Features and benefits
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Flexi features
Utilise the Flexi facility to borrow from your pre-approved limit whenever you need it and pay interest only on the amount you withdraw.
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Zero collateral
Self-employed individuals can avail of funding without needing to pledge an asset as security
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Funding up to Rs. 80 lakh
Get a sizable sanction to meet multiple financial needs with ease. Plan your repayment with our EMI Calculator.
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Personalised deals
Existing customers get pre-approved loan offers for a hassle-free experience.
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Digital loan management
Use the online loan account to access essential loan-related information and manage loan EMIs on the go.
Whether you have urgent business expenses or personal obligations to address, the Bajaj Finserv Personal Loan for self-employed individuals is a great fit. With this instrument, you get funds up to Rs. 80 lakh at an attractive interest rate and a flexible tenor that goes up to 8 years.
The loan also has other features to make your experience comfortable and cost-effective. You can qualify for the loan by meeting our simple eligibility criteria and submitting only a few essential documents. With this loan, you also enjoy swift processing since you can get approval within 48 hours*. Our Flexi facility further gives you the option of lowering your EMIs by up to 45%* when you choose to pay interest-only EMIs.
Applicable fees and charges on our business loan
| Type of fee | Applicable charges |
| Rate of interest | 9.75% to 30% per annum |
| Processing fees | Up to 3.54% of the loan amount (inclusive of applicable taxes) |
| Bounce charges | Rs. 1,500 per bounce. “Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason. |
| Document processing charges | Rs. 2,360 (inclusive of applicable taxes) |
| Flexi Fee | Term Loan - Not applicable
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| Penal charge | Delay in payment of instalment(s) shall attract Penal Charge of Rs. 40 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Part-prepayment charges* | Full Pre-payment
Part Pre-payment
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| Stamp duty | Payable as per state laws and deducted upfront from the loan amount. |
| Cash collection handling charges | Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs. |
| Cash deposit charges | Customers will incur a cash deposition charge of Rs. 50 (Inclusive of Applicable taxes) when making cash payments at our branch offices. |
| PG facility charges | Rs. 11 (Inclusive of Applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties. |
| Broken period interest | Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged: |
| Annual maintenance charges | Term Loan – not applicable. Flexi Term Loan (Flexi Dropline): Up to 0.413% (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: Up to 1.18% (inclusive of applicable taxes) of the total withdrawable amount during initial loan tenure. 0.413% (inclusive of applicable taxes) of total withdrawable amount during subsequent loan tenure. |
| Switch Fees* | Up to 1.18% of the loan amount (inclusive of applicable taxes) |
*Switch Fee is applicable only in case of switch of loan. In switch cases, Processing Fees and Documentation Charges will not be applicable.
How to apply for a personal loan for self-employed
For an easy online loan application, here are steps to follow:
- 1 Click on ‘APPLY ONLINE’ to open the application form
- 2 Enter your personal and business details
- 3 Upload your last six months bank statements
- 4 Get a call from our representative who will guide you on further steps
Once approved, you will get access to funds in just 48 hours*.
*Conditions apply
**Document list is indicative
Frequently asked questions
Our personal loan for self-employed individuals comes with several features and benefits. For one, you can use the sanction to fund personal obligations such as a wedding, home renovation, travel, medical emergencies and more without any restriction. Secondly, it is easy to qualify for and doesn’t require you to pledge any assets as security. Lastly, it offers a loan amount of up to Rs. 80 lakh, so you can meet professional and personal requirements without needing to part with assets or liquidate investments.
Bajaj Finserv Personal Loan for self-employed does not require you to provide any security or collateral to avail of funds. All you have to do is provide the necessary documents and fulfil the eligibility criteria when you apply.
To apply for a Bajaj Finserv Personal Loan for self-employed individuals, you need the following documents:
- Proof of business ownership
- KYC documents – PAN, Aadhaar card, voter ID, passport, driving license, etc.
- Other financial documents
To avail of a Bajaj Finserv Personal Loan for self-employed individuals, these are the criteria to meet:
- A credit score of 685 or higher
- Age between 24 and 80
(*Age should be 80 at the time of loan maturity) - Business vintage of at least 3 years
- Indian nationality
Besides personal expenses, these funds can be invested in your business. You can purchase equipment and machinery, expand to a new location, consolidate existing debt, increase working capital, etc.
You can apply for the loan online, with an SMS or by availing of your pre-approved loan offer. Post completion, an authorised representative will contact you on the next steps.
