Frequently asked questions

What is an EMI?

EMI stands for Equated Monthly Instalments (EMIs), which is the fixed amount paid towards your personal loan repayment. It consists of both principal components and interest amounts. It gives you the ease and benefit of paying back the personal loan amount in smaller and easy instalments.

Are there any part-prepayment charges on personal loans?

Yes, there are part-prepayment charges applicable on personal loans. For term Loan part pre-payment charge of up to 4.72% (inclusive of applicable taxes) of the principal amount of the loan prepaid on the date of such part-prepayment is applicable. For the Flexi Term Loan (Flexi Dropline) and Flexi Hybrid part pre-payment charges are not applicable.

What is the maximum loan amount you can get when applying for a salaried personal loan?

With Bajaj Finserv, you can avail up to Rs. 40 lakh with a host of benefits and at attractive interest rates. However, the final amount of your personal loan depends on your eligibility and factors such as your CIBIL score, monthly income, employers and others.

What are the tenor options available?

Bajaj Finserv offers flexible repayment tenors ranging up to 96 months. You can select a repayment period of your choice that suits your budget and preference. To help you plan your finances better, you can use the Bajaj Finserv Personal Loan EMI Calculator and choose a convenient tenor and EMI that makes the loan more affordable for you.

What are the benefits or advantages of taking a personal loan from Bajaj Finserv?

Bajaj Finserv offers a personal loan of up to Rs. 40 lakh to help you meet your big-ticket expenses. This personal loan comes with instant approval within minutes, and you can get funds quickly – in just 24 hours*. With Bajaj Finserv, you can also opt for the Flexi facility and reduce your monthly instalment by 45%* by paying interest-only EMIs.

Existing customers of Bajaj Finserv may even qualify for pre-approved offers that come with some additional benefits, including faster processing and quick disbursal.

*Terms and conditions apply

How do I apply for a salaried personal loan?

You can apply online for a salaried personal loan in a few easy steps:

  • Click on ‘Apply Online’ to open the application form
  • Share your name and contact details to receive an OTP
  • Verify your identity by sharing your OTP
  • Fill in the application form with personal and financial detail
  • Choose a loan amount and repayment tenor that suits your requirement and submit the form
  • Submit the required documents to the representative who will get in touch with you
  • Get the loan amount in your account within 24 hours* of approval

*Terms and conditions apply

When will I receive my salaried personal loan?

Bajaj Finserv offers instant personal loans in minutes that help you meet your urgent needs. You can apply for a personal loan by filling out an easy online application form and getting approval instantly. The funds are usually disbursed within 24 hours* of approval and document verification.

*Terms and conditions apply

How do I repay the loan?

You can repay the loan in equated monthly instalments (EMIs) using the ECS facility or through post-dated cheques. Bajaj Finserv offers flexible repayment tenors ranging up to 96 months. This flexible tenor helps you choose the one that best suits your budget. You can also use an online EMI calculator to plan your repayment smartly.

What is the online approval process for a salaried personal loan?

Once you meet the basic eligibility criteria, you can avail of a Bajaj Finserv Personal Loan that comes with instant approval in minutes and quick funds within 24 hours* of approval. Follow these easy steps for online approval:

  • Open the application form by clicking on ‘Apply Online’
  • Provide your contact details to get an OTP
  • Share the OTP for identity verification
  • Fill the application form with personal and financial details
  • Select your loan amount and repayment tenor and submit the form
  • Get a call from our representative who will take you through the loan offer
  • Submit the required documents to our representative
  • Get the loan disbursed quickly

If you are an existing customer, you can enjoy pre-approved offers and avail of a personal loan instantly.

*Terms and conditions apply

On what criteria will the loan be sanctioned to me?

You can avail of an instant personal loan from Bajaj Finserv by fulfilling the easy-to-meet eligibility criteria and minimal paperwork. You can get a personal loan if you are-

  • A residing citizen of India
  • Aged between 21 years to 80 years*
  • Employed with an MNC, public or private company
  • Holds a CIBIL score of 685 or higher

Apart from meeting the above eligibility criteria, you should also fulfil the minimum salary requirement based on your city of residence. Once you complete the eligibility criteria, you can get a loan by providing only a handful of documents such as KYC, salary slips of the last two months, bank account statements of your salary account for the previous three months.

