When you apply for a personal loan, then you also need to repay the lender the interest amount. But how much will be your payable personal loan rate may not be easy to find manually.

To do that, you can check out the Personal Loan EMI Calculator on Bajaj Finserv website.

Once you select the desired loan amount, tenor and applicable rate of interest, the calculator will suggest an EMI amount. It will also exhibit an exact personal loan interest rate amount over the total loan amount.

• Credit score – The minimum credit score to avail a personal loan is 750. Applicants who hold a high credit score are more creditworthy and can avail lower interest rates.
   
• Occupation - Financial institutions may offer different interest rates to salaried and self-employed applicants; the former may be at times considered less risky.
   
• Income – An applicant with a higher income can receive a lower rate of interest owing to reduced chances of default.
   
• Age – Individuals with lower age can receive affordable loan rates than those nearing retirement. Young applicants have more years of service left and are deemed less risky.
   
• Employment organisation – Those employed in a renowned organisation may be liable to receive lower rates.
   
• Association with the lender – Existing customers of a financial institution may also receive lower loan rates.

The interest rate depends on the type of applicant and his/her credit score (minimum 750 or higher), income, age, relationship with the financial institution, existing debts, and several other factors. Customers who have a favourable background and good credit history can receive lower interest rates.

The minimum and maximum personal loan repayment tenure at Bajaj Finserv is 12 months (1 year) and 60 months (5 years).

Diminishing interest rate or Reducing interest rate is applicable to the outstanding loan balance after payment of each EMI. This process of calculating interest is known as the reducing balance method.

The fixed rate method is the alternative process where the rate of interest is chargeable on the entire loan amount or principal throughout the tenor.

To avail the personal loan, you also need to pay some processing fee. The processing charge at Bajaj Finserv is up to 4.13% of the total loan amount.

Bajaj Finserv lets you borrow up to Rs.25 lakh, which can be repaid over a flexible tenor. It comes with lowest personal loan interest rates that can be negotiated based on your CIBIL score and repayment history.

The preclosure charges are 4% along with applicable taxes on the principal outstanding. The time period is more than 1 month from the date of disbursal of the loan.

Personal loan foreclosures mean the closing of the loan account before the actual tenor. Many borrowers like to do that to keep away the entire obligation of the loan. But you need to pay some personal loan preclosure charges to the lender if you do that.

The personal loan charges at Bajaj Finserv include processing fees, which is up to 4.13% of the total availed amount.

You don’t need to pay any charges for downloading e-statements via customer portal - Experia. But you will need to pay Rs.250 + taxes if you wish to acquire physical copies.

Repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks. A cut in repo rate is a sign that will lower the borrowing costs such as interest rates and EMIs for individuals and banks.

Repo rate affects the interest rate on personal loans only when it is offered on a floating interest rate basis. It will become more affordable for a borrower to handle its repayments. Personal loans offered at fixed interest rates won’t get affected by a cut in the repo rate.

Applying for Bajaj Finserv Personal Loan is easy if you follow these simple steps:

Step 1 - Fill in the information, including your personal, employment and financial details in the online application form on the Bajaj Finserv website.

Step 2 - Select the loan tenor and the amount needed to enjoy quick approval

Step 3 - Submit the relevant documents to a representative of Bajaj Finserv, who would contact you soon

Step 4 - Get the required loan amount disbursed into your bank account within 24 hours of approval

That's it, here's how you can apply for personal loans and fulfill your needs quickly.