

    Pay up to 45% lower EMI

    Meet your expenses with a Flexi Personal Loan and reduce your instalment by up to 45% with interest-only EMIs. Borrow as often as you need to from your loan account without the need for multiple applications for additional documentation.

  • Instant approval

    Instant approval

    Meet the basic eligibility criteria, share just a few details and have your online personal loan application approved instantly – in under 5 minutes.

  • Minimal documentation

    Minimal documentation

    Follow the simple steps in the loan application process and submit the basic documents required to avail your loan.

  • Money in bank in 24 hours

    Money in bank in 24 hours

    Bajaj Finserv offers India’s fastest personal loan – with disbursal in just 24 hours of your loan getting approved. Just think it, and get the money in your bank account.

  • Flexible tenors

    Flexible tenors

    With loan up to Rs.25 lakh on offer, you can meet any financial obligation without a hassle. Borrow as much as you need and repay it over flexible tenors ranging from 12 months to 60 months.

  • Pre-approved offers

    Pre-approved offers

    Make the most of easy pre-approved loan offer by Bajaj Finserv. If you are an existing customer, all you need to do is to share your basic contact details, share your one-time password (OTP) and check your pre-approved offer.

  • Collateral-free loan

    Collateral-free loan

    Bajaj Finserv Personal Loan is unsecured loan – this means you can borrow the money that you need without having to worry about pledging any collateral.

  • No hidden charges

    No hidden charges

    What you see is what you get. With easy to understand terms and conditions, your Bajaj Finserv Personal Loan is transparent. There are no hidden charges. Stay fully informed about your loan by reading the terms and conditions.

  • Online loan account

    Online loan account

    Manage your loan EMIs, check your statement of account (SOA), find your repayment schedule, access the loan terms and conditions or prepay your loan anytime, anywhere with an easy to use online loan account.

Personal Loan Eligibility

The eligibility criteria for a Bajaj Finserv personal Loan are easy to meet. To qualify for a loan, you must fulfil these requirements:
 

Age Limit Between 23 and 55 years
Employment Salaried, employed with an MNC, public, or private company
Nationality Indian, resident citizen
Minimum salary – Rs.35,000 per month Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida, Thane
Minimum salary – Rs.30,000 per month Ahmedabad, Kolkata
Minimum salary – Rs.28,000 per month Jaipur, Chandigarh, Nagpur, Surat, Cochin
Minimum salary – Rs.25,000 per month Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut, Rajkot

Personal Loan Rate of Interest and Charges

Bajaj Finserv offers instant Personal Loan with an attractive interest rate, and transparent fees and charges, to make the loan process easier for you.

You can get up to Rs.25 lakh at a nominal rate of interest, with a flexible repayment tenor that suits your budget. With the flexi loan facility, you can pay up to 45% lesser EMIs too.

To know more about the charges applicable on personal loans by Bajaj Finserv, please read the table below:

Personal Loan Interest Rate 12.99% onwards
Maximum Loan Amount Up to Rs.25 lakh
Processing Fee Up to 3.99% of the loan amount
Penal Interest 2% default interest plus taxes per month
EMI Bounce Charges Rs. 600 - 1,200 per bounce + GST
Foreclosure Charges 4% + GST on principal outstanding
Part Prepayment Charges 2% + GST on principal outstanding

A Personal Loan for All Your Special Needs

Use a Bajaj Finserv Personal Loan to meet a wide range of financial requirements such as planning a vacation or your dream wedding, paying for your higher studies or home renovation. You can use it to cover the expenses of a medical emergency among other things.

Bajaj Finserv offers personal loan for women, individuals employed by the Government of India and various public-sector units (PSUs), as well as school teachers and college professors.

And that’s not all. If you have multiple forms of debt – overdue bills, credit card dues, or short-term loans of varying interest rates, a personal loan can come in handy. Consolidate all your existing loans into one with personal loan and manage your instalments effectively.

Bajaj Finserv offers attractive interest rates and a host of benefits to help you meet all your financial obligations with ease. Fill the online application form and avail a loan today.

