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.
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.
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.
Features and benefits of our personal loan
All you need to know about our Personal Loan
Watch this video to know everything about the features of our personal loan.
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
Repay a part of your loan in advance, at no extra cost. You can part-pay as many times as you want.
Loan of up to Rs. 40 lakh
Manage your small or large expenses with loans ranging from Rs. 1 lakh to Rs. 40 lakh.
Manage your loan easily with repayment options ranging from 6 months to 96 months.
Approval in just 5 minutes
Complete your entire application online from the comfort of your home or wherever you are and get instant approval.
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
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.
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.
Still haven’t found what you’re looking for? Click on any of the links at the top of this page.
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, 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 eligibility parameters and complete your basic documentation to avail the money you need within 24 hours* of approval.
- 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.
- KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID/ Driving license/ Letter of National Population Register
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- National Population Register Letter need to be included in the list of OVD.
- Add Utility bill of electricity and piped gas.
- The rent agreement needs to be removed from the Proof of Address.
*You should be 80 years or younger, at the end of the loan tenure.
Did you know?
There are very few restrictions on how you use your personal loan.
Did you know?
Choosing a longer loan tenure can help you lower your EMI amount.
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.
Applicable fees and charges
Type of fee
Rate of interest
11% to 35% p.a.
Up to 3.93% of the loan amount (inclusive of applicable taxes).
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, VAS charges, and documentation charges.
Rs. 700 - Rs. 1,200 per bounce.
Any delay in payment of monthly instalment/ EMI shall attract penal interest at the rate of 3.50% per month on the monthly instalment/ EMI outstanding from the date of default until the receipt of the monthly instalment/ EMI.
Payable as per state laws and deducted upfront from loan amount.
|Mandate registration charges||Rs. 1/- (inclusive of applicable taxes) applicable in case of UPI mandate registration.|
Mandate rejection charges
Rs. 450 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, interest is charged only for the actual number of days since the loan was disbursed.
*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%, 35%, and 34.7% respectively.
Part pre-payment and Foreclosure charges are NIL.
Frequently asked questions
You can take a Bajaj Finserv Personal Loan for several scenarios such as:
- Medical emergency
- 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
To get a quick personal loan, you only need to meet a few basic 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
Know more about our personal loan eligibility criteria
You will be asked to submit the following documents to get a personal loan from Bajaj Finance:
- 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
The ideal credit score to get instant paperless approval for a Bajaj Finserv Personal Loan is 685 and above.
You can borrow up to Rs. 40 lakh without pledging any collateral. This amount will be inclusive of insurance premium, VAS charges, documentation charges, Flexi fees and processing fees. We advise you to know our fees and charges in detail before applying.
Read on to know how your personal loan amount is decided
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.
Check your EMIs using a personal loan EMI calculator
The minimum salary criteria for a Bajaj Finserv Personal Loan depends on your city of residence. For instance, if you reside in Pune, Bangalore, Mumbai, or Delhi, your minimum monthly salary should be Rs. 35,000.
Read on to know the criteria required to apply for our personal loan
With Bajaj Finserv, you can expect instant approval on your personal loan application.
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
Lenders provide an interest rate when you opt for a personal loan. The interest rate on a personal loan 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 personal loan EMI calculator to know your EMI outflow.
With a Bajaj Finance 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.
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.
Here are some reasons to choose the Bajaj Finserv 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.
Processing fees are charges that are usually levied on the total loan amount sanctioned. Bajaj Finance charges 3.93% of the loan amount (inclusive of applicable taxes). For an instance, Rohit has taken a personal loan of Rs. 1 lakh, for which the processing fee of Rs. 3930 will be deducted from his sanctioned loan amount. The loan amount disbursed into his account will therefore be Rs. 96,070.