Features and benefits
Utilise the Flexi facility to borrow from your pre-approved limit whenever you need it and pay interest only on the amount you withdraw.
Self-employed individuals can avail of funding without needing to pledge an asset as security
Funding up to Rs. 55 lakh
Get a sizable sanction to meet multiple financial needs with ease. Plan your repayment with our EMI Calculator.
Existing customers get pre-approved loan offers for a hassle-free experience.
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. 55 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.
Few Fees and charges for a personal loan for self employed are mentioned below
|Type of fee
|Rate of interest
|9.75% - 30% per annum
|Up to 3.54% of the loan amount (inclusive of applicable taxes)
|In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied.
|Document processing charges
|Up to Rs. 2,360/- (inclusive of applicable taxes)
Term Loan - Not applicable
Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes)
Flexi Variant (as applicable below) - A fee will be deducted upfront from the loan amount
*Loan Amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.
|Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum applicable on the monthly instalment outstanding, from the respective due date until the date of receipt of monthly instalment.
|Stamp duty (as per respective state)
|Payable as per state laws and deducted upfront from the loan amount.
|Mandate rejection charges
|Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered
|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) charged in two scenarios:
Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:
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 0.295% (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: Up to 1.18% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable Amount during subsequent tenure.
|Up to 1.18% of the loan amount (inclusive of applicable taxes)
|Mandate registration charges
|In case of UPI mandate registration, Re. 1 (inclusive of applicable taxes) will be collected from the customer
*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*.
**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. 55 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 years and 80 years
(*Age should be 80 years 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.