Equated Monthly Instalments (EMIs) give you the ease and benefit of paying back the personal loan amount in smaller convenient instalments. The instalments consist of both the principal and interest amounts.
Yes, there are foreclosure and part-prepayment charges applicable. To read more on the interest rates and charges, click here.
• You can avail a personal loan amount up to Rs.25 lakh.
• However, the final amount sanctioned will depend on your income, your CIBIL score and other eligibility criteria.
You can choose a tenor ranging from 12 to 60 months depending on your preference and the loan sanctioning conditions.
Please check out the features and benefits section for more details.
For online applications, you will get an instant approval. The funds will be disbursed to your account within 24 hours of document verification.
You can repay the loan in Equated Monthly Instalments (EMIs) using the ECS facility or through post-dated cheques.
With our online application facility, you can apply for a salaried personal loan from wherever you are and get instant approval on your application.
For details, check out the how to apply section.
You can check the eligibility section to get more information. All loans are sanctioned on the basis of internal policies of Bajaj Finserv.
• Through our online application facility, you can apply for a loan from anywhere and anytime, without having to travel to any branch.
• You also get instant approval on your loan and the fund disbursal is done within 24 hours of completion of internal verification.
To check your loan status:
• You can call our customer care on 1800-103-3535, and give your unique reference number provided to you by email and SMS.
• On authentication of details like name and date of birth, you will be informed of the status of your account.
Our online application process is a completely secured application system, using state of the art security systems, so all your information is secure with us.
Secure fee is a charge that you must pay for the submission or processing of your application form online.
In case you choose not to pay the secure fee, you will lose the benefit of instant online approval.
• In case the loan is sanctioned, but the disbursement has not been availed by you within 30 days of sanction, we shall refund the secure fee in full to you.
• If your loan is rejected, we shall refund the secure fee paid by you in full.
There are various ways you can pay your secure fees online:
1. Debit card
2. Net Banking
All transactions on our website are safe. We use the best-in-class security and the transactions done are secure. We use SSL data encryption that protects the information from being viewed by unauthorized individuals.
• In case of any discrepancies and provided the reasons are valid, we will refund the money.
• Please call us at 1800-103-3535 or write to us at firstname.lastname@example.org. We will be happy to assist you.
• Please read the terms and conditions for more details.
• A Flexi Term Loan is an industry-first facility being extended by Bajaj Finserv to our premium customers.
• It is a hybrid product combining the features of both, a term loan and a written down value based loan limit.
• With this product you can pre-pay and drawdown money as many times you want, making the process easy and hassle-free.
• Interest is charged only on the amount drawn by you and not the entire loan amount.
• On availing this, you benefit by saving interest cost as you can pre-pay the loan at no extra cost.
• Your drawing power reduces on monthly basis thereby reducing the approved loan amount to zero at the end of loan tenor.
Flexi Loans offer many benefits compared to normal term loan:
1. You have the flexibility to pre-pay the loan with idle funds.
2. You can re-avail the pre-paid amount within the drop-line facility at any time within the loan tenor timeframe without any additional documentation.
3. You save on interest costs – interest is payable only on the utilised loan amount. There is no interest levied on the pre-paid amount.
4. Seamless, easy, hassle-free online transactions on the Bajaj Finserv's internet portal– Experia, the self-service account access tool for drawdown and RTGS, that allows you to make pre-payments to BFL through netbanking transactions.
Following are the constituents of dropline based amortization:
1. Dropline balance: It is a running loan facility which keeps on dropping over the tenor.
2. Utilised amount: Amount utilized by you. This is the POS (principal outstanding).
3. Available balance: This is the amount you can drawdown (calculated as the difference between dropline balance and utilised amount).
Billing cycle will be from 26th to 25th of every month and the same will be due on 5th of the following month.
The instalment payment date for all Flexi Loans will be 5th of every month.