*Terms and conditions apply

What are the benefits of applying for a personal loan online?

If you need financial assistance, it is most likely that time is of the essence. An online personal loan is a convenient way to meet your money needs without waiting. By choosing to go online, you can apply without leaving the comfort of your home or office. You are not required to wait in a queue to get your application processed, and the approval of your application happens in real-time. Applying online is quick, easy, and hassle-free, and the money is transferred to your bank account in just 24 hours*.

*Terms and conditions apply

What are the features of Flexi loan?

The Flexi loan facility is a unique financial offering that can help you lower your personal loan EMIs and make your loan more manageable. When you choose to avail of a Flexi loan, you are assigned a loan amount that you are eligible for. You are free to withdraw from this sanctioned amount as per your needs. You are charged interest only the amount you utilise, and you are free to withdraw and part-prepay at no extra cost. With the option to pay interest-only EMIs for the initial part of your loan repayment period, you can reduce the burden of EMIs by up to 45%*.

*Terms and conditions apply

What are the benefits of a Flexi facility compared to a regular term loan?

The Flexi facility aims to offer greater repayment flexibility to customers of Bajaj Finserv Personal Loan. Unlike a regular term loan, you can withdraw money whenever you want from the total loan amount assigned to you. You have the flexibility to pre-pay the loan without any additional cost, and interest is charged only on the amount you end up withdrawing, as against the total sanctioned limit.
Besides this, you have the option to reduce your monthly instalments up to 45%* by opting for interest-only EMIs for the initial part of the tenor – a feature that is not available on a term loan.

From a repayment perspective, most users find the Flexi variant a more convenient option than the term loan.

*Terms and conditions apply

What are the key constituents of the dropline facility?

There are three main constituents of dropline-based amortisation:

  • Dropline balance: This is a running loan amount that reduces throughout the tenor.
  • Utilised amount: This is the amount you use, also known as principal outstanding.
  • Available balance: This is calculated as the difference between dropline balance and utilised amount that you can withdraw.
Would the interest rates for the Flexi facility be the same as a regular term loan?

Bajaj Finserv offers personal loans at attractive interest rates starting from 11% p.a. on Flexi and the regular term loan. However, with the Flexi facility, you are charged interest only on the withdrawn amount and not the total sanctioned limit.

Will I get a cheque book for the Flexi facility, which I can use for drawback/ payment mode?

Your Flexi loan account does not operate like a current account with an overdraft facility. It is a loan, and we do not offer a cheque book facility against it. As a non-banking finance company (NBFC), Bajaj Finserv or its group companies do not offer cheque book facility.

What if I do not receive the welcome kit?

While care is taken to send in the welcome kit to every customer, you may write to us at if you do not receive your kit at the time of availing of your personal loan. We will ensure that it is dispatched to your registered address at the earliest.

When will I receive My Account login id and password?

The ID and password to our customer portal – My Account – are sent to you as a part of the welcome kit. An SMS will also be shared on your registered mobile number within 10 days of loan disbursal with information about your loan.

How can I get my repayment schedule/ interest certificates/ statement of accounts/ no objection certificate?

You can access all loan account statements online via our customer portal. You can view or download your statement for free by logging in with your customer ID and password.

You can also visit the nearest Bajaj Finance Limited branch and get a hard copy of your loan statement at Rs. 50. You can also request a physical copy of your statement by calling our customer care call centre or through an e-mail request.

How do I get my complete loan details?

Once your loan is approved and converted, you will receive a welcome kit on your e-mail id, which will consist of the following:

  • Your loan details – term loan or Flexi loan
  • User ID and password for My Account
  • Your registered bank account details for drawdown transactions
  • Unique virtual account number
  • Registered mobile number
  • Reference service guide to help you understand the product and use the self-service tool effectively.
How can I check my Flexi term loan balance?

You can easily access your loan statements and other details related to your Flexi term loan account from anywhere via our customer portal My Account. You can view or download your loan statement by logging on to My Account with your existing account id and password. You can also place the drawdown request on this customer portal.

What is the process of part-prepayment?

