3 unique variants of our personal loan
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Flexi Term Loan
Imagine you take a personal loan for salaried individuals 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 of personal loan for salaried individuals is ideal for today’s lifestyle, wherein managing expenses can get unpredictable.
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Flexi Hybrid Term Loan
This is another variant of our personal loan for salaried individuals 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 for salaried individuals. 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.
What is a personal loan for salaried employees?
A personal loan for salaried individuals is an unsecured loan, which means you do not need to provide security such as property, gold, or investments. Approval mainly depends on your monthly salary, employment stability, and credit profile. These loans can be used for multiple purposes, such as:
- Home repairs or furniture purchases
- Education or skill development
- Travel and lifestyle needs
- Wedding-related costs
- Medical emergencies
Since no collateral is involved, processing is usually quick. Many digital NBFCs, including Bajaj Finserv, offer fast approvals with simple eligibility conditions and minimal paperwork for salaried employees.
Features and benefits of our personal loan
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4 reasons to choose Bajaj Finserv 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 Term 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. 55 lakh
Manage your small or big expenses with loans ranging from Rs. 40000 to Rs. 55 lakh.
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Convenient tenures
Manage your loan easily with repayment options ranging from 12 months to 96 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 80 years.
- Employed with: Public, private, or MNC.
- CIBIL score: 650 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
Documents required
- 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
- Utility bill of electricity and piped gas
*Higher age limit is applicable at the time of loan maturity.
Check your personal loan eligibility
Find out how much loan amount you can get.
Personal loan application process
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Current Interest Rate on Personal Loans
Use the interest calculator to get accurate repayment details based on the latest rates for a personal loan. It helps you plan better with competitive interest rates and manage your loan efficiently, ensuring lower EMIs. By understanding the fees and charges, you can make informed decisions and comfortably repay your loan.
Type of fee |
Applicable charges |
Rate of interest per annum |
10% to 30% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge
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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. • 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 |
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 0.472% (Inclusive of applicable taxes) of the Dropline limit during Initial Tenure. Up to 0.472% (Inclusive of applicable taxes) of Dropline limit during Subsequent Tenure |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
Personal loans for different categories of salaried employees
Personal loans are available for a wide range of professionals, as financial needs differ across sectors. A personal loan for salaried individuals can be customised based on employment type and income stability. Common categories include:
- Personal loan for government employees
- Central government staff
- State government employees
- PSU professionals
- Personal loan for teachers and educators
- School teachers
- College professors
- Coaching institute employees
- Personal loan for healthcare professionals
- Doctors
- Nurses
- Paramedics and lab technicians
- Personal loan for IT and software employees
- Software engineers
- BPO and KPO staff
- Technical support professionals
- Personal loan for bank and financial institution employees
- Bank officers
- NBFC employees
- Insurance professionals
- Personal loan for engineers and technical staff
- Civil, mechanical, and electrical engineers
- Design and project engineers
- Personal loan for PSU and public sector workers
- Railways employees
- Utility services staff
- Defence PSU professionals
- Personal loan for armed forces and law enforcement
- Army, Navy, and Air Force personnel
- Paramilitary forces
- Personal loan for corporate and private sector employees
- MNC professionals
- Start-up employees
- Personal loan for media and creative professionals
- Journalists
- Designers
- Public relations professionals
- Personal loan for aviation, hospitality, and travel staff
- Pilots and cabin crew
- Ground staff
- Hotel and travel agency employees
- Personal loan for retail, sales, and FMCG employees
- Retail store staff
- Sales executives
- Marketing professionals
- Personal loan for manufacturing and industrial workers
- Factory staff
- Plant supervisors
- Assembly line workers
- Personal loan for logistics and transport employees
- Warehousing staff
- Shipping and freight professionals
- Delivery personnel
- Personal loan for agriculture and rural development employees
- Krishi Vibhag employees
- NABARD and cooperative bank staff
- Personal loan for energy and utility sector employees
- Power distribution workers
- Oil and gas professionals
- Renewable energy sector employees
Frequently asked questions
Yes, salaried individuals can apply for personal loans if they meet age, income, and credit score requirements. Lenders like Bajaj Finserv offer loans up to Rs. 55 lakh to eligible salaried employees.
Yes, personal loans for salaried employees are usually unsecured, meaning no collateral is required. Lenders assess eligibility based on salary, job stability, and credit score. Bajaj Finserv offers collateral-free personal loans up to Rs. 55 lakh.
Yes, lenders typically ask for salary account statements from the last three months. This helps confirm income regularity and employment stability. Bajaj Finserv requires these statements along with basic KYC documents for salaried loan applicants.
Yes, employees working in private companies are eligible for personal loans if they meet salary and credit criteria. Bajaj Finserv accepts applications from private limited, MNC, and start-up employees, in line with RBI’s fair lending practices.
The annualized rate of interest (% p.a.) is the cost that the borrower must pay for money borrowed from the lender. The interest is payable on principal loan amount basis the loan tenure opted. Bajaj Finance offers personal loans with an annualized interest rate ranging from 10% to 30% p.a. which can be repaid over tenures between 12 months to 96 months.
For instance, Priya took a personal loan of Rs. 1,00,000 at an annualized interest rate of 15% p.a. for a tenure of 12 months. In this scenario, Priya’s annual interest payable will be around Rs. 8,310 and her monthly EMI shall be around Rs. 9,026. Here, she will be repaying around Rs. 1,08,310 in total during the loan tenure towards principal and interest component, apart from other charges applicable, if any.
*Terms and conditions apply.
The annual percentage rate is the cost that the borrower must pay for borrowing money from the lender. It includes interest, fees, and charges.
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. 40,000 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.