For all transactions that are executed between 26th to 25th of the month, you will be charged for the specific number of days the amount has been utilized.
For e.g., if you have a loan limit of Rs.10 lakh and you draw down Rs.10 lakh on the 26th of the month & pre-pay Rs.5 lakh on the 29th of the same month thereby utilizing only Rs.5 lakh from 29th of that month to the 25th of the next month, then you will be charged interest on Rs.10 lakh from 26th – 29th and on Rs.5 lakh from 30th – 25th.
Similarly, if you have a loan limit of Rs.15 lakh and draw down Rs.10 lakh on the 26th of the month and on 29th, draw down another Rs.5 lakh thereby utilizing the full available balance, you will be charged for Rs.10 lakh from 26th – 29th of the month and on Rs.15 lakh from 30th – 25th of the next month.
Please refer to the fees and charges section for the detailed list of charges applicable on term loans and Flexi Term Loans.
• Through Flexi Term Loans we intend to offer a swift and easy loan facility whereby you are given the freedom to transact from the secure and comfortable environment of your home/ office.
• Currently all Flexi transactions need to be carried out over internet.
While withdrawals are only allowed through the internet, payments can be made through RTGS/NEFT/IMPS either online or through your Bank.
No, this does not operate like a Current account with overdraft facility. Moreover Bajaj Finserv Ltd. being an NBFC, unlike a bank, Flexi Loans as well as our other loan products cannot offer this facility.
The customer can write to us at email@example.com and the same would be resend to the registered address.
• Your Experia ID and password will be sent along with the new loan relationship kit/ welcome kit.
• An SMS will also be sent to you on your registered mobile number within 10 days of loan conversion.
• All loan account statements are available to you online and can be viewed / downloaded by logging on to https://www.bajajfinserv.in/customer-portal using your Experia Id & password.
• However, you may request for hard copy of your statements by calling our customer care call centre or through an e-mail request.
• Bajaj Finserv will also send the annual statement of accounts at the end of every year by email.
• You will receive a welcome kit on your E-mail id (& the same would be on Experia also) consisting of:
1. All your Flexi Loan details
2. User id and password for Experia
3. Your registered bank account details for drawdown transactions.
4. Unique virtual account number
5. Registered mobile number
6. Reference service guide to help you understand the product and use the self-service tool effectively.
• You can access all the loan details and information pertaining to the Flexi Term Loan account by logging on to our customer portal, Experia, with your existing account id and password.
• You can place the drawdown request over Experia.
• Bajaj Finserv will be providing you with a unique account number.
• You can make all payments / pre-payments into this unique account through your net banking account.
• The same will be credited to the Flexi Term Loan account within the stipulated time as per banking guidelines.
There is no charge for pre-payment. As a Flexi Loan customer, you can transact (make payments in your account and drawdown within the available balance amount) any number of times.
Part prepayment can be done post 36 hours of loan disbursement.
A Flexi Term Loan customer can make part prepayments on his loan as many times as he wants. There is no limit to the number of part-prepayments in a day.
Currently, you can withdraw a maximum of five times a day.
Yes, you can withdraw and part-prepay in the same day.
Bajaj Finserv uses RTGS/ NEFT for money transfers. The same will be credited to your account within the stipulated time as per banking guidelines.
Yes, the instalment will be deducted on the due date, irrespective of part-prepayment amount. Since the EMI is recovered on amount utilized during the billing period.
• Requests for payments under Flexi Term Loans will be processed in under 20 minutes
• Presently, Flexi Term Loan withdrawal requests are raised on an hourly basis, and the payment process will be initiated as per the agreed turnaround time.
• The withdrawal entry will reflect in the statement of accounts immediately, as soon as the payment request is authored in the system.
• However, the said batch needs to be authorised at the bank site before being credited to your account.
You can contact us at:
1. Our call centre no. - 020-39574151
2. Write to us at firstname.lastname@example.org
• Yes, as a Flexi customer you will be receiving the following intimations on the registered mobile number.
