Applicable fees and charges
Type of fee |
Applicable charges |
Rate of interest |
11% to 35% p.a. |
Processing fees |
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)
*All the Flexi charges above are inclusive of applicable taxes *Loan Amount includes approved loan amount, insurance premium, VAS charges, and documentation charges. |
Bounce charges |
Rs. 700 - Rs. 1,200 per bounce. |
Pre-payment charges | Full Prepayment
Part-prepayment
|
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 registration charges | Rs. 1/- (inclusive of applicable taxes) applicable in case of UPI mandate registration. |
Mandate rejection charges |
Rs. 450 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): 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-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: In this scenario, broken period interest is recovered by the following methods:
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, interest is charged only for the actual number of days since the loan was disbursed. |
*Terms and conditions apply.
Frequently asked questions
Yes, there are part-prepayment charges applicable on a personal loan. However, if you have used the Flexi Loan facility, part-prepayment fees do not apply to you.
Read more about our Flexi Loan facility
You are charged with a bounce charge when you fail to make an EMI payment. For each missed EMI, Bajaj Finance charges between Rs. 700 and Rs. 1,200 (inclusive of applicable taxes). Additionally, penal interest will be assessed at a rate of 3.50% in the event of a late payment or EMI default.
A Bajaj Finserv Personal Loan is available to you at a competitive interest rate starting at 11% p.a.
Read more about our personal loan
You can pay back your personal loan within 6 months to 96 months. That is, you can spread out your EMIs over a maximum of 8 years.
The Reserve Bank of India (RBI) lends money to commercial banks at a repo rate. When the repo rate goes down, interest rates and EMIs for both individuals and banks tend to go down as well.Repo rate only affects the interest rate on personal loans if you choose a floating interest rate. A drop in the repo rate does not affect fixed-rate personal loans.
Interest on a personal loan can be calculated in two methods - flat rate and reducing rate:
1. Flat rate
Here, the applicable rate of interest is charged on the entire principal throughout the loan tenure.
2. Reducing rate
Here, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance.
Banks and financial institutions usually have a charge to process your loan application. These charges vary according to the lender. The fees and charges for our personal loan are clearly mentioned on this page and the final loan document. We advise you to read through them thoroughly before applying.
Personal loans with low-interest rates are the perfect solution for urgent financial needs. This will make it easier for you to make repayments. Here are a few factors that can help you find the best rate on a personal loan:
- Maintain a good credit score
- Compare personal loan interest rates to get the best offer
- Look for seasonal offers
- Qualify based on your employer’s credibility
The interest rate on a personal loan varies depending on the borrower. Personal loan interest rates can be influenced by variables such as your age, credit score, monthly income, relationship with the lender, and so on. You can get a Bajaj Finserv Personal Loan with competitive interest rates starting at 11%.