Personal Loan for home expenses

Setting up a new house or renovating your existing home could be expensive. A kitchen redo could set you back by a couple of lakh, and so would the long-pending bedroom makeover. Sometimes, you may have to carry out unforeseen major repairs. Why draw from your saving when you could opt for our Flexi Hybrid Personal Loan. Read more about Flexi Hybrid Personal Loan

buying

BUYING

Your home loan may cover only 80% of the total cost. You can take a personal loan to cover the remainder of the cost, brokerage, stamp duty, and other related expenses.

renovation

RENOVATION

From time to time, we all want to redo the bedroom or buy a new couch for the living room. As children grow up, they may need a place of their own. You wouldn’t want to hold back and cut corners.

furnishings

FURNISHINGS

At times, furniture, upholstery and lighting is all you need to convert your apartment into a luxury residence. 10 years ago, these things were hard to find. Now, all such things are available easily, and you could really splurge.

major repairs

MAJOR REPAIRS

Any home needs major repairs once-in-five years. You may need to hire an architect and engage civil contractors. These repairs could range from a lakh to 10 lakhs depending on the size of the home.

smart home

SMART HOME

Your friend just converted his apartment into a smart home and got all the fancy stuff like voice-controlled lighting, wi-fi heating and remote security. How about going for a smart makeover?

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

    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

    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.

    Read about Flexi Term Loan

  • Loan of up to

    Loan of up to Rs. 40 lakh

    Manage your small or big expenses with loans ranging from Rs. 1 lakh to Rs. 40 lakh.

  • Manage your loan easily with repayment options

    Convenient tenures

    Manage your loan easily with repayment options ranging from 6 months to 84 months.

  • Approval in just

    Approval in just 5 minutes

    Complete your entire application online from the comfort of your home or wherever you are.

  • Money in your account

    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

    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.

    Know about our fees and charges

  • No guarantor or collateral needed

    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.

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Pre-approved offers for new customers

We have pre-approved offers for our existing customers as well as our new customers. To check, all we need is your mobile number.

If you are our pre-approved customer, you do not need to go through the entire application process. Think of it as our green channel.

Check your pre-approved offer

You may not need a loan at this point of time, or you may not have a pre-approved offer. You can still choose from a wide range of products:

  • Set up your Bajaj Pay wallet

    Set up your Bajaj Pay wallet

    The only 4 in 1 wallet in India that gives you the option to transfer money or pay using UPI, EMI Network Card, credit card, and your digital wallet.

    Download Now

  • Check your credit health

    Check your credit health

    Your CIBIL score and credit health are some of the most important parameters for you. Get our Credit Health Report and stay in the pink of health always.

    Check your CIBIL score for free

  • Pocket Insurance to cover all your life events

    Pocket Insurance to cover all your life events

    We have 200+ Pocket Insurance covers starting from Rs. 19 to cover all your life events - trekking, monsoon-related diseases, car key loss/ damage, and more.

    Discover Insurance Mall

  • Set up an SIP for as little as Rs. 100 per month

    Set up an SIP for as little as Rs. 100 per month

    Pick from over 900 mutual funds across 40+ mutual fund companies like Aditya Birla, SBI, HDFC, ICICI Prudential Mutual Fund, and more.

    Discover Investment Mall

Calculator

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 80 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 80 years or younger, at the end of the loan tenure.

Calculator

Check your personal loan eligibility

Find out how much loan amount you can get.

Personal loan application process

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

  1. Click on ‘APPLY’ at the top of this page to open our online application form.
  2. Enter your 10-digit mobile number and verify the OTP sent to your phone.
  3. Fill in the application form with your basic 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 loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  6. Choose the repayment tenure – you can select tenure options of 6 months to 84 months and click on ‘PROCEED’.
  7. Complete your KYC and submit your application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.

Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

11% - 39% p.a.

Processing fees

Processing fee up to 3.93% of the loan amount (Inclusive of applicable taxes)

Flexi Fee

Term Loan - Not applicable

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 upto Rs. 1,99,999/-
Rs. 3,999 (Inclusive of applicable taxes) for loan amount from Rs. 2,00,000/- to Rs. 3,99,999/-
Rs. 5,999 (Inclusive of applicable taxes) foe the loan amount from Rs. 4,00,000/- to Rs. 5,99,999/-
Rs. 6,999 (Inclusive of applicable taxes) for the loan amount from Rs. 6,00,000/- to Rs. 9,99,999/-
Rs. 7,999 (Inclusive of applicable taxes) for the loan amount greater than or equal to Rs. 10,00,000/-

Bounce charges

Rs. 700 - Rs. 1,200 per bounce.

Pre-payment charges

Full Pre-payment

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

Part Pre-payment

  • 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 Loan (Flexi Dropline) and Hybrid Flexi

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.

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

Term Loan: Not Applicable

Flexi Term Loan (Flexi Dropline): 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: 0.295% (Inclusive of applicable taxes) of the total withdrawable amount during initial tenure. 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):

Scenario 1: Over and above the period of 30 days from the date of disbursement of the Loan

Method of recovery of Broken Period Interest/ Pre-EMI Interest:
For Term Loan: Deduct from disbursement
For Flexi Term Loan: Added to first instalment amount
For Hybrid Flexi Loan: Added to first instalment amount

Scenario 2: Less than period of 30 days from the date of disbursement of the Loan, Interest on first instalment will be charged for actual number of days

*Terms and conditions apply

3 unique variants of our personal loan

  • 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.

  • 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.

    Click here for a detailed description of how our Flexi Hybrid Loan works.

  • 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.

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Frequently asked questions

What is a personal loan for home renovation?

Getting a Bajaj Finserv Personal loan is a simple way to pay for the costs of your home renovations including repairing, interior or expanding your home. These personal loans have simple eligibility criteria and offer quick disbursal.

What are the document requirements to get a personal loan for home expenses?

The following documents must be submitted while applying for a personal loan for home improvement:
• Passport-size photographs
• KYC documents – Aadhaar, PAN, voter’s ID, driving license, passport
• Bank account statements for the previous 3 months
• Salary slips for the last 3 months

Can I take a personal loan to renovate my house?

Yes, anyone can apply for a personal loan to renovate their homes. You can use this loan to pay for remodelling, furnishings, plumbing, tiling, flooring, and any other home expenses.

What is the rate of interest on a personal loan for home expenses?

Bajaj Finserv Personal Loan for home expenses is offered at a competitive interest rate ranging from 11% onwards. Our fees and charges are written clearly in our loan documents. We advise you to review these thoroughly before applying.

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