1. SMS on every transaction (payment and drawdown done on Experia)
2. Instalment due intimation before due date
3. Intimation of instalment receipt post clearance and credit
4. Alternatively you can check your Loan details and instalment details by logging into your Experia account at your convenience.
• You can make a pre-payment or pre-closure up to any amount without incurring any additional fees.
• The pre-payment can be made by you through RTGS to the assigned unique Bajaj Finserv account allocated to you.
• If you wish to discontinue this loan facility you can do so by paying the entire balance amount in the loan account, including interest along with request for foreclosure.
• To raise request for foreclosure- visit Experia/ WeCare/ customer care no. / branch.
All your personal details can easily be changed by submitting documentary proof to the concerned relationship manager duly attested and signed by you with a request letter.
Foreclosure charges for Pure Flexi loans will be calculated on the disbursed amount and for Flexi loans on current POS outstanding.
Minimum amount of Rs.80 Thousand and a maximum of Rs.15 lacs can be availed.
Minimum tenure is of 1-year post this you can renew your flexi loan facility.
The tenor will be 1-year post which customer can either renew the line for next 12 months or convert it to normal term loan.
In a Flexi Term Loan, you will pay only interest in the form of EMI. For example: A Flexi Term Loan amount of Rs.5 lakhs will have an EMI of approximately Rs.6,000 (only Interest) and not regular EMI of Rs. 12,000.
If any part-payment or withdrawal is made before the 22nd of any month, the change in EMI will reflect in the very next month. If not, changes will reflect with a one-month lag.
Annual maintenance charges will be auto debited from your account on anniversary of your loan.
You will need to get in touch with our customer care and request to raise the loan amount post which your loan will be renewed and as per your credit performance new loan amount will be sanctioned.
• You will have to write an email to our customer service (with your consent) to convert your Flexi Term Loan to a normal loan application.
• Customer service will take your consent and raise a request on your behalf.
• Post this, your Flexi Term Loan will be converted into a term loan for 60 months and a regular EMI including the principal amount.
Yes, a new Flexi Term Loan will be booked with a new agreement and existing loan will be closed.
You will have to initiate a mail to our customer service (with your consent) to convert loan to normal loan application. Customer service will take your consent and put a request on your behalf. Post this your flexi loan facility will be converted into a term loan for 60 months and a regular EMI will start coming in which the Principle will also be included.
You have to renew your flexi loan facility after every 12 months by paying annual maintenance charges. Annual maintenance charges will be charged at 1.0% of sanctioned loan amount.
• You can make a part pre-payment by using customer portal (Experia) upon sanction of your loan.
• Experia ID and password will be shared with you in the welcome letter post disbursal of your loan.
• Virtual Account Number (VAN) can be obtained by sending an SMS to 9227564444 from registered mobile number.
No, you cannot make part prepayment before 1st EMI.
You can drawdown your Flexi Term Loan through our customer portal -Experia.
Your usage of a Flexi Term Loan facility can be blocked due to:
• Bounce of your monthly instalment with Bajaj Finance Limited or other any other financial institution
• Drop in your credit bureau score
• Change in employment
• Change in contact information (unless intimated in advance to Bajaj Finance Limited).
No security, collateral or guarantors are required for obtaining a salaried personal loan.
Disclaimer :Calculator is an indicative tool to check personal loan eligibility and assist the user to calculate the loan amount that the user will be eligible to borrow. Calculation results are approximations and for information purposes only and interest rates quoted are indicative. Actual interest rates and loan eligibility amount will vary. To check eligibility for Personal Loan and know the actual eligibility amount, the user should share his complete and accurate details by clicking on the ‘apply now’ tab and provide additional information/ documents required for assessment of user’s application. Calculation results are not intended to substitute professional advice which the user is advised to seek. Loan terms and conditions apply.