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Eligibility criteria and documents required
Anyone can apply for our personal loan online, as long as you meet five basic criteria mentioned below. If you meet all the eligibility criteria of our online personal loan, you will need a set of documents to complete your application process. With our online personal loan, you can get an instant approval for up to Rs. 55 lakh. Meet the easy personal loan eligibility parameters and complete your basic documentation to avail the money you need within 24 hours* of approval.
Eligibility criteria
- Nationality: Indian
- Age: 21 years to 80 years*
- Employed with: Public, private, or MNC
- CIBIL score: 685 or higher
- Customer profile: Self-employed or Salaried
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
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
- Ration card
*You should be 80 years* or younger, at the end of loan tenure.
*Higher age limit is applicable at the time of loan maturity.
How to apply for a personal loan
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Features and benefits of our personal loan
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Features and benefits of our personal loan
Watch this video to know everything about 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 (Flexi Dropline) & Flexi Hybrid 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 large expenses with quick personal loans ranging from Rs. 20,000 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 personal loan application online from the comfort of your home or wherever you are and get an instant personal loan with fast approval.
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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.
These features make this one of the best personal loans in India. Still haven’t found what you’re looking for? Click on any of the links at the top of this page.
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 term of 24 months. For the first six months, you pay the regular equated monthly instalments (EMIs). 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 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 are 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. You can pick this variant if you are looking for the best personal loans in India with flexible terms.
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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, 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.
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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.
Current Interest Rate on Personal Loans
Check the online interest calculator to find accurate repayment details based on the latest personal loan interest rate. It helps you plan better and choose the best loan option.
Type of fee |
Applicable charges |
Rate of interest |
10% to 31% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
| Flexi Facility Charge | Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the above Flexi facility charges are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Bounce charges |
Rs. 700 - Rs. 1,200 per bounce. |
| Pre-payment charges | Full Prepayment
Part-prepayment
*Foreclosure will be processed post clearance of first EMI |
Penal charge |
Delay in payment of instalment(s) shall attract Penal Charge of Rs. 8 - Rs. 12 per day 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 |
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 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
| Broken period interest / Pre-monthly Instalment interest |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows: EMI Date : 2nd For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement EMI Date : 7th For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement Scenario 2: If Loan is disbursed between 7th and 10th of the month: |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
Frequently asked questions
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 Limited offers personal loans with an annualized interest rate ranging from 10% to 31% p.a. which can be repaid over tenures between 1 year and 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 both the principal amount and other fees. Bajaj Finance offers personal loans with annual percentage rates ranging from 10% to 31% that must be repaid over the tenures ranging from 12 months to 96 months.
For instance, Priya took a personal loan of Rs. 1 lakh at a rate of 15% per annum for a tenure of 24 months. In such a case, she must pay an EMI amount of Rs. 4849 and other applicable fees.
*Terms and conditions apply.
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.