Once you avail of a personal loan with Bajaj Finserv, you will be provided with a unique account number. You can easily make all payments and part-prepayments to this particular account through your net banking account.

In the case of a Flexi term loan, the same will be credited to your Flexi loan account within the stipulated time as per banking guidelines.

Is there any charge for prepayment against the Flexi loan?

As a Flexi loan customer, you can enjoy various additional benefits, and one such advantage is making part-prepayment without paying any extra fee. As a Flexi loan customer, you can transact (make payments in your account and withdraw the available balance amount) as often as required without paying any additional charge.

When can I make the first part-prepayment?

If you have surplus funds and want to part-prepay your personal loan, you can make your first part-prepayment after completing more than one month of loan disbursal.

How many times can I withdraw from my Flexi term loan in a day?

Bajaj Finserv offers a Flexi personal loan that comes with flexible withdrawal and a part-prepayment facility. If you have opted for a Flexi term loan, you can withdraw a maximum of five times a day.

Can I withdraw and part-prepay on the same day?

With the Flexi facility, you can withdraw and part-prepay the amount on the same day.

I have made a prepayment before my EMI date. Do I still need to pay my instalment?

Yes, your EMI will be deducted on the due date even after making prepayment beforehand. This is because the monthly instalment is recovered on the amount utilised during the billing period. However, making a part-prepayment can help you reduce your loan, which eventually allows you to pay reduced EMIs during the remaining course of the tenor.

If the customer faces any issue during withdrawal or part-prepayment - whom to contact?

In case you face any issue during withdrawal or part-prepayment, you can visit the nearest branch of Bajaj Finance Limited. You can also connect with us and get your query resolved.

How do I change my personal details, such as my address/ mobile number/ bank account number? Do I need to send any proof?

In case of any change in personal details such as your address/ mobile number/ account number, you can inform your relationship manager. You can submit a request letter signed by you along with the documentary proof that suffices the change to your concerned relationship manager, and your request will be processed soon after.

Are there any foreclosure charges for Flexi Loan?

If you wish to foreclose your Flexi Loan account, in the case of a term loan a foreclosure fee is charged up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment. In the case of Flexi Term Loan (Flexi Dropline) and Flexi Hybrid Loan, an additional fee of 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 will be charged as a foreclosure charge.

Will a Flexi term loan's monthly instalment/ EMI contain a principal amount?

Bajaj Finance Limited offers Flexi Term Loans that allow you to withdraw funds multiple times from their sanctioned loan limit and part-prepay at their convenience. Here, the EMI will contain both the principal and the interest component and the interest will be charged only on the amount that you have withdrawn.

What is the annual maintenance charge collection date?

Borrowers who opt for a Flexi personal loan have to pay the annual maintenance charge of 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. These maintenance charges will be auto-debited from your account on the anniversary of your loan.

How can I convert a Flexi term loan to a regular term loan?

If you wish to convert your Flexi term loan to a regular term loan, you have to write an e-mail to our customer service giving your consent to convert your Flexi term loan to a standard loan application. Once the customer service gets your permission, they will raise a request on your behalf. After the process is completed, your Flexi term loan will be converted into a term loan for 60 months, and you have to pay a regular EMI, including the principal amount.

Similarly, a term loan can also be converted into a Flexi term loan by booking a new agreement and closing the existing term loan account.

Can I make part-prepayment before the 1st EMI?

You can make your first part-prepayment only after paying your 1st EMI.

How can I drawdown my Flexi term loan?

You can drawdown your Flexi term loan by logging on to our customer portal-My Account.

Under what scenarios is the Flexi loan facility blocked for usage?

You will be restricted from using the Flexi term loan facility in the following situations:

  • In case you miss an EMI with Bajaj Finance Limited or any other financial institution
  • A drop in your credit bureau score
  • Change in your employment
  • Change in your contact information (unless informed to Bajaj Finance Limited in advance)
Do I have to provide any security, collateral or guarantors?

Bajaj Finserv offers collateral-free salaried personal loans, and therefore, you are not required to pledge any security to get funds.

You can get a personal loan of up to Rs. 40 lakh by fulfilling the easy-to-meet eligibility criteria and submitting a handful of documents.

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