3 unique variants of our personal loan
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Flexi Term Loan
Imagine you take a loan of Rs. 2 lakh for a tenure of 24 months. For the first six months, you pay the regular equated monthly instalment (EMI). 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 (our customer portal) 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 is 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.
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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 that could vary depending on the tenure 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.
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Term loan
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.
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3 unique variants
Pick the loan variant that suits you best: Term loan, Flexi Term Loan, and Flexi Hybrid Loan.
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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.
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Loan of up to Rs. 35 lakh
Manage your small or big expenses with loans ranging from Rs. 1 lakh to Rs. 35 lakh.
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Convenient tenures
Manage your loan easily with repayment options ranging from 12 months to 84 months.
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Approval in just 5 minutes
Complete your entire application online from the comfort of your home or wherever you are.
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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.
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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.
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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.
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*Terms and conditions apply.
EMI Calculator
Plan your instalments better.
Eligibility criteria and documents required
Anyone can apply for our personal loan, 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.
Eligibility criteria
- Nationality: Indian
- Age: 21 years to 67 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 750 or higher.
- Monthly salary: Starting Rs. 22,000, based on the city you live in.
Documents required
- KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
*You should be 67 years or younger, at the end of the loan tenure.
Check your personal loan eligibility
Find out how much loan amount you can get.
Applicable fees and charges
Type of fee |
Applicable charges |
Rate of interest |
11% onwards. |
Processing fees |
Processing fee up to 3.93% of the loan amount (Inclusive of applicable taxes) |
| Flexi Fee | Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below) Rs. 1,999 (inclusive of applicable taxes) for loan amount of up to Rs. 199,999/- Rs. 3,999 (inclusive of applicable taxes) for loan amount >= 2 lakh and < 4 lakh Rs. 5,999 (inclusive of applicable taxes) for loan amount >= 4 lakh and < 6 lakh Rs. 6,999 (inclusive of applicable taxes) for loan amount >= 6 lakh and < 10 lakh Rs. 7,999 (inclusive of applicable taxes) for loan amount >= 10 lakh |
Bounce charges |
Rs. 700 - Rs. 1,200 per bounce. |
Penal interest |
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. |
Part-prepayment charges |
4.72% (inclusive of applicable taxes) |
Stamp duty |
Payable as per state laws and deducted upfront from loan amount |
Mandate rejection charges |
Rs. 450 per month 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 |
Flexi Term and Flexi Hybrid Loan - 0.295% (Inclusive of applicable taxes), on the total withdrawable amount irrespective of utilisation on date of levy of such charges. |
Foreclosure charges |
Term Loan - 4.72% (Inclusive of applicable taxes) on the principal outstanding amount as on the date of such full pre-payment. Flexi Term and Flexi Hybrid Loan - 4.72% (Inclusive of applicable taxes) on total withdrawable amount (total loan amount that you can withdraw under Flexi Term Loan from time to time as per the repayment schedule on the date of levy of such charges). |
*Terms and conditions apply
Frequently asked questions
Bajaj Finserv offers personal loans that come with a host of features and benefits, including:
- Flexi facility
- Instant approval
- Minimal documentation
- Money in bank in 24 hours*
- Flexible tenures
- No hidden charges
The minimum salary criteria for a personal loan from Bajaj Finserv depends on your city of residence. For instance, your minimum monthly salary should be Rs. 30,000 if you reside in Pune, Bangalore, Mumbai, or Delhi.
New customers applying for a personal loan need to submit just their basic identity and financial documents. These include:
- 2 passport-size photographs
- KYC documents – Aadhaar card, PAN card, voter ID, driving licence, passport
- Bank account statements for the past three months
- Salary slips for the past three months
You can use our personal loan EMI calculator to identify the monthly instalment and tenure that suits you best. You only need to enter the amount you need to borrow, the interest rate, and the tenure to get an estimate of the instalments you are likely to bear.