Personal Loan for Contractual Employees

Personal Loan for Contractual Employees

Contractual employees can check their pre-approved offer for Bajaj Finserv Personal Loan with just phone number and OTP.
Loan Types

Loan Types

FAQs

FAQs

Video

Video

Rs. 40000 - Rs. 55 lakh

You may be eligible for a pre-approved offer

Check now

Enter mobile and OTP | Apply online | Get money in a day*

Get a personal loan made for contractual employees with minimal paperwork and competitive rates. Are you on a contract and need quick funds? Check your pre-approved loan offer in just 2 steps to see what you qualify for.


With flexible terms and attractive rates, you can get funds in 24 hours* and meet your financial needs—be it medical, home repair, or travel—without hassle.

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Features and benefits of personal loan for contractual employees

  • Flexible loan amount

    Borrow the amount you need, from a few thousand rupees up to Rs. 55 lakh, with minimal documentation.

  • Collateral-free loans

    No need to pledge property or assets. These unsecured loans keep your belongings safe.

  • Quick approval and same-day disbursal

    Apply online and get instant approval. Funds reach your account within 24 hours* after document verification.

  • Flexible tenure options

    Choose repayment periods from 12 to 96 months. Use our EMI calculator to find EMIs that fit your budget.

  • Minimal documentation

    Submit just KYC and basic income proof to speed up your application.

  • Competitive interest rates

    Our interest rates and fees are competitive and fully transparent. No hidden costs.

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Eligibility criteria and documents for personal loan for contractual employees

  • For a Bajaj Finserv Personal Loan, here are the loan eligibility criteria required:


    • Nationality: Indian
    • Age: 21 years to 80 years.
    • Employed with: Public, private, or MNC.
    • CIBIL Score: 650 or higher.
    • Customer profile: Self-employed or Salaried

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

  • Documents required

    The documentation process for contractual employees is straightforward. Some of the required documents for a Bajaj Finserv Personal Loan include:


    • 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
    • Piped gas bill
    • Pension order
    • Letter of Allotment of Accommodation Issued by Employer
    • Property / Municipal tax receipt
    • Utility bill
    • Phone bill
    • Real-time image / photograph
    • Ration card

    Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
     

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How to apply for personal loan for contractual employees

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

    1. Click on ‘CHECK ELIGIBILITY’ on this page.
    2. Enter your 10-digit mobile number and the OTP sent to your phone.
    3. Check if you have an offer. If not, 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 offer or loan amount that you need. Choose from our personal loan variants.
    6. Choose the repayment tenure and click on ‘PROCEED’.
    7. Complete your KYC and submit your application.

    Our representative will contact you for further steps.

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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 24 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 31% p.a. 

Processing fees 

Up to 3.93% of the loan amount (inclusive of applicable taxes). 

Flexi Facility Charge

 

 Term Loan – Not applicable

Flexi Loans – Up to Rs 1,999 to Rs 12,999/- (Inclusive of applicable taxes)

Will be deducted upfront from loan amount.

Bounce charges 

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) Dishonor of any payment instrument; or (ii) Non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

• Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.
• Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.
• Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.

Part-prepayment

• Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

• Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state) 

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges 

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Term Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit during Initial Tenure. Up to 0.295% (Inclusive of applicable taxes) of Dropline limit during Subsequent Tenure

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.