Check your loan eligibility and calculate your EMIs with our easy-to-use Eligibility Calculator and EMI Calculator.
 

Personal Loan FAQs

What is a Personal Loan and how does it work?

A personal loan is an unsecured loan, which means you don’t need to pledge a collateral to receive the funds. Availing one is easy – you can apply online – and you can use the money to meet almost any expense.

Bajaj Finserv, one of the most diversified NBFCs in the country, offers personal loan up to Rs.25 lakh with instant approval and quick disbursal.

What a Personal Loan can be used for?

It can help you manage the expenses of a variety of needs including:

  • Travel
  • Wedding
  • Medical emergencies
  • Home renovation
  • Higher education

How can I get approved for a Personal Loan?

Getting approval on your Bajaj Finserv Personal Loan application is easy.

  • Just meet the basic eligibility requirements
  • Keep your PAN ID handy
  • Get approval in an instant.

Alternatively, you can check if you qualify for a pre-approved personal loan.

How long does it take to get approved for a Personal Loan?

With a Bajaj Finserv Personal Loan, you can expect approval for application in under 5 minutes.

What is the minimum salary required for Personal Loan?

The minimum salary required to avail a Bajaj Finserv Personal Loan depends on your city of residence. For instance, if you reside in Mumbai, Pune, Bangalore, or Delhi you must have a monthly salary of Rs.35,000.

What is the eligibility criteria for Personal Loan?

To avail a loan, you only need to meet the basic eligibility criteria.

  • You must be a residing citizen of India
  • Aged between 23 and 55 years
  • Employed with an MNC, public or private company

As long as you meet the salary requirements as specified based on your city of residence, you can qualify for a personal loan.

What are the documents required for a Personal Loan?

To avail a personal loan, you will need to submit the following documents:

  • Passport-size photographs
  • KYC documents – PAN, Aadhaar, Driving license, Voter’s ID, Passport
  • Bank account statements for three months

How can I calculate EMI for a Personal Loan?

You can use the handy Personal Loan EMI Calculator to determine your monthly instalments.

What are the foreclosure charges for Personal Loan?

Bajaj Finserv charges a 4% foreclosure charge plus applicable taxes on principal outstanding.

What are the part-prepayment charges for Personal Loan?

Bajaj Finserv charges a 2% part-prepayment charge plus applicable taxes on the part- prepayment amount paid.

What is the processing fee for Personal Loan?

You will be charged a processing fee up to 3.99% of the loan amount.

What is the maximum loan that I can get?

You can borrow up to Rs.25 lakh without pledging any collateral with Bajaj Finserv. You can repay your loan over flexible tenors ranging from 12 months to 60 months.

What is the difference between term loan and Flexi Personal Loan?

A standard term loan is a fixed loan amount that you borrow as a lumpsum. It is availed at a fixed rate of interest and must be repaid over a specific tenor.

A Flexi Personal Loan, on the other hand, essentially provides you with a pre-approved loan limit based on your credit score and eligibility. You can withdraw money from your loan limit as many times as you need – without having to apply multiple times. You also have the option to prepay your loan as per your convenience.

With the option to manage interest-only EMIs, you can lower your instalments by as much as 45%*. For greater flexibility and convenience, choose a Flexi Personal Loan by Bajaj Finserv.
*terms and conditions apply.

Why should you choose Bajaj Finserv Personal Loan?

Bajaj Finserv offers personal loans with a range of attractive benefits including:

  • Flexi Personal Loan facility
  • Instant approval
  • Minimal documentation
  • Money in bank in 24 hours
  • Flexible tenors
  • Pre-approved offers
  • No hidden charges

Complete the application form online and avail your personal loan.

Personal Loan EMI Calculator

Loan Amount
Rs
|
0
|
5L
|
10L
|
15L
|
20L
|
25L
Tenor
|
24
|
36
|
48
|
60
Annualised Rate of Interest
(Reducing Balance methodology)
%
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20

Loan EMI

Rs.66,429

Total Interest payable

Rs. 10,15,990

Total Payment (Principle + Interest)

Rs. 50,51,552

 
 

Total Interest

 

Principle Amount